News
Why Nitel Cannot Be Sold for $105m – BPE
Nitel, Nigeria’s crippled public telecom provider which has been in the open market but without buyer for over a decade is still not looking good even as the Bureau of Public Enterprises, (BPE), the agency charged with responsibility to auction it has denied placing a $105 million price tag, Nigeria CommunicationsWeek can report. This came on the heels of the query by House of Representatives on the liquidation process of Nitel and its mobile subsidiary, Mtel following reports that auction price tag of $105million has been placed on the beleaguered carrier. Hon. Tajudeen Yusuf, PDP, Kogi had raised a point of order on the floor of the House under ‘matter of urgent public importance.’ He stated that the $105m price tag on the beleaguered public enterprise was grossly undervalued and wants a halt on the process. The law maker was piqued that in a country where 3G licenses were auctioned for $450million and initial 2G GSM licenses were auctioned for $250million, it was unthinkable that a national asset as Nitel/Mtel would go for a lowly sum of $105million. “If a GSM license is being obtained for $450milion, how can both the NITEL and Mtel, including their assets and infrastructures be placed on $105million?” queried Hon. Yusuf. Chukwuma Nwokoh, spokesman of BPE however told Nigeria CommunicationsWeek that the House members were not fully informed of the liquidation process of both firms. He stated that two committees – technical and legal – were working on the final draft process for their liquidation. “The National Council on Privatisation (NCP) at its first meeting in 2012 which was held at the Presidential Villa, Abuja on Monday, February 27, 2012 mandated its two committees – the Technical Committee (TC) and Legal Committee (LC), to determine the modalities for handling Nitel/Mtel’s guided liquidation,” said Nwokoh. He added that besides having not completed their assignment, both the NCP and BPE were yet to appoint a liquidator for the public enterprises. The liquidator would have the authority to fix price tag on both telecom firms. “A liquidator has not been appointed for NITEL to determine the real value of the telecoms organization. We are therefore, at a loss as how the price tag of $105m came about and who gave its approval,” said Nwokoh. Nigeria CommunicationsWeek findings in Abuja showed that the BPE does not take decisions without approval from its supervising agency, NCP. It would therefore be unthinkable that it should take a decision on the NITEL/Mtel final liquidation process.
Nigerian National Petroleum Company Limited (NNPC) has warned local investors and foreign businesses about the activities of fraudsters falsely claiming to represent the company.
The state-owned company said the impostors are reportedly soliciting illegal fees under the guise of arranging meetings with the new NNPC board members, executives, and management.
The disclaimer comes following the change of the NNPCL board.
On April 2, 2025, President Bola Tinubu appointed a new 11-member board with Engineer Bashir Bayo Ojulari as the Group Chief Executive Officer (GCEO) and Ahmadu Musa Kidano as executive chairman.
In a statement signed on Monday by Olufemi Soneye, chief corporate communications officer, NNPC, t said the practice of soliciting fees is completely unauthorised and unlawful.
NNPCL said, “The general public is advised to beware of individuals and companies falsely claiming to represent NNPC Limited.
” Their tactics include soliciting fees for meetings with the NNPC board of directors, executives, and management staff. These actions are unauthorised and illegal.
“Foreign investors and international business entities are especially urged to remain cautious. If approached, report the incident to the appropriate authorities immediately.”
The company clarified that engagements with its boards or executives must follow official channels in line with company policy.
The oil giant said, “All legitimate engagements with NNPC Limited occur strictly through official channels or business units only.
“For further enquiries, please contact us at contactus@nnpcgroup.com.
“NNPC Limited remains committed to transparency, integrity, and the protection of our stakeholders in all interactions.”
The company called for public cooperation to prevent scammers from defrauding investors.
Nigeria’s Federal Ministry of Communications, Innovation & Digital Economy (FMCIDE) has announced that plans to support the country’s farmers with its AgriConnect initiative have kicked off with a pilot scheme launched in Ogun State in southwestern Nigeria.
Dr ‘Bosun Tijani, minister, communications, Innovation and Digital Economy,
Dr ‘Bosun Tijani, minister, communications, Innovation and Digital Economy, last week launched the initiative at the Ogum State Cultural Centre Complex. AgriConnect is described as a transformative programme designed to digitally empower Nigerian farmers through real-time access to agronomic services, weather insights, financial tools and market intelligence.
The pilot scheme is being implemented in partnership with technology vendor Huawei Technologies and operator MTN Nigeria.
AgriConnect will initially benefit over 1,000 farmers, selected from the Ogun State Farmers Information Management System (OGFIMS), with over 160,000 registered farmers.
Each beneficiary will receive mobile-data-enabled smart devices, embedded with Huawei’s AI-powered tools and MTN-supported connectivity to enable smarter planting, better risk mitigation and streamlined communication with government data centres.
Speaking at the launch, Dr Tijani noted that AgriConnect highlighted the importance of food security. Referring to a target of cultivating 500,000 hectares of land, he pointed out that innovation would be an important part of the effort.
As the government builds out the framework from this pilot in Ogun State (a leader in cassava production), he said, it aims to scale the AgriConnect model across other states – “ensuring that every farmer, regardless of geography, has the opportunity to benefit from the digital economy”, as he put it.
The AgriConnect initiative reflects an FMCIDE commitment under the government’s Renewed Hope Agenda to promote rural inclusion and leverage Nigeria’s comparative advantage in agriculture.
By fusing AI, connectivity, and human-centred design, the ministry says that AgriConnect stands as a scalable model for advancing food security, driving innovation, and improving livelihoods for smallholder farmers across the country.
Association of Advertising Agencies of Nigeria (AAAN) has extended its heartfelt congratulations to Steve Babaeko and the entire X3M Ideas team following their remarkable achievement of being ranked 31st on the Financial Times’ prestigious 2025 list of Africa’s Fastest-Growing Companies.
This recognition by the Financial Times, in collaboration with global research firm Statista, highlights X3M Ideas’ outstanding performance and resilience in a highly competitive and challenging business landscape.
The agency’s ranking was determined based on its compound annual growth rate (CAGR) between 2020 and 2023, verified through independently certified financial data, underscoring the credibility and transparency of the accolade.
Founded by renowned advertising executive Steve Babaeko, X3M Ideas has consistently demonstrated innovation, operational excellence, and creative leadership. The agency’s bold campaigns and commitment to impactful storytelling have not only elevated its profile in Nigeria but have also established its presence across several African markets.
This milestone marks a significant moment for Nigeria’s creative sector, traditionally overshadowed by industries such as fintech and energy in continental rankings.
AAAN President, Lanre Adisa, in a statement, congratulated Babaeko and X3M Ideas on the remarkable recognition. He said: “Steve’s tenure as AAAN President was quite revolutionary. He raised the bar for our association and industry at large. His leadership brought bold ideas to life, executed with brilliance and a deep sense of purpose for the creative community.
“This global acknowledgment is a testament to his enduring impact, not just as a creative force but as a trailblazer on the African continent.”
The Financial Times’ 2025 list features 130 top-performing companies from across Africa, with Nigeria and South Africa accounting for a significant share, reflecting the economic strength and entrepreneurial spirit of the continent’s largest economies.
X3M Ideas’ recognition not only celebrates its own growth but also signals the rising influence of the creative economy in shaping Africa’s future.
This latest accolade adds to a string of recent achievements for X3M Ideas, including being named Independent Network of the Year at the 2025 Pitcher Awards, further cementing the agency’s status as a leader in African creativity and innovation.
AAAN commends Steve Babaeko and the entire X3M Ideas team for their outstanding contribution to the industry and for flying the flag of Nigerian creativity high on the global stage.
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