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 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)