Government seeks advisors for NITEL sale

2 Jun 2008

Balancing Act reports that the Nigerian government has approved the issuing of a ‘Request For Proposals’ (RFP) to eleven candidates for the position of advisor for the sale of ailing incumbent Nigerian Telecoms (NITEL). Existing owners Transcorp and the government, have agreed that both should sell a total controlling share of 51% to a new strategic investor; Transcorp is offering up 29% of the company, while the government will part with 22%. The winner of the advisory job will be expected to review, evaluate and market the telco. Fifteen consortia have applied to the Bureau for Public Enterprises (BPE), including Lazard/Vetiva, Rothschild/UBA, Renaissance Capital, Millennium Finance, Awoyinfa Obafunsho &Co, CPCS Transcom, Lead Capital/Investec, FCMB/Morgan Stanley, International/HSBC, Merrill Lynch/BGL and BNP Paribas.

Nigeria, ntel (formerly NITEL/M-Tel)