Iranian investors led by the Kouros Capital Group (KCG) have reportedly expressed interest in the privatisation of struggling Nigerian operator Nitel.
KCG chairman Kouros Jahangiripoor was quoted in local media reports as saying during a visit to…
Iranian investors led by the Kouros Capital Group (KCG) have reportedly expressed interest in the privatisation of struggling Nigerian operator Nitel.
KCG chairman Kouros Jahangiripoor was quoted in local media reports as saying during a visit to Nigeria this week that it sees the country as its “entry point” to the African continent.
“We are very impressed by the government’s privatisation programmes,” Business Day quoted him as saying. “In this respect, we are very interested in the sale process for Nitel and the bridge banks.”
KCG, part of the Iran-Nigeria Investment Corporation, is joining the NigerPars telecom consortium to bid for Nitel, he reportedly added.
KCG executive director Amir Amiri was quoted in local reports as saying the firm predicts Nigeria’s growing economy and population will create demand for new and improved infrastructure.
KCG, which operates primarily in the Middle East and Gibraltar, has reportedly invested several billion euro in several sectors, including banking, construction, hotels and resorts.
Nigeria’s Bureau of Public Enterprises (BPE), overseeing the privatisation, was not immediately available for comment.
Last week, BPE said 17 bidders have expressed their interest in the Nitel asset and its mobile arm M-Tel.
In early June, the government-appointed liquidator launched a new privatisation process in a further attempt to turn it around.
The government made unsuccessful attempts to privatise Nitel on several occasions over the past decade.
According to an advert published by the liquidator in June, interested bidders must have at least five years of telecoms experience and a net worth of more than US$200m.
The liquidator also stressed that Nitel and M-Tel, as well as some of their assets, can be sold separately. Suitors interested in Nitel must have at least one million subscribers on their fixed network while those applying for M-Tel will need at least 10 million subscribers on their mobile network.
The transaction is scheduled to close in December.
