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.
Thursday, 14 October 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.
Subscribe to:
Post Comments (Atom)
1 comment:
Hhmmmm, smells very fishy ..... " Racketeering, Bribery, Corruption, Loan Syndication, fraud, Manouvering, etc etc etc" I smell a Rat once again.... Or rather a 'Charles Ponzi'...... Naija we hail thee !!!
Post a Comment