Brymedia Consortium, who was the third-ranked bidder in the failed privatisation of Nigeria’s Nitel, has made a new offer of US$900m for the operator, local media ThisDay reports.
In early July, Nigerian president Goodluck Jonathan had opted for a…
Brymedia Consortium, who was the third-ranked bidder in the failed privatisation of Nigeria’s Nitel, has made a new offer of US$900m for the operator, local media ThisDay reports.
In early July, Nigerian president Goodluck Jonathan had opted for a ‘willing buyer, willing seller’ approach for the sale of a 75% stake in Nitel and its mobile unit M-Tel after the last privatisation process was cancelled.
The process was shelved in June after the reserve bidder, a consortium of China Unicom and FiberHome Technologies, failed to make the first US$105m payment by the 15 June deadline. The consortium had emerged as the reserve bidder with an offer at US$956m, after the frontrunner, a consortium of local rural operator GiCell Wireless, Dubai-based investment firm Minerva Group and China Unicom, missed several payment deadlines last year. The frontrunner had placed a bid at US$2.5bn.
Brymedia Consortium offered US$551m last year, while AFZI/Spectrum Consortium, offered US$375m. MTN Nigeria Communications offered US$25m for submarine cable SAT-3.
Earlier this month local businessman Mike Adenuga reportedly approached the federal government with a US$450m offer and in July, local company Snytel Communications was reported to have entered a partnership with Swedish vendor Ericsson on the one hand and US financial consortium DKAI on the other hand with a view to bidding for Nitel.
BNP Paribas and Eledas Capital Partners were advising the authorities.
The parties were not immediately available for comments.
