A shocking $2.5 billion bid by New Generations Telecommunications Consortium (formerly Telefonica) threw competitors off balance to clinch the preferred bidder slot at the financial bid opening for the acquisition of 75 percent of the moribund national telecom carrier, Nigeria Telecommunication Ltd and its mobile arm, MTel.
New Generations Telecommunications Consortium has GiCell Wireless Limited (a nNigerian company), China Unicom (Hong Kong) Limited, and Minerva Group as members.
With this development, the preferred bidder now has to pay $750 million within 10 days from the date of National Council on Privatization NCP approval while the balance is expected within 60 calendar days of the council’s approval.
MTN Nigeria also emerged the sole bidder for SAT-3 with an offer of $25 million, though its offer is still subject to the confirmation of the National Council on Privatisation (NCP) subject to meeting the reserve value for the bids.
Founder of MobilityArena. Yomi’s journey in mobile started in 2001. Besides obsessing over mobile phones, he also started creating WAP sites (early mobile-friendly websites created with WML). He began writing about phones in 2004 and has been at it since then. He has owned over 200 devices, from Symbian, Palm, PocketPC/Windows Mobile, BlackBerry/BB10, webOS, Windows Phone, Firefox, Ubuntu Touch, to Android, iOS, and KaiOS operating systems.