Adrian Wood, the former Chief Executive Officer of MTN Nigeria, has reentered the Nigerian telecoms sector as the new CEO of ntel. This company, emerging from the unbundling of NITEL, is currently managed by NATCOMS. Wood assumed his new role on January 8, 2024, succeeding Dr. Babatunde Omotoba, with ambitious plans to raise $550 million for restructuring ntel.
In his new position, Wood is tasked with attracting fresh investors and rebranding the telecom company. Wood emphasized his dedication to introducing new investors and rebranding ntel in the coming weeks. He detailed extensive meetings with the Asset Management Company of Nigeria (AMCON), which took over ntel’s management last year, discussing plans for AMCON to return ntel to its new investors.
Wood’s engagements also included discussions with the Nigerian Communications Commission (NCC). In his letter, Wood outlined his vision for ntel, which includes introducing innovative products and services previously unseen in the Nigerian telecom market. He highlighted the importance of these new offerings in establishing ntel as a competitive and forward-thinking industry player.
Part of the letter read, “On 21 May, I visited the EVC/CEO of the Nigerian Communications Commission, Dr. Aminu Maida. We had a very productive session about the forward plan for NATCOMS, 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. Dr. Maida made several requests for support on NCC’s initiatives, which we will do. In the background, I have been engaging with potential institutional investors.”
Wood further revealed plans for a roadshow to raise an estimated $500 million to $550 million for restructuring and developing NATCOMS, noting that he had already engaged with potential investors, including a New York investment fund and African Capital Alliance (ACA).
“ACA was an early-stage investor in MTN Nigeria. In fact, they told us it remains their investment with the best returns, ever. Next week I will be seeing three other potential institutional investors. All of them are Africa-focused, have investments in Nigeria in other segments, have offices in Nigeria, and are seeking digital infrastructure projects to support with funding,” Wood stated.
He acknowledged the challenges ahead, noting, “It will take months of negotiations to secure large capital commitments in several stages. And that is the purpose of (55% NATCOMS shareholder) AMCON’s Facility – to see us through the crucial Project Management Office planning phase, new capital formation, and network rollout, prior to relaunching the business.”
Wood promised an exciting new brand, innovative business strategies, and unique products and services. “There will be an exciting new brand. 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 declared.
ntel, under the management of NatCom Development & Investment Ltd (NatCom), acquired the core telecom assets of NiTel/MTel in 2014. The company achieved significant milestones within its first six months, including expanding its network coverage and launching full Voice-over-LTE (VoLTE) services. Now, with Wood at the helm, ntel aims to transform the Nigerian telecom landscape once again.
