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Sealed: NATCOM pays balance of $252m NITEL purchase

Sealed: NATCOM pays balance of $252m NITEL purchase
NATCOM Consortium, the top bidder forthe Nigerian Telecommunication Limited (NITEL) has paid the balance of its $252.25 million winning stake for the Pioneer National Operator (PNO).
Technology Times learnt from people conversant with details of the transaction that NATCOM, a mix of Nigerian and foreign investors led by Tunde Ayeni, the Chairman of Skye Bank, paid the balance on Thursday ahead of payment deadline expiration.
The payment of purchase price balance for the winner was fixed for Tuesday this week by the BPE, the nation’s privatization midwife that supervised the guided liquidation of the two government-owned telecoms companies.
Barring any last minute hurdle, NATCOM Consortium, the top bidder in the $252.25 million deal to buy NITEL and its mobile business unit, MTel, which paid the balance representing 70 per cent of its winning stake, will be announced new owners of the two telecoms companies “in a few days.”


Technology Times learnt from a key source that BPE officials are crosschecking the transaction details “to be sure that the correct amount was paid”, in precautions informed by experience of previous attempts to sell NITEL that fell through.

Editor’s Note: Please check back for updates on this developing story

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