Transcorp to sell 27% of Nitel

9 May 2008

Transcorp, the majority shareholder in Nitel, has denied reports that it will sell 41% out of its 51% stake in the wireline operator, but did admit that it was seeking a new investor for a smaller share. ‘Transcorp would cede 27% of its current holding,’ Transcorp Vice President of Public Relations Adedayo Ojo told the IDG News Service. The government, which owns the remaining 49% of Nitel, said in December 2007 that another core investor should be found to help turn around Nitel’s ailing performance.

Nigeria, ntel (formerly NITEL/M-Tel)