Money – In Brief

Mergers, Acquisitions and Financial Results

The Bureau of Public Enterprises (BPE), last week, revealed bluntly that it has recommended to the National Council on Privatisation (NCP) to revoke Nitel's sale to New Generation Telecom, the consortium which won the bid to buy it and Mtel since February 16, 2010. The recommendation follows the inability of New Generation to pay the initial 30 percent of the $2.5 billion (N375 billion) it bidded to acquire 75 percent stake in Nitel/Mtel almost one year after they were sold.