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Nigeria shops for new investors for NITEL/MTel

The Federal Government has embarked on the search for new investors for NITEL and MTel to improve on its dwindling fortunes. In a meeting with Transnational Corporation (Transcorp) last December, government made clear its position to get another investor to salvage the telecom company.

The government said this was to redress the worsening condition of the company, a year after Transcorp took its operations. This decision was contained in a resolution at the end of the meeting made available to the News Agency of Nigeria (NAN) in Abuja yesterday.

The resolution indicated that both parties agreed to divest a percentage of their equity in the company for a new investor. “There is the need for a new core investor who is an industry player with a focus, technical expertise, managerial experience and financial capacity to turn NITEL/Mtel around'' it stated.

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[12 Feb 2008 09:37]


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