Dubai firm and partners got approval to acquire Nigeria telecom for $2.5 billion

Nigeria’s government approved the sale of the state telecommunications company to Dubai’s Minerva Group and its partners, eight months after they bid $2.5 billion for the company at an auction - the Bloomberg has reported.

The group will pay an initial $750 million, followed by the remaining $1.75 billion within 60 days. The government will sell a bond to pay outstanding wages owed to Nitel’s workers, the bureau said.

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