From Cletus Akwaya in Abuja, 03.31.2005

BPE, in a statement announcing the appointment, said the consortium would commence work immediately to among other things prepare information memorandum and develop a sales strategy for the nation's first national telecom carrier whose privatisation process is expected to end by June according to a timetable already published by BPE.
NITEL's privatisation process resumed last year after the first botched attempt in 2002 with the call for expressions of interest (EOIs) from which twenty-one investors responded. The twenty-one EOIs would also be appraised with the assistance of the advisers from which the pre-qualified companies would go to the next stages of the process which include due diligence and submission of technical/financial bids. NITEL process would ultimately lead to the appointment of a core investor who would take over 51 per cent of Federal Government's equity in the telecom firm.
Under the privatisation plan for NITEL, 20 per cent of the equity will be offered to the Nigerian public through an Initial Public Offer (IPO) in which shares would be sold to all Nigerians on the basis of equality of federal constituencies.
PNP Paribas/MBC International Consortium was selected among the four companies which made the final round in the selection process for advisers. A total of nine companies had submitted expressions of interest (EOI) for selection as advisers in NITEL process.

Members of the consortium include PNP Paribas Corporate Finance (Lead Financial Adviser), MBC International Bank Plc (Joint Financial Adviser), Balogun, Badejo & Co (Nigerian Accounting Adviser), Cleary, Gottliebe, Sceen and Hamilton (International Legal Adviser).
Others include the law firm of Abdullahi Taiwo &Co. (Nigerian Legal Advisers); Adefila and Partners (Nigerian Assets Valuer) while ICEA of Paris are Technical Adviser to the offer.