NITEL’s liabilities rise to N130bn
The Punch Newspaper reports:
That the twice-botched privatisation of the First National Telecoms carrier would now proceed through negotiated sale rather than public bidding
the steps to be taken in the negotiated sale to include;
• Shortlist screened based on pre-qualification criteria: minimum of $0.5million shareholder capital, fixed and mobile telephony experience in two countries with two million aggregate subscriber base, and a 20 per cent equity investment by a technical partner/telecommunications operator;
• Preferred investor identified from a short list;
• Following negotiation of Share Purchase and Shareholder Agreements with preferred investor, preferred investor submits a binding financial proposal; among others.
• Federal Government opens and reviews binding financial proposal, and if acceptable, concludes transaction by signing the agreements with the preferred investor;
• If the offer is not acceptable, then all the short listed prospective investors receive the same transaction documents and allowed to make their counter offers; and
• Federal Government reviews all offers received, makes its decision.