NATCOM Consortium on Wednesday in Abuja emerged the preferred bidder for the acquisition of the Nigerian Telecommunications Plc (NITEL) and Nigerian Mobile Telecommunication (MTEL), the moribund telecommunication outfits of the government of Nigeria.
The reserved bid price was $252.25 million.
The companies had been sold two times and none of the preferred buyers could pay the bid price.
Mr. Atedo Peterside, the Chairman, Technical Committee of the National Council on Privatisation (NCP), disclosed this during public opening of the financial bid for the acquisition of the two companies.
Peterside said the NCP approved the privatisation of the two companies in February 2012 through guided liquidation after a review of previous failed attempts.
He said that expressions of interest were received from 17 organisations and consortiums by the June 30 deadline, and that only two of them met the criteria for pre-qualification.
According to Peterside, the two successful bidders, NATCOM Consortium and NETTAG Consortium met the minimum pass mark of 75 percent and were pre-qualified and issued Request for Proposal (RFP).
He said NETTAG Consortium was disqualified for failure to enclose a bid bond as stated in the RFP.
“Section 10.3.1 of the RFP requires that each bidder shall furnish, as part of its proposal, a bid bond in the form of a Bank Guarantee or a Letter of Credit in the sum of 10 million dollars.
“Section 10.3.2 of the RFP further specifies that any technical proposal not accompanied by the bid bond will be disqualified.
“Therefore, following the disqualification of NETTAG Consortium as a result of its failure to submit a bid together with its technical proposal, only the financial bid of NATCOM Consortium qualified for opening today,” he said.
The reserved bid price was $252.25 million.
The companies had been sold two times and none of the preferred buyers could pay the bid price.
Mr. Atedo Peterside, the Chairman, Technical Committee of the National Council on Privatisation (NCP), disclosed this during public opening of the financial bid for the acquisition of the two companies.
Peterside said the NCP approved the privatisation of the two companies in February 2012 through guided liquidation after a review of previous failed attempts.
He said that expressions of interest were received from 17 organisations and consortiums by the June 30 deadline, and that only two of them met the criteria for pre-qualification.
According to Peterside, the two successful bidders, NATCOM Consortium and NETTAG Consortium met the minimum pass mark of 75 percent and were pre-qualified and issued Request for Proposal (RFP).
He said NETTAG Consortium was disqualified for failure to enclose a bid bond as stated in the RFP.
“Section 10.3.1 of the RFP requires that each bidder shall furnish, as part of its proposal, a bid bond in the form of a Bank Guarantee or a Letter of Credit in the sum of 10 million dollars.
“Section 10.3.2 of the RFP further specifies that any technical proposal not accompanied by the bid bond will be disqualified.
“Therefore, following the disqualification of NETTAG Consortium as a result of its failure to submit a bid together with its technical proposal, only the financial bid of NATCOM Consortium qualified for opening today,” he said.
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