Nitel sale 'hopefully' by end of 2008

20 Jun 2008

Nigeria’s communications minister says that Nitel will hopefully have a new investor ready to take a controlling stake in the company by the end of this year, reports Reuters. Existing shareholder Transcorp, which acquired a 51% stake for USD500 million in August 2006, has failed to revive the fortunes of the telco, and in February 2008 it agreed with the government that a new investor needed to be found. ‘We have set ourselves a target of towards the end of the year to get a core investor,’ Communications Minister John Odey said in an interview in his office in Abuja. He added that the new investor would hold at least 51% of the company, taking part of Transcorp’s share and part of the government’s holding.

Nigeria, ntel (formerly NITEL/M-Tel)