ABUJA—The Bureau for Public Enterprises, BPE gave the consortium behind a $2.5 billion bid for former state telecoms monopoly Nitel 20 more days to pay a deposit, prolonging uncertainty over the sale.

Preferred bidder, the New Generation consortium, said on Thursday some of its financial backers had been unnerved by delays to the process. It initially asked for a 30_day extension of a deadline for a $750 million deposit.

Bolanle Onagoruwa, BPE director general said Vice President Namadi Sambo had agreed to a grace period of 20 days. Sambo is chairman of the National Council on Privatisation, which supervises the BPE.

The New Generation consortium __ which includes Nigerian firm GiCell, Dubai company Minerva and has China’s second biggest carrier China Unicom (0762.HK: Quote) as a technical partner __ was approved as the preferred bidder for Nitel last month.

The deadline for payment of the $750 million bid security expired on Thursday. GiCell Managing Director Usman Gumi told Reuters the group needed more time to “reassure” its investors and speak with new potential financiers.

Nigeria is one of the world’s fastest_growing telecoms markets but the government has been trying for years to sell Nitel, struggling mainly because of the shambolic state of the company’s fixed_line infrastructure and huge debt.

Questions have been raised in the past over the financing for the New Generation bid, which some analysts have said values Nitel at more than five times what it is worth.

Jonathan set up a panel in March led by the attorney general to investigate the top two bidders.

The privatisation agency said last month the committee had found the planned transaction complied with due process.