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NCP set to meet on NITEL sale

By on December 18, 2014

The National Council on Privatisation chaired by Vice President Namadi Sambo will meet early next week to approve the outcome of the financial bid opening of the Nigeria Telecommunications Limited.

Investigation by our correspondent showed that the council, which supervises the activities of the Bureau of Public Enterprises, was scheduled to meet on Thursday to take a stand on the NITEL transaction but the meeting had to be postponed because of other engagements of Sambo.

When the council eventually convenes, the Technical Committee chaired by Mr. Atedo Peterside will present to it the result of the financial bid opening for approval.

The spokesperson for the BPE, Mr. Chigbo Anichebe, confirmed the planned meeting in a telephone interview with our correspondent in Abuja on Tuesday.

“Yes, the NCP was scheduled to meet on Thursday but it had to be put off. If the council does not meet on Friday; then it will meet early next week,” he said.

Anichebe also confirmed that the NCP would at the meeting give approval for the process that would lead to the privatisation of the Bank of Agriculture and the Bank of Industry.

A Special Purpose Vehicle, NATCOM Consortium, had recently offered to pay $252.25m for NITEL and its mobile subsidiary, the Nigerian Mobile Telecommunications Limited.

With no competitor and with the offer meeting the reserve price set for the telecommunications companies, NATCOM emerged the potential core investor for the beleaguered firms.

NATCOM is an SPV formed for the purpose of the acquisition of NITEL and M-Tel. The consortium is made up of Natspace Telecommunication Investment Limited, PCCW Global Limited and Prime Union Investment Limited, among others.