The government-owned telecommunication company was finally sold after four failed attempts.



Nigeria sells Nitel, Mtel  (Thenigerianvoice)

After about four failed attempts, former state-run telco, the Nigerian Telecommunication Limited (Nitel) and its mobile arm, Mobile Telecommunication (Mtel), has been sold to NATCOM Consortium for $252,251,000 (N45,922,264,700.53).

The buyer had earlier offered $221,000,000 for the telco, but it was a far cry from what the National Council on Privatization (NPC) had placed at its reserved price.

Announcing the sale, NPC Chairman, Peterside Atedo, said the firm eventually won the bid after it eventually put $252,251,000 on the table in the second bid.