Business
‘NITEL’s Woes: Result of Mismanagement, Govt Interference’
The current comatose state of the Nigerian Telecommunications (NITEL) was caused by its management which was induced by multiple government interferences.
This was the view of the book: “The story of NITEL: A Giant In Comatose”.
The views of the book, written by a former IT editor with Daily Independent Newspaper, Mr. Aaron Ukodie, was supported by two current NITEL staff, who felt sorry for the state of NITEL, after a thorough review of the book was done at the book launch in Lagos recently.
Addressing a number of participants, who attended the book launch, he narrated the sorry state of NITEL in a brief summary, and concluded that the story of the company, the nation’s national carrier, beginning from 1985 could not be told in a day.
He described NITEL as a giant in comatose, said it went down as a result of multiple interferences by government and corruptive tendencies and maintained that this sorry position could still be revived if government begins to show sincerity of purpose in its interest in the ailing company.
He also said, government companies could still be run well if there are less government interferences.
Supporting this view, deputy general manager in charge of operations for Adegboyega Babalola, Mr. Adegboyega Babalola said, the company could still survive and compete with other telecom companies if government shows more commitment to its true survival.
Also speaking at the book launch, deputy general manager in charge of NITEL SAT 3, Mr. Innocent Nwokocha, said he was glad when he was told that a book on NITEL was being launched.
According to him NITEL deserves a book launch for the reference purposes owing to the pivotal roles it played in the nation’s economy in the past.
Nwokocha regretted that NITEL, which was once a money making organisation, had turned out to be a burden to government, owing staff salaries for over 22 months.
Reviewing the book, Enyi Moses-Nwagwu, Chief Executive of IT World, who declared himself a witness of the unfolding events that have contributed to the woes of the company, commended the author for his courage to write about NITEL, which he said, many Nigerians had long written off.
According to Enyi “It is really disheartening that NITEL that used to be a money spinner has become a money “guzzler”. He said it is worrisome that a company that once boasted of billions and billions of naira has been so castrated that it presently owes over 22 months salary arrears. “It is in fact heart breaking that NITEL has been so sucked that those who sucked the company dry are today richer than the company itself”, he added.
He also said, Ukodie and other ICT journalists were well-placed to tell the story of NITEL because they were privileged to witness history as it unfolded. “To cover NITEL in those days as journalist was no mean task because it was fraught with dangers. “In the first place the company staffs were barred from speaking or interacting with journalists”. “If any NITEL staff was seen discussing with us and a story breaks the next day, the staff stood the chance of losing his or her job.
According to Mr. Enyi, the story of NITEL should have been the story of Telecommunication in Nigeria. Perhaps it was up to the year 2000 when telecommunication in Nigeria suddenly acquired a life of its own, veering off at a tangent unfettered to the queasy giant while abandoning NITEL to its taciturn fate.
“Obviously the bane of NITEL, he said, has been directionless and unpatriotic leadership. “Given different circumstances, the emasculate giant can spring back to life”, he said. “NITEL holds enormous potentials as it begs for an informal leadership imbued with patriotism and the task unencumbered by indecision, inconsistencies in policy formulation and implementation, political patronage, government interference and meddling, government bureaucracy, ethnocentrism and corrupt practices”.
Business
FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom
Business
Banks Must Back Innovation, Not Just Big Corporates — Edun
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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