• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result

Left for dead Nitel is finally sold for N29.69 billion

Nairametrics by Nairametrics
April 13, 2015
in Uncategorized
Left for dead Nitel is finally sold for N29.69 billion
Share on FacebookShare on TwitterShare on Linkedin

Nitel Nigeria

The Bureau of Public Enterprises (BPE) confirms the preferred bidder of Nigerian Telecommunications Limited (NITEL) and its mobile arm (Mtel), NATCOM Consortium, has paid $176,575,700 (N29,696,469,600) — being the outstanding 70 per cent of the $252,521,000 bid price for the acquisition of the assets and business units of the enterprises.

Its Head, Public Communications, Chgbo Anichebe, said the company paid the 70 per cent balance April 2, four days ahead of the April 7 deadline for payment.

RelatedStories

CBN issues directive to curb mass sacking by banks

How companies determine who to fire in an economic crunch

November 29, 2022
shopping mall prices

Why A Drop In Inflation Does Not Necessarily Mean A Drop In Prices Of Commodities

July 17, 2019

NATCOM had on January 6, this year  paid $75,756,300 (N12, 727,058,400), being 30 per cent of the bid price in line with the offer letter by the Bureau of Public Enterprises (BPE), which mandated NATCOM, to make an initial deposit of 30 percent of the bid price not later than 14 days from the date of the offer letter.

With the earlier 30 per cent payment, NATCOM was expected to pay the remaining balance of 70 percent of the bid price within 90 days which was to expire on April 6, this year but due to the public holiday arising from the Easter celebration, the deadline was extended to April 7.

The National Council on Privatization (NCP) had at its meeting of February 27, 2012, approved the privatisation of Nigerian Telecommunications Plc (NITEL) and Nigerian Mobile Telecommunication (MTEL) through “guided liquidation”.

The strategy was adopted by the Council after due consideration of other options and in the light of the previous failed attempts to privatise NITEL and MTEL through Strategic Core Investor Sale and Negotiated Sale strategies and the huge liabilities to creditors to the tune of over N300 billion.

Under the guided liquidation strategy, all the core assets and business undertakings of NITEL and MTEL were to be sold to a qualified bidder by the Liquidator under the general guidance of the National Council on Privatisation.

Thus, the bidder that acquires the assets of NITEL and MTEL will pledge to continue to operate the assets to provide telecoms services. This is as against the traditional liquidation of an enterprise by assets stripping.

Tags: News Review
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

CBN issues directive to curb mass sacking by banks
Small Business

How companies determine who to fire in an economic crunch

November 29, 2022
shopping mall prices
Blurb

Why A Drop In Inflation Does Not Necessarily Mean A Drop In Prices Of Commodities

July 17, 2019
Treasury Bills
Financial Literacy

20 Financial Terms You Need To Know In The Stock Market

August 5, 2018
MTN Nigeria Plc
Business News

30% equity of MTN’s shares could go to retail investors

June 13, 2018
[The Nigerian Economy Daily] FG has approved the closure of five foreign missions and embassies
Macros

THIS WEEK: Big Macros and a very important task for President Buhari.

June 10, 2018
internet subscriptions growth
Business News

Why Glo and 9mobile are losing their internet mobile subscribers

June 5, 2018
Next Post
Delta state completes 400 metres long bridge for N3.5 billion

Delta state completes 400 metres long bridge for N3.5 billion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Ecuador ends visa-free transit for Nigeria, Ghana, 43 others in new border policy 
  • Average price of farm produce surges by 28.98% in five months 
  • SEC imposes three-year cooling-off for CEOs seeking chairman roles 

Follow us on social media:

Recent News

Ecuador ends visa-free transit for Nigeria, Ghana, 43 others in new border policy 

Ecuador ends visa-free transit for Nigeria, Ghana, 43 others in new border policy 

June 21, 2025
Food Security, US investment in Nigeria, Food Inflation, Foreign Investment, Economy

Average price of farm produce surges by 28.98% in five months 

June 21, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics