A consortium including China Unicom yesterday bid $2.5 bn for a majority stake in Nitel, Nigeria’s former state telecoms monopoly, in what would be one of the largest privatisations in Africa and rank among China’s biggest investments on the continent.

Officials in one of the world’s fastest-growing telecoms markets said the consortium, which also comprises Minerva of Dubai and GiCell, understood to be a small Nigerian telecom, has 10 days to pay 30 percent of the fee and a further 50 days to secure a 75 per cent holding in Nitel.

Financial Times – 17 Feb 2010

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