The Bureau of Public Enterprises (BPE) gave the runner-up bidder for the privatisation of 75% of telecoms incumbent Nitel until the end of April to resubmit its interest.
There was no update on whether it had complied, as TelecomFinance went to press.
In…
The Bureau of Public Enterprises (BPE) gave the runner-up bidder for the privatisation of 75% of telecoms incumbent Nitel until the end of April to resubmit its interest.
There was no update on whether it had complied, as TelecomFinance went to press.
In March, the privatisation agency said it had written to Omen International to invite it to re-validate its reserve bidder status after the frontrunner missed several payment deadlines.
But having not received any answer, BPE Director General Bolanle Onagoruwa reportedly said on 13 April that the reserve bidder must reconfirm its bid within two weeks.
If failed to do so, the BPE has several options. Onagoruwa reportedly said that it could: set a minimum price and offer it to the remaining bidder; liquidate the operator; or start a new bidding process.
On 16 February 2010, the Omen International consortium emerged as the reserve bidder with an offer at US$956m, a status which was valid for six months until 15 August.
New Generation Telecommunications, a consortium of local rural operator GiCell Wireless, Dubai-based investment firm Minerva Group and China Unicom, became the preferred bidder after offering US$2.5bn for the stake.
But on 21 December, New Generation missed its third deadline to make a first payment of US$750m.
Headquartered in the British Virgin Islands, Omen is a consortium including China Unicom and Fiber Home Technologies.
Other bidders were Brymedia Consortium, which offered US$551m, and the AFZI/Spectrum Consortium, which offered US$375m. MTN Nigeria Communications offered US$25m for submarine cable SAT-3, in which Nitel has a stake.
BNP Paribas and Eledas Capital Partners are advising the authorities.
