The federal government has approved the sale of Nigerian Telecommunications Ltd (NITEL) to Minerva Group of Dubai. The consortium made a $2.5 billion bid for NITEL at an auction eight months ago. Minerva will make an initial payment of $750 million and pay the balance of $1.75 billion within 60 days. The Bureau of Public Enterprises said the government will sell a bond to pay outstanding wages owed to NITEL’s workers.
jeudi 14 octobre 2010
Minerva of Dubai to Pay $2.5 Billion for Nigeria’s NITEL
The federal government has approved the sale of Nigerian Telecommunications Ltd (NITEL) to Minerva Group of Dubai. The consortium made a $2.5 billion bid for NITEL at an auction eight months ago. Minerva will make an initial payment of $750 million and pay the balance of $1.75 billion within 60 days. The Bureau of Public Enterprises said the government will sell a bond to pay outstanding wages owed to NITEL’s workers.
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