Nigeria: Chinese Firm Gets Nitel for $2.5 Billion

17 February 2010

New Generation Telecommunications Limited, a consortium led by China's second largest telecoms firm China Unicom (Hong Kong) Ltd was yesterday declared the preferred bidder of the Nigeria Telecommunications Limited (NITEL) after it bided $2.5 billion (N373 billion) during the second round of the bid opening in Abuja.

In the first round, the firm had bided $333 million (N50 billion), but drastically upped it in the second round. Apart from China Unicom, New Generation Consortium is made up of an indigenous telecoms firm, GiCell Wireless Limited, as well as Minerva Group based in the United Arab Emirates.

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