Bidders interested in the assets of the defunct Nigerian Telecommunications Limited (NITEL) are required to have a minimum net worth of US$200 million in order to bid, the liquidator appointed by the Nigerian government has said.
In addition to the minimum net worth, bidders must also have a minimum of five years experience operating in the telecoms sector.
The liquidator also revealed NITEL owes creditors and suppliers about NGN400 billion (US$2.5 billion), and creditors will take a loss if the proceeds from the sale are not enough to pay off all the debts.
Bids are expected to be submitted by 4pm GMT on June 30, with NITEL’s assets handed over to the successful bidder in December.
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