NATCOM Consortium has paid USD 75.7 million of the USD 252.5 million bid price for Nigeria Telecommunications Plc (NITEL) and its mobile arm, Nigerian Mobile Telecommunication (MTEL).

The payment was announced by Nigeria’s Bureau of Public Enterprises (BPE) on Thursday in a statement released by BPE.

According to the statement released by BPE’s Head of Public Communications, Chigbo Aniechebe, the payment by NATCOM Consortium “is in line with the offer letter by the Bureau of Public Enterprises (BPE) to the preferred bidder which mandates NATCOM to make an initial deposit of 30% of the bid price not later than 14 days on receipt of the offer letter… With the payment of the 30%, Natcom is expected to pay the balance of 70% of the bid price within 90 days.”

NATCOM Consortium is run by Olatunde Ayeni, Chairman of the Board of Skye Bank, and he had earlier stated that his organization is capable of making NITEL and MTEL leading telecommunication outfits in Nigeria.


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