Mergers, Acquisitions and Financial Results

Not less than 20 companies have indicated interest in acquiring majority interest in the National Carrier, NITEL, says the Director General of the Bureau for Public Enterprises, BPE, Irene Chigbue.

Mrs Chigbue who spoke at the launch of NITEL's IP services yesterday in Lagos said that with the continued interest in NITEL, the BPE was optimistic that the telcom would be successfully privatised before the end of the year.

She also promised that the privatisation process would be professional, sound and transparent, stressing that her agency would give Nigerians good returns for their money at the end of the exercise.

Mrs Chigbue explained that the BPE was in support of the NITEL IP wholesale project because of its potential in shoring up the value of NITEL for would-be investors, stressing, that the project is indeed a service that will, all things being equal, add value to the company and the telecommunications market. "This is why the Bureau will support all efforts to shore-up the fortunes of NITEL because a sound and buoyant NITEL will obviously be more marketable than a sick and bankrupt NITEL", she added.

She said that the project was NITEL's quest to be competitive in telecommunications market and meet the needs and aspirations of its customers as well as the ADSL service for Lagos, Abuja and Port Harcourt.