Business magnate Dr. Mike Adenuga has made overtures to the federal government to acquire the state-owned telecommunications company, NITEL and its mobile subsidiary, MTel, for $450 million under the willing buyer-willing seller basis to be undertaken by the Bureau of Public Enterprises, in a last ditch effort to sell the troubled telecom firm.
In the last 10 years, the BPE has made five unsuccessful attempts to privatise NITEL, the last of which was a 2009 tender when New Generation Limited and Omen International emerged the preferred and reserve bidders respectively but failed to pay for the enterprise despite repeated extensions granted both firms to do so.
Adenuga, who is the executive chairman of the country's second largest telecom operator by subscriber base, Globacom Limited, is said to have made an initial offer of $450 million for controlling interest in NITEL, with a commitment to inject an undisclosed amount as working capital into the company to revamp and upgrade its network.
Adenuga is also said to have informed the presidency in the letter that NITEL will not be acquired by Globacom, but by a special purpose vehicle which will run distinctly from Globacom.
Thisday