Business
NITEL/MTEL: Preferred Bidder Makes Part Payment Of N12.7bn
The Bureau of Public En
terprises (BPE) said that the preferred bidder at the recently held liquidation of NITEL/MTEL had paid $75.7 million (N12.7 billion) as part payment of its $252.5 million bid price.
This is contained in a statement by BPE’s Head, Public Communications, Mr Chigbo Aniechebe, in Abuja.
According to the statement, the payment made by NATCOM Consortium, the preferred bidder of NITEL/MTEL, is 30 per cent of the bid price and was in line with the guided liquidation process of the transaction.
“This 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 per cent of the bid price not later than 14 days on receipt of the offer letter.
“With the payment of the 30 per cent, NATCOM is expected to pay the balance of 70 per cent of the bid price within 90 days.
“ It is therefore imperative to inform creditors that disbursements to them will be considered only after full payment has been received,” it stated
It would be recalled that the National Council on Privatisation (NCP), at its meeting of February 27, 2012, approved the privatisation of NITEL/MTEL through “guided liquidation”.
The strategy was adopted by the NCP in the light of the previous failed attempts to privatise NITEL/MTEL and the huge liabilities of creditors to the tune of over N300 billion.
Business
NPA Assures On Staff Welfare
Business
ANLCA Chieftain Emerges FELCBA’s VP
Business
NSC, Police Boost Partnership On Port Enforcement
-
Opinion5 days ago
Benue Conflicts, Hope At Last?
-
Business5 days ago
NCDMB Charges Host Community Youths On Relevant Skills Development … As Promoters Handover Oloibiri Oil Museum
-
Sports5 days ago
Ronaldo Renews Stay With Saudi Pro League
-
Business5 days ago
ANLCA Chieftain Emerges FELCBA’s VP
-
Niger Delta5 days ago
EFCC Praises NDDC’S Performance … Unveils Projects In Bayelsa
-
News5 days ago
RSG Tasks Farmers On N4bn Agric Loan ….As RAAMP Takes Sensitization Campaign To Four LGs In Rivers
-
Opinion5 days ago
Nigerian English As Nation-Building Tool
-
Nation5 days ago
TETFunds’ South Rep Visits CEAPOLY …Unveils Mass Communication Dept Building