Consortium pays N12.7b for Nigeria's telecoms company

oke efagene

January 12, 2015 12:30 PM

NATCOM Consortium that emerged winner of the bid to own Nigeria's dying national telecoms company has made the 30 percent payment for the acquisition.

NATCOM Consortium, winner of the bid to own Nigeria's national telecoms company, NITEL and its mobile arm, MTEL has reportedly paid USD $75.7 million (N12.7 billion) as part payment of its $252.5 million bid price.

This piece of information was disclosed by Nigeria's Bureau of Public Enterprises (BPE), adding that the payment is 30 per cent of the bid price and was in line with the guided liquidation process of the transaction.

The bureau said: "This is in line with the offer letter by the Bureau of Public Enterprises (BPE) to the preferred bidder which mandates NATCOM to make an initial deposit of 30 per cent of the bid price not later than 14 days on receipt of the offer letter.

"With the payment of the 30 per cent, NATCOM is expected to pay the balance of 70 per cent of the bid price within 90 days.

"It is therefore imperative to inform creditors that disbursements to them will be considered only after full payment has been received."

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