Nitel sale to go ahead in February 2009

23 Sep 2008

The sale of former telecoms monopoly Nitel should go ahead in February 2009, according to AllAfrica.com citing comments made by a government official. Irene Chigbue, director general of the Bureau for Public Enterprises, said technical and financial bids to buy a controlling stake in the beleagured company must be submitted in January for approval in the first week of February. In August 2005 local firm Transcorp paid USD500 million for a 51% stake in Nitel, but it is has failed to revive the operator’s fortunes.

Nigeria, ntel (formerly NITEL/M-Tel)