Transcorp to spruce up Nitel ahead of stake sale

10 Jul 2008

Transcorp has announced that it will spend USD100 million on Nitel’s transformation over the next four months ahead of the sale of an equity stake to a new core investor. IDG News Service reports that the majority stakeholder of the beleagured telco hopes that the move will help to enable Nitel to attract a desirable investor. Meanwhile, Nigeria’s Vice President Goodluck Jonathan has expressed government’s disappointment over the performance of Nitel, saying that it was amounting to a national embarrassment.

Nigeria, ntel (formerly NITEL/M-Tel)