Recent events in NITEL seem to suggest that Transcorp has woken up to its responsibility to transform NITEL, which it acquired in July 2006 after paying $500 million for a 51 per cent stake in Nigeria's first national operator.

Not few stakeholders in the telecommunications sector welcomed the acquisition of 51 of NITEL by Transcorp and hopes were strong that NITEL, which had failed to take its place of providing backbone infrastructure to the newly licensed private operating companies, now has a second opportunity to play its role.

But Transcorp appeared to have been overwhelmed by the sheer degree of the problems associated with right sizing the company and the politics that had wrapped NITEL over the years. At a time when Transcorp was expected to take the bull by the horns and assume its role as manager of NITEL it dilly dallied so much often that it appeared things were getting out of hand.

But with President Umaru Musa Yar'adua insisting on due process and the rule of law, things appear to be changing for the better. There seems to a be deliberate attempt at not just reviving the multi -million dollar giant firm, but efforts in confidence building are in top gear.

Transcorp recent confidence is also bolstered by the performance of Transcorp Hilton Hotel, which it also acquired months before it plunged into the NITEL deal in the hospitality sector which has seen Transcorp Hilton's performance beckoning on new investment with which Transcorp can expand its business in Nigeria.

Transnational Corporation of Nigeria Plc, Transcorp demonstrated its resilience and ability to attract foreign investment by signing a US$5 billion strategic partnership deal with Hilton International Hotels group. The deal was signed in Lagos recently.

The Hilton hotel chain is owned by the Blackstone group, the largest quoted private equity firm on the New York Stock Exchange with over $300 billion of managed funds. The mega transaction, which demonstrates that Transcorp is focused on developing other business lines apart from telecommunications will involve the development of ten new hotels in Africa over the next 5 years.

Transcorp engineered current NITEL effort is now aimed at upping the technological status, while initial disagreements on how best to move the company forward are whittling following a restructuring of management and board of the company as Transcorp is made to exercise its legal rights under 3.7, 3.8 and 3.21 of the holders agreement. This has led to the resignation of Chief Ferdinand Alabrabra, NITEL board former chairman.

Also, the mutual suspicion on the purported claim to sell a major NITEL facility the SAT-3 Gateway is reported to have been resolved, while the struggle between the management teams of both NITEL and Transcorp has fizzled off.

Analysts believe that these are indicators that better days lay ahead for the new found romance between NITEL and Transcorp. "Transcorp has waited for too long to take a firm grip on the management of NITEL thus allowing loop holes even in the operation and the billing structure of the NITEL network", says one analyst who declined to be named.

Transcorp has continued to explain that it has rediscovered the winning streak, and was determined "not to allow NITEL go the way of Nigerian Airways". Many will be looking forward to see immediate fruits of what is now seen as a renewed match to bequeath Nigeria and Nigerian business with an alternative telecommunications technology platform as they seek to play a major role in the telecommunication industry.

If the reservoir of skilled manpower from NITEL is blended with the expected managerial dexterity from Transcorp, there is nothing to expect other than a robust marriage of convenience to serve as a launch pad for the rejuvenation being embarked upon.

The management of SAT - 3 Gateway has been entrusted to NITEL engineers in complete accord with Transcorp partners. This, also, is good news, for those who used to be agitated over the fate of NITEL and its highly skilled manpower. Apart from that, Transcorp has co - opted some top management staff of NITEL in the organisation transformation.

One step that Transcorp has moved to redress is the identified monthly leakage of about N1.7bn from the company through improper billing system in the network.

Transcorp Group Managing Director, Mr. Tom Iseghohi, last week identified sources of the leakages to include uncollected bills and credit control. There are indication that NITEL could make N1 billion monthly if the billing holes are adequately blocked.

At an interactive session between NITEL and Transcopr management last week, NITEL General Manager in charge of audit, Mr. Abdulkarim Momoh, said there was the need to probe the company's investment in continental submarine cable popularly known as SAT-3.

Momoh pointed out that even though SAT-3 has the capacity to generate funds to run NITEL, only a part of the capacity was being utilised thereby leaving a lot that could have been tapped from the facility.

All participants from Transcorp and the top management of NITEL, who participated at the interactive session, agreed that there were huge potentials in the First National Operator that needed to be tapped to reposition the company in the Nigerian telecom industry.

Also Iseghohi said that NITEL has received commitments to the tune of $100m to transform the company before it is handed over to a new core investor, hopefully at the end of 2008.

According to him, the interim plan would not see the company completely out of the woods but is meant to reposition it to be able to attract the right kind of core investor envisaged by both Transcorp and the Federal Government.

One of the key areas that need a quick fix is the backbone and transmission infrastructure. Iseghohi said the plan is expected to begin to yield result within a period of three to four months.

He also said the first priority in the plan is to boost staff morale, an area which most workers of NITEL at the meeting pleaded with him to take urgent steps to address.

While welcoming the participants to the meeting, Iseghohi had said, "Welcome to new NITEL, a NITEL where every staff is promptly paid. It is a new company where the quality of service matters and everybody works towards it.

"Transcorp has exercised its right to restructure the company. This move will return NITEL to rightly place in the Nigerian telecom industry."

On why Transcorp had not fully moved into the company earlier and implement the transformation plan, the GMD said the company needed to move in gradually and carry every stakeholder along since it was not the only shareholder.

In the new spirit of transforming NITEL, the company's General Manager, Human Resources, Mr. Gbenga Olaleye, reassured the GMD and his team that NITEL has a crop of dedicated and skillful staff that are committed to transformation that Transcorp had chosen to steer NITEL in the next four months.

For Head of Finance and Admin of the company, Mr. Kevin Uche, NITEL remained a goldmine that must be tapped by Transcorp and the workers.

"I appreciate the coming of Transcorp to take hold of NITEL at this point in time. Many have been asking why this action had not been taken since but I think it is better to plan before taking any action. This is a welcome development," he added.

Transcorp stakeholders such as the consortium of banks, its shareholders, this should open up a new vista in economic and financial investment regime, given that up till this moment the telecommunications market demand is yet to be filly met.

In fact NITEL, basking in the avalanche of its unmatched technological equipment and its highly skilled manpower, must not fritter with the new opportunity if it must be taken seriously particularly by foreign investors, this time around, because the customers are still there waiting. Customers in terms of distributors and subscribers of thousands of Mtel lines once abandoned.

There is no doubt that Transcorp can be relied upon not to lose focus and grip. Finally, the ability of Transcorp to pull through this latest deal offered by Yar'adua administration should justify the fact that in Nigeria, the private sector, which Transcorp seeks to lead can really take - over as the major player in today's global best practices.

On 30th June 2008 Transcorp decided that the best way for the restructuring going on in NITEL to have maximum impact some members of the senior management staff of the organisation had to be asked to proceed on administrative leave.

The company argued that the leave was in line with its plan of to ensure that the restructuring is carried out with the highest level of professionalism, which is a sequence to the review of Transcorp's representation on the board of NITEL. This also demonstrates the new desire and ambition in Transcorp and partners to restore NITEL to its rightful place.

The changes in NITEL Board are believed also as part of the implementation of the interim resuscitation plan for NITEL which is designed to return NITEL to profitability and guarantee fair and equitable valuation of NITEL prior to the proposed sale to new investors.

Transcorp believed it was imperative that both the Board and management of NITEL are aligned on the goals and processes for achieving set targets. But Transcorp was unconvinced that its former representatives on the NITEL Board and management could be aligned with Transcorp management on the way forward; hence the steps it took.

While Transcorp is upbeat in its new drive to change things for better with regards to NITEL and MTEL, another area that observers are hoping the company will deliver is the assurance to its numerous shareholders who invested in the Initial Public Offer (IPO) of Transnational Corporation Nigeria Plc (Transcorp) last year.

Many Transcorp critics and well wishers will be pleased to see the company deliver on its promise to pay the shareholders first dividend next year, as indicated by Mr. Patrick Okigbo, the chief Finance Officer of the company.