NATCOM Consortium wins bid to buy Nigerian telecom firms

phone towerThe Nigerian government had initially rejected a US$221mn bid from NATCOM Consortium. (Image source: Elvis Santana/sxc.hu)NATCOM Consortium has won the bid to buy Nigerian national telecom companies — Nigerian Telecommunications Limited (NITEL) and Nigerian Mobile Telecommunications Limited (Mtel) — for a total of US$252.5mn

The bid is, however, subject to the approval of the country’s chaired National Council on Privatisation (NCP), the consortium said.

The Nigerian government had initially rejected a US$221mn bid from NATCOM after which the consortium increased its bid to US$252mn, according to StarAfrica.

Nigeria’s communication technology minister Omobola Johnson said, “The privatisation of NITEL and MTEL is the final step in the reform of the telecoms sector.”

NATCOM Consortium comprises mainly of NATSPACE Telecommunication Investment Limited, PCCW Global Limited and Prime Union Investment Limited.

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