The Bureau of Public Enterprises (BPE) has announced NATCOM Consortium has paid the balance of the bid price for the acquisition of NITEL and MTEL.
Head of Public Communications, Bureau of Public Enterprises (BPE), Chigbo Anichebe, said NATCOM paid the 70 per cent balance four days ahead of the April 7, 2015 deadline.
“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 NCP.
“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,” he said.
The consortium had earlier paid US$75.76 million when it was announced the bid winner. The initial payment represented 30% of the bid sum as stipulated by the BPE.
