FG Approves NITEL Sale To New Generation Consortium

The Federal Government has approved the sale of troubled Nigeria Telecommunications Limited NITEL, and its mobile subsidiary, MTEL to New Generation Telecommunications Consortium, a statement from the Bureau of Public Enterprises, BPE has indicated.

The privatization agency said President Goodluck Jonathan has approved the sale of the telecommunications firm to New Generation Telecommunications Consortium.

BPE added that the company will pay a bid security of $750 million as a precondition for the issuance of an offer letter in its bid to acquire Nitel and M-TEL within 10 days and 60 days to pay the full bid price.