Natcom Consortium, the preferred bidder in the privatisation of Nigeria’s dormant incumbent Nitel, has completed the payment for its takeover.
Natcom paid the initial US$76m for 30% of Nitel in January after winning the tender with a bid of US$253m…
Natcom Consortium, the preferred bidder in the privatisation of Nigeria’s dormant incumbent Nitel, has completed the payment for its takeover.
Natcom paid the initial US$76m for 30% of Nitel in January after winning the tender with a bid of US$253m in December 2014.
Nigeria’s Bureau of Public Enterprises, which manages privatisations in the country, said that Natcom transferred the outstanding US$177m for 70% of the business on 2 April.
The privatisation process of fixed-line telco Nitel, and its mobile arm Mtel, comes after the operator went through guided liquidation.
Natcom is now required to resuscitate Nitel and Mtel so they become operational again, after previously being crushed by debt, and the consortium has committed to do this within three years.
Natcom reportedly comprises NATSPACE Telecommunication Investment, Hong Kong’s PCCW, Prime Union Investment, Olutoyl Estate Development & Services, Sahara Energy Resources, Legal Resources Alliance & Co, plus technical partner Ericsson Nigeria.
