Connect with us

News

New Generation Consortium Needs $4.5Bn to Rejig Nitel

Published

on

Mohammed-Adoke, attorney general and minister of Justice
Kindly share this post

New Generation Telecommunications Consortium, the preferred bidder for the purchase of a controlling stake in Nitel/Mtel may have won the first phase of the battle for what is left of the beleaguered national carrier, but the enormous financial weight needed to rejig the carrier may prove fiercer, Nigeria CommunicationsWeek can now reveal.
In the short to medium terms, New Generations Telecom requires at least $4.5 billion to bring the first national operator to the level of competitions in the market and in the present very tough global financial market, the amount is staggering.
Apart from the $2.5 billion bid price for Nitel, the investors must source at least additional $2 billion to fast track the market re-entry of the national carrier and bring the carrier to the level of competitions like MTN, Glo, and Zain.
Nigeria CommunicationsWeek gathered that the fear is that after spending about $4.5 billion, the investors may not expect any return on investment at least in the next 10 years because the market is nearing saturation.
An official of the consortium who spoke on the condition of anonymity asked  “don’t you think we have studied the market and worked out the business module that suits the national carrier before we put our best foot forward?”
The official said the consortium is bent on breaking the jinx and myth that surround successive failed attempts to sell government stake in the now comatose Nitel.
According to him, most of the funds will be sourced offshore. “We are not looking for local financing, Minerva Group; you will recall is our main financial backer. Money is not more important as financial and technical know-how,” the official added.
Expressing readiness of the group to pay, the official, said “if the National Council on Privatization (NCP) approves, today, we will hand BPE our draft in tomorrow.”
Chigbo Anichebe, spokesman for the Bureau of Public Enterprises (BPE) confirmed that NCP, the final okaying authority is yet to sit to approve the transaction.
He told Nigeria CommunicationsWeek that when the NCP approves the sale, the preferred bidder will be given 10 days to pay 30 per cent of the $2.5 billion (amounting to some $750 million) while the remaining 70 per cent must be paid within 60 days.
Meanwhile, the preferred bidder is rumoured to have string of suitors with deep wallets as well as technical and managerial expertise eager to turn around the fortunes of the national carrier.
They are eyeing Nitel’s tremendous goodwill, frequency, Sat-3 and landed properties.
An inside source said “that way, we hope to use the avalanche of cash that will available to restart the network. The truth is that the $2.5 billion by New Generation Consortium is unnerving.”
According to the BPE, New Generation Consortium’s $2.5 billion was followed by Omen International’s $956 million. Others are Brymedia Consortium $551 million and AFZ/Spectrum consortium $375.5 million and MTN which bidded for only SAT-3 and offered $25 million.
According to the source, negotiations among the parties have been characterized by hard bargaining and shrewd exchanges.
It would be recalled that New Generation Consortium etched its name in the record books after it emerged the preferred bidder for Nitel. It was a landmark privatization deal in any developing country outside the oil and gas sector.
Nigeria CommunicationsWeek gathered that the New Generation Telecom Consortium involved is made up of GiCell, local telco, China Unicom (Europe) and Minerva. Others are Sumatra Star GT Limited, Unified Access Licencee, and BGL Private Equity Limited, a subsidiary of BGL Plc.
GiCell Wireless on the other hand is jointly owned by GIC Nigeria Limited and Usman Ahmed Gumi, proprietor of G-Cell Nigeria Limited which is a rural telephony operator.
While GIC Nigeria Limited owned two-thirds equity, Gumi owned the balance one third of GiCell.
GIC Nigeria Limited with share capitalization of N500, 000 and located on Cemetery Road, Onitsha, Anambra State is owned by Ifeanyi Chima (N400, 000 shares) and Ikeme Chima (N25, 000). They are both directors of the company with Corporate Affairs Commission (CAC) Company Registration number RC 207962.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

News

WHO Says Ebola Outbreak Worse than Reported

Published

on

Kindly share this post

World Health Organisation (WHO) at the weekend declared the Ebola outbreak linked to the rare Bundibugyo virus strain a global public health emergency.

WHO Says Ebola Outbreak Worse than Reported

WHO said there is currently no approved vaccine or specific treatment for this strain of Ebola.

At home, Nigeria Centre for Disease Control and Prevention (NCDC) said there is “no confirmed case of Ebola Virus Disease in Nigeria” but had  tightened surveillance against the deadly virus.

The outbreak, linked to the rare Bundibugyo strain of Ebola, has already caused dozens of deaths in Congo and spread into Uganda, raising fears of wider transmission across the region.

In response, Nigeria Centre for Disease Control and Prevention said that the country remains on alert because of growing movement across African borders.

Jide Idris, director-general said the agency was “closely monitoring the situation” and working with the Port Health Services and other health agencies to strengthen preparedness nationwide.

He added that surveillance has been increased at entry points and within Nigeria’s health system.

According to the WHO, the outbreak has recorded more than 240 suspected cases and about 80 suspected deaths in Congo’s Ituri province, while imported cases have also been confirmed in Uganda’s capital, Kampala.

The WHO said the outbreak is “extraordinary” because of uncertainty around the true number of infections and the lack of approved medical countermeasures for the Bundibugyo strain.

Health authorities advised Nigerians to maintain proper hygiene, avoid contact with infected persons and report symptoms such as fever, weakness, vomiting and bleeding to the nearest health facility immediately.

Nigeria was declared Ebola-free in 2014 after successfully containing an outbreak brought into the country by an infected traveler from Liberia.

 

 


Kindly share this post
Continue Reading

News

Digital PayExpo 2026 to Convene Africa’s Most Influential Payments Leaders in Lagos

Published

on

Kindly share this post

Africa’s digital payments ecosystem will take center stage as Digital PayExpo 2026 returns to Lagos on June 17–18, 2026, at the Landmark Centre, Victoria Island, under the theme: “Seamless Digital: Fostering Pan-African Market Expansion in the AI Era.”

At a time when artificial intelligence, cross-border commerce, and financial inclusion are redefining Africa’s economic future, the event is set to convene over 3,000 senior executives, policymakers, fintech innovators, and global technology providers.

The speaker lineup reflects a powerful blend of regulatory leadership, private sector innovation, and pan-African expertise.

Among the headline speakers:

  • Dr. Rakiya Yusuf, Director, Payment Systems Supervision, Central Bank of Nigeria — a key architect in Nigeria’s payment system reforms.
  • Dr. Folasade Femi-Lawal, Country Manager & Area Business Head (West Africa), Mastercard — a leading voice in digital payments expansion across Africa.
  • Clara B. Arthur, Managing Director, GhIPSS (Ghana) — driving Ghana’s interoperable payment ecosystem.
  • Wacera Maina, Chief Operations Officer, Kenwitch Kenya — an expert in East Africa’s payment infrastructure evolution.
  • Akeem Lawal, CEO, Interswitch Group — a pioneer in Africa’s fintech growth story.
  • Ngover Ihyembe-Nwankwo, Executive Director, NIBSS — shaping Nigeria’s core payment infrastructure.

The conference will explore:

  • AI-powered financial services
  • Cross-border payment systems and interoperability
  • Cybersecurity and trust frameworks
  • SME financing and financial inclusion
  • Infrastructure for a unified African digital economy

With participation from banks, fintechs, telcos, regulators, and global payment networks, Digital PayExpo 2026 is positioned as a critical marketplace for ideas, partnerships, and investment flows. Register: https://digitalpayexpo.com/register
Sponsorship Enquiries: [email protected]


Kindly share this post
Continue Reading

News

Only 1 in 3 Families Fully Secure their Devices, Kaspersky Study Reveals

Published

on

Kindly share this post

On International Day of Families observed on May 15th, a global Kaspersky study* reveals that while 47% of respondents talk about online safety, only 33% secure all their family devices – highlighting the need for proactivity from Family Digital Managers.

As online threats develop and every generation joins the online space, cybersecurity habits have become an essential part of life for every family. Typically, in every family, one or two people become so-called Family Digital Managers, responsible for managing subscriptions, setting up new devices, or thinking about cyber protection. Kaspersky has conducted a survey to find out what measures modern families take to stay safe online.

According to Kaspersky’s data, a significant portion of respondents adopt an educational approach to cybersecurity within their families:

47% regularly coach elderly relatives and children on safe online practices

45% advise family members to adopt password manager solutions

42% encourage the use of multi-factor authentication (MFA)

An equal 42% actively review and adjust privacy settings on both family devices and critical online accounts

Although a growing awareness of the importance of proactive, family-focused digital protection can be observed, when it comes to the implementation of security solutions, the trend is slightly different. 10% of respondents take no measures at all to protect their loved ones online, rising to 21% among those aged 55+.

As for the parental control apps, 67% of families with children under 18 years use this tool to monitor and secure their kids’ online activity. Parental control, such as the Kaspersky Safe Kids solution, can help restrict children’s access to inappropriate content and also gently manage their online habits by limiting access to certain websites and apps, controlling their screen time, and even enhancing their physical security by tracking their geolocation.

The most worrying number is that only 33% of respondents – just 1 in 3 – install security solutions on all family members’ devices. Kaspersky experts highlight that the current threat landscape shows that mobile devices and tablets as well as PCs all require comprehensive cyber protection, as they are often targeted by cybercriminals.

According to the survey, only 30% of respondents set up new devices for their families. Setting up a new device is not often regarded as a step that contributes to cyber safety; however, some actions performed before the device is put into use can significantly enhance its security.

For instance, experts recommend installing a security solution first, to scan the device for hidden threats and make web browsing safe from the first queries. What’s more, reviewing privacy settings on a new device allows you not to share data that you would like to keep private with some applications and services.

The research also shows that the older generation (55+) is generally less included in family security habits. Around 1 in 5 (21%) of this age group globally do not take any measures to protect their family online and only a quarter (24%) install security solutions for family members. The most popular security measure among them turns out to be a password manager, as 40% of this age group recommend their family members to use it.

“We are now using a lot of gadgets and digital services, and with every new device and every additional hour spent online, the potential entry points for cybercriminals continue to grow, exposing us to a wider range of cyber threats. At the same time, not every generation adapts to these rapid changes with the same ease.

“That’s why having someone in the family take on the role of a ‘Family Digital Manager’ can be so valuable, especially when it comes to protecting kids and elder people from digital cyberthreats, give advice and help with the use of trusted security solutions,” comments Brandon Muller, Technical Expert at Kaspersky.

 


Kindly share this post
Continue Reading

Trending