Transcorp Outlines Investment Plans For Nitel

October 2006 | Company Finance Alert

Transnational Corporation, the international consortium made up of same name local Nigerian company Transnational Corporation, the UAE's Etisalat and the UK's BT is to commit over US$1bn into reviving Nigeria's failing incumbent operator Nitel. The group, which won a 51% stake in Nitel in July's auction at a cost of US$750mn is to focus on a mass deployment of fixed-lines across the country, while its mobile operation Mtel will also benefit from a strategic marketing communications campaign. Issues surrounding the unpaid salaries of Nitel's 10,000 employees will not be handled by Transnational but by the Bureau of Public Enterprises (BPE).

If you would like to subscribe to Middle East & Africa Telecommunications Insight and gain instant access to this article, please click here to subscribe.

If you would like to take a trial to Middle East & Africa Telecommunications Insight please click on the trial link below.