Bloomberg News

Omen Given a Day to Pay Bid Security for Nigeria’s Nitel

June 14, 2011

(Updates with privatization agency comments in second paragraph.)

June 14 (Bloomberg) -- Omen International Ltd., the second- highest bidder for Nigerian Telecommunications Ltd. last year, has until tomorrow to pay a $105 million bid security for the state-owned company, the privatization agency said.

Nigeria will consider other options, including liquidating Nitel, as the company is known, and a negotiated sale, if Omen doesn’t meet the deadline, Bola Onagoruwa, director-general of the Bureau of Public Enterprises, told reporters today in Abuja, the capital.

Omen had written to the agency to say the payment was made on June 10 and that the money would be received by tomorrow, he said.

Nigeria’s privatization agency invited Omen International to confirm its bid on March 14 after the New Generation Group was unable to meet payments on its winning bid for the phone company. Omen International had bid $956 million for Nitel in February 2010, behind New Generation Group’s $2.5 billion offer.

Omen had asked for an extension until June 10, Onagoruwa said.

--Editors: Gordon Bell, Eddie Buckle

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


Soul Searcher
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus