Nigeria approves NITEL sale

19 Dec 2014

Nigeria’s National Council on Privatisation (NCP) has approved the sale of the assets of defunct state-owned incumbent Nigeria Telecommunications (NITEL) and its mobile arm M-Tel to NATCOM Consortium, writes News Agency of Nigeria. Earlier this month NATCOM emerged as the preferred buyer in the Bureau of Public Enterprises (BPE’s) guided liquidation process after offering USD252.25 million for the two moribund operators, while NETTAG was disqualified for failing to include a USD10 million bid bond with its technical proposal. NATCOM, a special purpose entity set up for the acquisition of NITEL and M-Tel, comprises a consortium of companies said to include NATSPACE Telecommunication Investment Limited, PCCW Global Limited, Prime Union Investment Limited, Olutoyl Estate Development & Services Limited, Sahara Energy Resources Limited, Legal Resources Alliance & Co and technical partner LM Ericsson Nigeria Limited. NATCOM is required to roll out services within the next three years.

Nigeria, ntel, PCCW Global, PCCW Group