According to the Middle East technology news provider itp.net, the Nigerian government has approved the $2,5 billion sale to New Generation Telecommunications consortium.
The consortium, which includes Dubai’s Minerva Group, China Unicom and Nigeria’s GiCell Wireless Ltd, is expected to pay an initial amount of $750 million and settle the deal within 60 days, this according to a statement released by Nigeria’s Bureau of Public Enterprises. The Nigerian government will also sell bonds to pay outstanding wages to Nitel’s employees.
The consortium started the race for the incumbent Nigerian fixed line operator eight months ago, winning the bid in February. The process was then delayed owing to confusion about China Unicom’s involvement and concerns about the valuation of Nitel.
Nigeria has a current population of 150 million and a mobile penetration rate of 43%.