UTL Reportedly Sold To Nigerian Technology Company

Posted by: lukwago J in Tech October 15, 2018

UTL has reportedly been bought by a Nigerian tech company which according to sources has no technical knowledge or financial muscle to run a telecom business.

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According to the ministry of ICT, it’s believed UTL was given several chances to fight for its place in the telecom market but things have increasingly failed to work out.

However, when the telecom company was put on the market a couple of investors came calling and in particular the top 5 were Afrinet communications, Hamilton Telecom Limited, Telcel global company, Mauritius telecom company and Nigerian technology company which triumphed in the end close sources claiming the president sided with it.

Gen Moses Ali said he chaired a committee which endorsed the Nigerian company, but the investment minister Evelyn Anite was against it and this delayed proceedings.

It’s said the Shs268 billion was paid and the Nigerian company tasked to pay a non refundable fee totaling to 10% of the whole amount.

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