Consortium gets more time to buy Nigerian telecom
Sunday, 7 November 2010
ABUJA, Nov 6 (PTI): A consortium seeking to buy the state-run telecom firm Nigerian Telecommunications Ltd (NITEL) has been given additional 20 days to put together a required USD 750 million bid security, after the group failed to meet last Thursday deadline.
The group called New Generations Consortium has been given additional 20 days to make the down payment, Umar Sanni, a spokesperson for the Nigerian Vice President Namadi Sambo, said.
Last week, Bureau for Public Enterprise (BPE) had issued a demand letter to the consortium, which emerged the preferred bidder with USD 2.5 billion to pay. The group, in first instance, was asked to pay USD 750 million in 10 days.
The consortium had sought for an additional 30 banking days to remit the funds through its bankers, after missing a payment deadline last Thursday.
The New Generation Telecommunications Consortium (formerly Telefonica Consortium) is a grouping of Hong Kong firm China Unicom, Dubai's Minerva Group and GiCell Wireless Ltd from Nigeria.
The group emerged as the preferred bidder for the privatisation of NITEL and M-TEL in February.
The bidder wrote a letter to the National Council of Privatisation, asking for an extension of 30 banking days, a local daily 'Thisday' reported.
A representative of the consortium Usman Gumi told NCP that the Nigerian government's postponement in concluding the deal, since February, had led to some of the partners developing cold feet.
The group called New Generations Consortium has been given additional 20 days to make the down payment, Umar Sanni, a spokesperson for the Nigerian Vice President Namadi Sambo, said.
Last week, Bureau for Public Enterprise (BPE) had issued a demand letter to the consortium, which emerged the preferred bidder with USD 2.5 billion to pay. The group, in first instance, was asked to pay USD 750 million in 10 days.
The consortium had sought for an additional 30 banking days to remit the funds through its bankers, after missing a payment deadline last Thursday.
The New Generation Telecommunications Consortium (formerly Telefonica Consortium) is a grouping of Hong Kong firm China Unicom, Dubai's Minerva Group and GiCell Wireless Ltd from Nigeria.
The group emerged as the preferred bidder for the privatisation of NITEL and M-TEL in February.
The bidder wrote a letter to the National Council of Privatisation, asking for an extension of 30 banking days, a local daily 'Thisday' reported.
A representative of the consortium Usman Gumi told NCP that the Nigerian government's postponement in concluding the deal, since February, had led to some of the partners developing cold feet.