BPE scouts for new investor for NITEL

25.03.2008

THE Bureau for Public Enterprises (BPE) has begun a new process for the sale of the Nigerian Telecommunications Limited (NITEL) and its subsidiary, Mtel, as it is trying to get a new core investor for the telecommunications company.

A statement in Abuja on Monday from the BPE said the National Council on Privatisation had directed for the search for the new investor.

The statement, signed by Mr. Chigbo Anichebe, Head of Public Communications of BPE, gave details of how the resale of NITEL would take place.

According to him, the former core investor of the company, Transcorp, would relinguish part of its 51 per cent share in NITEL to the new core investor.

On its part, the Federal Government would sell part of its 49 per cent and the contributions from the two former owners would give the new core investor the 51 per cent shares of NITEL to enable it perform the functions of core investor.

“The Bureau of Public Enterprises (BPE) has concluded arrangements for the advertisement of Expressions of Interest (EOI) for the appointment of privatisation advisers for the commencement of the privatisation of NITEL and its mobile arm, Mtel,” the statement said.