Adrian Wood, the former CEO of MTN Nigeria, has re-entered the Nigerian telecommunications industry as the new Chief Executive Officer of ntel. ntel is the telecom company that emerged from the unbundling of NITEL and is managed by NATCOMS.
Wood, who began his role as the new CEO of ntel on January 8, 2024, succeeded the former CEO, Dr. Babatunde Omotoba. He has plans to attract new investors and raise $550 million for the restructuring of the new ntel. He will also be rebranding the company
In a letter dated June 5, 2024, Wood assured the staff of his dedication to revitalizing the company and meeting the challenges of his new role.
Wood highlighted his numerous meetings with the Asset Management Company of Nigeria (AMCON), which has managed ntel since last year. AMCON plans to return ntel to its new investors soon. He also discussed his recent engagement with the Nigerian Communications Commission (NCC).
In the letter, Wood outlined his strategy to introduce innovative products and services previously unseen in the Nigerian telecoms market. He emphasized a productive meeting with Dr. Aminu Maida, the EVC/CEO of the NCC, on May 21. They discussed NATCOMS’ future, the company’s role in industry development, and the potential for raising equity and debt capital to fund a new 4G/5G network design and nationwide rollout.
Wood shared that Dr. Maida requested support for several NCC initiatives, which ntel will undertake. Meanwhile, Wood has been engaging with potential institutional investors to secure funding.
“When the new financial business plan and offering document are ready soon, there will be a roadshow to raise an estimated $500 million to $550 million for the restructuring and development of NATCOMS,” Wood explained. He mentioned that a New York investment fund had already visited ntel’s Lagos facilities, accompanied by CIO Anthony Adegbola.
Wood also revealed meetings with African Capital Alliance, a leading private equity fund group in Nigeria and Africa, known for its early-stage investment in MTN Nigeria, which remains their most successful investment.
Wood plans to meet with three more potential institutional investors next week, all of whom are focused on Africa and have existing investments in Nigeria. These investors are seeking to support digital infrastructure projects.
“It will take months of negotiations to secure large capital commitments in several stages. AMCON’s Facility, which holds a 55% share in NATCOMS, will support us through the crucial planning phase, new capital formation, and network rollout, prior to relaunching the business,” Wood stated.
He concluded the letter with a promise of exciting changes: “There will be a new brand, fresh business strategies, and innovative products and services that do not currently exist in Nigeria. 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.”
Adrian Wood served as the CEO of MTN Nigeria from 2001 to 2004.
