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$1 billion injection into NITEL

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New Generation Consortium, the preferred bidder for Nigeria’s former state-owned Nigerian Telecommunications (Nitel) Plc plans to make an initial capital injection of $1 billion (about N150 billion) into Nitel.

New Generation, last week emerged the preferred Bidder for Nitel with a bid price of US$2.5 billion (about N375 billion).

Five telecom firms, as against six participated in last week’s financial and technical Bid opening.
The National Council on Privatisation (NCP) had earlier disqualified Globacom Nigeria Limited as a result of violation of bidding rules.

The New Generation Telecommunications Limited has GiCEll Wireless Limited, China Unicom ( Hong Kong ) Limited and Minerva group as members of the consortium.

However the acquisition of Nitel by the Consortium is being marred by controversy as Unicom China , one of the members of the consortium was alleged to have distanced itself from the transaction.
Usman Gumi, the principal promoter of the consortium said at the weekend that it plans an initial capital injection of $1 billion into Nitel.

Gumi, who brimmed with excitement said his consortium is ready to inject “as much as much as is necessary” for the near comatose telecom firm to be brought back to its feet again.

He said that nothing will distract the consortium from moving ahead with its business plan for Nitel.

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