NITEL/M-tel for sale September -BPE

Gbola Subair, Abuja with Agency Report - 21.05.2009

THE Director-General of the Bureau of Public Enterprises (BPE), Dr. Christopher Anyanwu, has said all transactions relating to the sale of the Nigerian Telecommunications Limited (NITEL) will be brought to an end before September.

This is even as he assured prospective investors in the company and its mobile arm, M-tel, that the transaction process would be open and transparent.

According to the initial timetable issued by the bureau, the NITEL resale transactions were supposed to be concluded in the first quarter of the year.

Dr. Anyanwu, according to a statement issued by the spokesman of the bureau, Mr. Chigbo Anichebe, said this at an investors forum organised by the bureau and BNP Paribas, the BPE advisor on the resale of the telecommunications firm in London on Monday.

“We stake our integrity and honour to ensure that international best practices are followed and will ensure a deal that is best for the country as well as the investor” he said.

On the issue of legal and financial disclosure, Anyanwu said government had nothing to hide in the operations of the two companies, while he promised to be open and transparent throughout the transaction process.

Also speaking at the forum, the Group Managing Director of Transnational Corporation of Nigeria (TRANSCORP), Mr. Nick Okoro, assured prospective investors that the board and management of TRANSCORP would ensure successful conclusion of the transaction.

“We are anxious to see the transaction to a successful close,” he said.