NITEL to borrow NGN14 billion before privatisation

30 Nov 2004

State-owned telco Nigerian Telecommunications (NITEL) has received government permission to borrow NGN14 billion (USD108 million) from local banks to enable it to upgrade company facilities and establish a strong financial position in preparation for its forthcoming privatisation. The deadline for international investors to express an interest in acquiring a stake in NITEL is 28 January 2005.

Nigeria, ntel (formerly NITEL/M-Tel)