{"id":380028,"date":"2011-04-13T20:28:53","date_gmt":"2011-04-13T20:28:53","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/"},"modified":"2011-04-13T20:28:53","modified_gmt":"2011-04-13T20:28:53","slug":"nitel-bpe-gives-reserve-bidder-2-week-deadline","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/","title":{"rendered":"NITEL: BPE gives reserve bidder 2-week deadline"},"content":{"rendered":"
\n

BY Peter Egwuatu, with agency reports<\/p>\n

LAGOS \u2014 The Bureau of Public Enterprises, BPE, yesterday gave the reserve bidder (Omen International Consortium) in the sale of Nigerian Telecommunication Ltd. (NITEL) two weeks to confirm if it was still interested in the acquisition of NITEL.<\/p>\n

The BPE\u00a0 wrote to the Omen International Consortium last month asking if it would be interested in revalidating its reserve bidder status after the preferred bidder (New Generation Consortium) missed several payment deadlines.<\/p>\n

BPE Director General,\u00a0 Bolanle Onagoruwa, said Omen had been given two more weeks to confirm its February 2010 offer of $959 million.<\/p>\n

\u201cShould Omen fail to do so, the other options for NITEL would be to set a minimum price for the firm and offer it to the remaining bidders, to liquidate it, or to restart the whole bidding process again\u201d Onagoruwa noted.<\/p>\n

It will be noted that British Virgin Islands_registered Omen consortium, which includes China Unicom and Fiber Home Technologies Limited, submitted a bid of USD956.9 million for a 75% stake in NITEL and it mobile arm M_Tel during the latest attempt to privatise the company, held in February 2010.<\/p>\n

The government began seeking a buyer for a minimum 75% of NITEL and 100% of M_Tel in July 2009 after previous majority shareholder Transcorp divested its stake earlier in the year.<\/p>\n

It was reported that the BPE has now written to Omen asking if it would be interested in revalidating its reserve bidder status. \u2018If your bid is revalidated, it would give the Federal Government the right to invite your consortium or enter into negotiations to take up the offer,\u2019 the letter said, according to a BPE statement.<\/p>\n

New Generation\u2019s bid of USD2.5 billion was approved in October 2010, after an investigation into the bidding process led to an eight_month delay. The New Generation consortium \u2013 which comprises Minerva Group of Dubai, Nigeria\u2019s GiCell Wireless and technical partner China Unicom \u2013 was asked to pay a bid security of USD750 million within ten days from 25 October and was given 60 days to pay the remaining USD1.75 billion. On 5 November the bid security deadline was extended by 20 working days and subsequently to 23 December 2010, after the consortium failed to come up with the funds in time.<\/p>\n

However, New Generation failed to meet its extended payment deadline, and in January 2011 the BPE revoked the sale to New Generation and recommended Omen be invited to acquire NITEL, following approval from the National Council of Privatisation (NCP)<\/p>\n<\/p><\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

More:
\nNITEL: BPE gives reserve bidder 2-week deadline<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BY Peter Egwuatu, with agency reports LAGOS \u2014 The Bureau of Public Enterprises, BPE, yesterday gave the reserve bidder (Omen International Consortium) in the sale of Nigerian Telecommunication Ltd. (NITEL) two weeks to confirm if it was still interested in the acquisition of NITEL. The BPE\u00a0 wrote to the Omen International Consortium last month asking if it would be interested in revalidating its reserve bidder status after the preferred bidder (New Generation Consortium) missed several payment deadlines. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380028","post","type-post","status-publish","format-standard"],"yoast_head":"\nNITEL: BPE gives reserve bidder 2-week deadline - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NITEL: BPE gives reserve bidder 2-week deadline - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"BY Peter Egwuatu, with agency reports LAGOS \u2014 The Bureau of Public Enterprises, BPE, yesterday gave the reserve bidder (Omen International Consortium) in the sale of Nigerian Telecommunication Ltd. (NITEL) two weeks to confirm if it was still interested in the acquisition of NITEL. The BPE\u00a0 wrote to the Omen International Consortium last month asking if it would be interested in revalidating its reserve bidder status after the preferred bidder (New Generation Consortium) missed several payment deadlines.\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"NITEL: BPE gives reserve bidder 2-week deadline\",\"datePublished\":\"2011-04-13T20:28:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/\"},\"wordCount\":428,\"commentCount\":0,\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/\",\"name\":\"NITEL: BPE gives reserve bidder 2-week deadline - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"datePublished\":\"2011-04-13T20:28:53+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NITEL: BPE gives reserve bidder 2-week deadline - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/","twitter_card":"summary_large_image","twitter_title":"NITEL: BPE gives reserve bidder 2-week deadline - Ghanamma.com","twitter_description":"BY Peter Egwuatu, with agency reports LAGOS \u2014 The Bureau of Public Enterprises, BPE, yesterday gave the reserve bidder (Omen International Consortium) in the sale of Nigerian Telecommunication Ltd. (NITEL) two weeks to confirm if it was still interested in the acquisition of NITEL. The BPE\u00a0 wrote to the Omen International Consortium last month asking if it would be interested in revalidating its reserve bidder status after the preferred bidder (New Generation Consortium) missed several payment deadlines.","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/"},"author":{"name":"","@id":""},"headline":"NITEL: BPE gives reserve bidder 2-week deadline","datePublished":"2011-04-13T20:28:53+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/"},"wordCount":428,"commentCount":0,"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/","url":"https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/","name":"NITEL: BPE gives reserve bidder 2-week deadline - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/#website"},"datePublished":"2011-04-13T20:28:53+00:00","author":{"@id":""},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2011\/04\/13\/nitel-bpe-gives-reserve-bidder-2-week-deadline\/"]}]},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2011\/#website","url":"https:\/\/www.ghanamma.com\/2011\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/380028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/comments?post=380028"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/380028\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/media?parent=380028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/categories?post=380028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/tags?post=380028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}