Ntel, the embattled Nigerian telecom company, is preparing for a major comeback, driven by the strategic leadership of Adrian Wood, the former CEO of MTN Nigeria.

Since taking over as CEO in January 2024, Wood has been on a mission to revive Ntel’s fortunes, which have waned over the years owing to many challenges.

The new CEO has been proactive in his new role, engaging with key industry stakeholders and potential investors. In a letter to Ntel’s staff dated June 5, 2024, he outlined his meetings and plans. One significant meeting took place on May 21 with Dr. Aminu Maida, the EVC/CEO of the Nigerian Communications Commission (NCC). This meeting set the stage for discussions on Ntel’s future and the necessary steps to secure funding for a complete overhaul of its network infrastructure.

“We had a very productive session about the forward plan for NatCom, our role in industry building, as well as the prospects for raising equity and debt capital to fund a complete new 4G/5G network design and rollout nationwide,” Wood said.

Raising substantial capital is at the heart of Wood’s strategy to revive Ntel. He disclosed that he has been actively engaging with institutional investors to secure between $500 million and $550 million. This capital will be crucial for restructuring and developing a new 4G/5G network nationwide.

“I have been engaging with potential institutional investors. When the new financial business plan and offering document are ready soon, there will be a roadshow to raise the required funds,” Wood explained.

He added that the initial response has been positive, with interactions with a New York investment fund and the African Capital Alliance (ACA), a notable early-stage investor in MTN Nigeria, marking promising steps forward.

“Already, together with CIO Anthony Adegbola, one New York investment fund visited some of our Lagos facilities. With the visitor, I also had a positive meeting with the African Capital Alliance, one of Nigeria’s (and Africa’s) premier private equity funds groups. ACA was an early-stage investor in MTN Nigeria. They told us it remains their investment with the best returns, ever,” he added.

Securing Interim Funding

Understanding the lengthy process of securing large capital investments, Wood mentioned leveraging a facility from the Asset Management Corporation of Nigeria (AMCON), which holds a 55% stake in NatCom. This interim funding will support crucial phases of project management, capital formation, and network rollout before the full-scale relaunch.

Wood noted, “Before the arrival of new investments, we will leverage a facility from AMCON—55% NatCom shareholder to see us through the crucial project management office planning phase, new capital formation and network rollout, before relaunching the business.”

Wood assured Ntel’s staff of a transformative journey ahead, promising fresh and innovative business strategies.

“There will be a set of business strategies that are fresh, innovative, and new to the market. There will be products and services, and service combinations, which do not exist in Nigeria at present. All technical systems and platforms will be constructed and rolled out nationwide, from the ground up,” he stated, explaining the scale and ambition of the planned transformation.

Ntel’s Backstory

NatCom Development & Investment Ltd (NatCom) made a bold move in 2014 by acquiring the core assets of the former government-owned NITEL/MTel. Ntel, the reborn entity, launched in 2016, generating considerable buzz with the first on-net test data call and Voice-over-LTE (VoLTE) call in Lagos. However, despite these promising starts, the company soon faced significant challenges.

However, the company’s early emphasis on 4G services proved to be a double-edged sword. While forward-thinking, it misaligned with a market not yet prepared for such advanced technology. This strategic misstep left Ntel isolated, struggling to connect with other operators and gain market traction.

Analysts highlight that the decision to launch 4G services in April 2016 was particularly problematic, as the majority of subscribers did not yet possess 4G-compatible handsets.

Despite these hurdles, Ntel pushed forward, launching full VoLTE services, securing a landmark deal with Samsung, and perfecting its self-care recharge system via its website. Their superfast and unlimited data propositions significantly impacted the broadband landscape. Yet, these efforts could not fully overcome the initial misalignment with market readiness.

A New Direction

With Wood at the helm, Ntel is gearing up for a major turnaround. His deep industry experience and strategic vision are expected to tackle past challenges head-on, positioning Ntel for a robust comeback. Investor engagement and a renewed focus on innovation are key elements of this strategy, as Ntel aims to reestablish itself as a formidable player in Nigeria’s telecom industry.

“There will be a set of business strategies that are fresh, innovative, and new to the market. There will be products and services, and service combinations, which do not exist in Nigeria at present. All technical systems and platforms will be constructed and rolled out nationwide, from the ground up. It will be an enormous undertaking – but we will prevail. I am sure of it,” he assured the staff.

Ntel’s push to revive under Wood is not just about one company’s comeback; it is seen as a reflection of a broader effort to rejuvenate Nigeria’s telecommunications industry. By setting ambitious goals and securing substantial investments, the company could inspire other telecom operators to innovate and expand, ultimately benefiting the entire sector and its consumers.

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