NITEL sale to start in September

22 Jul 2003

The Nigerian Bureau of Public Enterprises has said it will begin an IPO of shares in the country’s public telecoms operator Nigerian Telecommunications Ltd (NITEL) in September 2003, with 20% of the operator’s equity passing into public hands to begin with. It eventually plans to sell 49% of the operator to the public and the remaining 51% to a core investor, possibly from overseas. An influx of money is desperately needed to improve NITEL’s woefully inadequate fixed line network, which currently supports around 750,000 lines, a teledensity of less than 0.5%.