BrandArena: NATCOM Consortium wins Nitel, Mtel with $252m

Friday 5 December 2014

NATCOM Consortium wins Nitel, Mtel with $252m

NATCOM consortium has emerged the preferred bidder for the acquisition of the assets of the Nigerian Telecommunications Plc, NITEL, and the Nigerian Mobile Telecommunications MTEL.

The consortium won the bid after its revised bid price of $252. 251, 000 from the initial $221 was accepted, having met the reserved price.

According to the Minister of Communications Technology, Dr. Omobola Johnson, the consortium beat 14 other bidders at the primary stage and one other bidder at the secondary stage to emerge winner of the bidding process.

She described the privatisation as the last segment in a well-thought out reform of the Nigerian telecommunications sector, which commenced since year 2000.

The minister noted that the liberalisation of the sector in the last 13 years had attracted new investments of over $32 billion entirely from the private sector, resulting in an explosive impact on the sector with over 130 million subscribers compared to just 400,000 and teledensity of 96.08 per cent from less than 1.8 per cent.

Dr Johnson said the emergence of NATCOM as the new buyer of the facilities marked the final emergence of a qualified bidder with the requisite technical expertise and financial resources to transform the two companies in line with the vision of government.

She also assured that government, through open and consultative dialogue with stakeholders and transparent regulation, government would continue to put in place measures that would further deepen competition, enhance access and coverage and reduce costs to the consumers of destinations. We are ready to hit the ground, running.

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