Nitel bidder given six-week extension for payment

LAGOS, Nigeria—The chosen bidder to take a controlling stake in Nigeria’s Nitel was given an extra six weeks to make its final payment after missing the original deadline. Investors International London (IIL), a consortium of Nigerian businesses, traditional leaders, provincial governments and banks, missed its final US$1.17 billion payment, due 11 February.
The second-choice bidder, Telnet, backed by Korea Telecom and Swedtel, said it was no longer interested in the acquisition. Therefore, the Nigerian government granted the extension.