Nigeria concerned as Nitel debt soars

GOVERNMENT

|
Image: By BiztechAfrica
Nigeria concerned as Nitel debt soars

Nigeria is revisiting the issue of privatizing Nitel with new urgency as the national carrier’s debt soars to N250 billion.

The Nigerian government has long sought a buyer for Nitel, with several offers having been put on the table in the past year, but prospective buyers failing to come up with the large deposits required.

Faced with the option of liquidating the company, Nigerian President Goodluck Jonathan last year adopted a “willing buyer, willing seller” approach to Nitel, Nigeria’s ailing state-owned telco.

However, concerns are being raised about the telco’s rising indebtedness and the willingness of any investor to tackle this debt.

This week, Vice President Namadi Sambo said the National Council on Privatisation (NCP) was willing to partner with the National Assembly to expedite the privatisation of the carrier.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE GOVERNMENT NEWS

Safaricom dominance under discussion in Parliament

A bill aimed at levelling Kenya’s telecommunications sector by declaring leading operator, Safaricom, as dominant in the industry, is now in Kenya’s parliament. Read More

KRA marks 2 millionth iTax registration

The Kenya Revenue Authority (KRA), has sealed a major milestone in its organisational transformation journey, with the registration of its 2millionth iTax client. Read More

CBN extends BVN enrolment

The Central Bank of Nigeria has extended the timeline for the enrolment for the national Bank Verification Number (BVN).   Read More

NITA gets a new boss

Ghana’s President John Dramani Mahama has appointed a 35 year old computer scientist, George Atta-Boateng, as Acting Director General of the National Information and Technology Agency. Read More

Nigeria BVN deadline looms

Bank customers in Nigeria are reported to be rushing to register for their biometric banking ID as the deadline for the BVNs looms. Read More

Young entrepreneurs in Rwanda told to be more creative

The latest YouthKonnekt Hangout hosted by Rwanda’s Ministry of Youth and ICT (MYICT) in partnership with UNDP, ADMA, Tigo, and HeHe Labs, has urged young entrepreneurs to be innovative. Read More

Jumia gets visit from Côte d’Ivoire Minister

Côte d’Ivoire’s Minister of Post and Information and Communication Technology, Bruno Kone, has paid a visit to the offices of e-commerce firm Jumia. Read More

African heads of state to participate in TGAIS

Five heads of state have already confirmed their participation in the 2015 Global African Investment Summit.  Read More

Francis Wangusi reappointed CAK DG

The Board of the Communications Authority of Kenya has announced the appointment of Francis Wangusi as the Director General for a term of four years, effective 22 August 2015. Read More

NIN mandatory from September 1, says NIMC

The National Identity Management Commission (NIMC) has put 1st September, 2015 as the date from which all transactions involving the identification of individuals must be done with the National Identification Number (NIN). Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

IHS plans to inject fresh $500m to grow capacityIHS plans to inject fresh $500m to grow capacity

Mohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos.

IN DEPTH

As curtain falls on MDGs, what next?As curtain falls on MDGs, what next?

Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.