Nigeria: FG Approves Sale of Nitel

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Nigeria: FG Approves Sale of Nitel

The Federal Government yesterday approved the issuance of Request For Proposals (RFPs) to eleven consortia (consultants) towards the sale of NITEL/Mtel. This thus puts an end to the controversy over the recent reversal or non reversal of the sale of the Telecommunication companies to Transnational Corporation (Transcorp). Transcorp bought 51 per cent of Federal Government"s holding in the telecommunication companies for $750 million, which later raised a flurry of questions bothering on the actual value of the company. Following the agreement between Transcorp and the Federal Government, it was agreed that both should shed some of its holdings for a core investor.

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