Dark Cloud Over Nitel As Winning Bidder's Bankers Express Concern

Uncertainty hovers over whether Transcorp has won the bid for a 75% stake in Nigeria's telecoms operator Nitel. The consortium made up of Transnational Corporation, British Telecom and the UAE's Etisalat is said to have failed to make the initial payment of US$500mn by the stipulated seven-day deadline, which expired on July 13, 2006. The company was able to meet just 10% (or US$75mn) of the purchase price.

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