Friday, December 11, 2009

Another Deadline For Sale of Nitel

The federal government of Nigeria has approved an extension for the sale of ailing incumbent telco Nigerian Telecommunications (NITEL) and its mobile unit M-Tel to a new core investor, local newspaper The Guardian reports. Under the new arrangement, prospective bidders now have until 22 January 2010 to submit their financial and technical bids for the two operators.

The National Council on Privatisation (NCP) has also given the go-ahead for NGN3 billion (USD19.8 million) to be borrowed from the accounts of NITEL's pension fund to pay employees' salaries and outstanding rent for the telco's offices. The payment of staff wages will be staggered into three tranches covering five months' of salaries, while the remaining arrears of twelve months will be paid from the proceeds of the sale of NITEL and M-Tel.

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