NigComSat to acquire 15% of Nitel

13 Aug 2008

According to local newspaper The Punch, President Umaru Yar’Adua has approved the sale of a 15% stake in Nitel to NigComSat. The move is seen as an attempt to break the deadlock between NigComSat and the regulator, the NCC, which was refusing to allow the company to provide last-mile telecommunications services. Nitel is currently up for sale, with the government looking to divest 24% of its 49% holding and Transcorp to yield 27% of its current 51% stake.