Nigeria’s Bureau of Public Enterprises (BPE) has revealed that Natcom Consortium, the preferred bidder at the recently held liquidation of Nitel/Mtel, has paid USD 75.7 million as part payment of its USD 252.5 million bid price.
The BPE revealed that the payment is 30 percent of the bid price and was in line with the guided liquidation process of the transaction. The company said the payment is in line with the offer letter by the BPE to the preferred bidder, which mandated that Natcom make an initial deposit of 30 percent within 14 days on receipt of the offer letter.
According the the BPE, Natcom is expected to pay the balance of 70 percent within 90 days. Back in 2014, Natcom Consortium, had emerged as the winning bidder for the assets of Nitel and Mtel. Natcom unveiled its original bid of $221 million for the beleaguered national carrier; however, the federal government had initially rejected this bid. Natcom then offered up a bid of $252.5 million, which was approved by the authority.
