Deadline given to NITEL Investors to pay $176.76m

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NITEL-Building-Abuja

The preferred bidder for the Nigerian Telecommunications Limited, NATCOM Consortium, has till April to pay the balance of $176.76m for the acquisition of the national carrier and its mobile subsidiary, Nigerian Mobile Telecommunications Limited.

The Acting Head of Public Communications, Bureau of Public Enterprises, Mr. Alex Okoh, confirmed this in a telephone interview with our correspondent in Abuja on Thursday.

The NATCOM Consortium had in January paid $75,756,300 for NITEL and M-Tel, representing 30 per cent of the $252,521,000 bid price for the acquisition of the assets and business units of the enterprises. The balance has yet to be paid.

The National Council on Privatisation had at its meeting of February 27, 2012 approved the privatisation of NITEL and M-Tel through guided liquidation.

The strategy was adopted by the NCP after due consideration of other options and in the light of the previous failed attempts to privatise the firms through strategic core investor sale and negotiated sale strategies, and the huge liabilities of creditors to the tune of over N300bn.

Source: Punch

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