Committee to examine Nigerian privatisation investors
Nigeria’s National Council on Privatisation has set up a seven-member committee to investigate the five potential investors for the privatisation of Nitel and its mobile unit M-Tel, according to media reports.
The committee will reportedly have seven…
Nigeria’s National Council on Privatisation has set up a seven-member committee to investigate the five potential investors for the privatisation of Nitel and its mobile unit M-Tel, according to media reports.
The committee will reportedly have seven days to submit its report to the NCP.
On February 16, the Bureau of Public Enterprises (BPE), which serves as the secretary of the NCP, announced that New Generation Telecommunications, a consortium of local rural operator GiCell Wireless, Dubai-based investment firm Minerva Group and China Unicom, had offered US$2.5bn for a 75% stake in the telecoms incumbent, a sum more than twice as high as the runner-up.
Omen International offered US$956m, while Brymedia Consortium offered US$551m and the AFZI/Spectrum Consortium offered US$375m. MTN Nigeria Communications Ltd offered US$25m for SAT-3.
Investors were invited to bid for at least 75% of Nitel or a stake on one of its units, mobile operator M-Tel, the CDMA network, SAT-3, the domestic fixed-line operator and the national fibre optic transmission backbone.
