NATCOM Consortium, preferred bidder for the Nigerian Telecommunications Limited,(NITEL) and its mobile subsidiary, the Nigerian Mobile Telecommunications Limited, has paid 30% of the $252.52m bid. This amounts to $75.76m (N13.63bn).
In a statement made by the Head of Public Communications, Bureau of Public Enterprises,(BPE) Mr. Chigbo Anichebe, on Thursday, this payment was in line with the offer letter by the BPE to the preferred bidder, which made it mandatory for NATCOM to make an initial deposit of 30 per cent of the bid price not later than 14 days on receipt of the letter.
With the payment of the $75.76m, NATCOM is expected to provide the balance of 70 per cent of the bid price within 90 days.
The BPE spokesman, however, said creditors of NITEL, who are to share the proceeds of the transaction, would have to wait until full payment had been received from the preferred bidder.
Two bidders – NATCOM and NETTAG – had been prequalified by the BPE to participate in the liquidation process, but the latter was disqualified for failing to include a $10 million bid bond as stipulated in the Request for Proposals (RFP) prepared by the privatisation agency.
The National Council on Privatisation had at its meeting on February 27, 2012 approved the privatisation of NITEL and M-Tel through guided liquidation.
