BNP Paribas told to stop looking for Nitel core investor

20 Nov 2008

Local newspaper Thisday claims that the Bureau of Public Enterprise (BPE) has ordered BNP Paribas to stop working on the search for a core investor for Nitel. The BPE had hoped that an investor would be found by February 2009, but the government’s recent move in transferring part of its stake in Nitel to NigComSat, IILL and Nitel employees is said to have left the state in a weaker position in terms of further stake sales. ‘They [the BPE] are confused as to where they want to go at this time, hence the call on BNP Paribas to stop work’, said the newspaper’s source.

Nigeria, ntel (formerly NITEL/M-Tel)