AGS NEWS – Adrian Wood, former CEO of MTN Nigeria, has returned to the Nigerian telecom sector as the new CEO of ntel, a company formed from the unbundling of NITEL and managed by NATCOMS.

Wood began his new role on January 8, 2024, succeeding Dr. Babatunde Omotoba. He plans to raise $550 million to restructure ntel, attract new investors, and rebrand the company.

In a letter dated June 5, 2024, Wood outlined his commitment to bringing in new investors and rebranding ntel.

He detailed his meetings with the Asset Management Company of Nigeria (AMCON), which took over ntel’s management, and the Nigerian Communications Commission (NCC).

He emphasized the introduction of innovative products and services to make ntel a competitive player in the market.

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Wood mentioned engaging with potential investors, including a New York investment fund and African Capital Alliance, a premier private equity fund group.

He plans a roadshow to raise the necessary funds for ntel’s new 4G/5G network rollout. He assured that despite the challenges, he is confident in ntel’s success.

In 2014, NatCom acquired the core telecom assets of NITEL/MTel and has since expanded its network coverage and services.

The company launched full VoLTE services and partnered with Samsung, significantly impacting the broadband market with high-speed data offerings.