Telecom operator ntel has reportedly obtained a new round of undisclosed funding, as part of its comeback to Nigeria’s telecom market.
The investment, facilitated by the Asset Management Corporation of Nigeria (AMCON), is expected to finance ntel’s planned relaunch in the first quarter of 2026.
This development comes as ntel continues its recovery from years of financial collapse and management changes. Though AMCON has not disclosed the size or source of the latest capital injection, the agency is working to rebuild the company before transferring ownership to private investors.
AMCON, which holds a 55% controlling stake, took full management control of ntel in 2024 following the operator’s bankruptcy. Since then, it has overseen a series of interventions aimed at reviving the brand once built to replace the defunct NITEL and MTel.
In August 2025, AMCON was reported to have injected N30.72 billion into ntel’s revival, a figure that now appears to be part of a bigger, phased plan.
Despite President Bola Tinubu’s earlier directive that ntel should be sold “even for scrap” if necessary, AMCON insists the company must first achieve operational stability to attract credible investors. “We need to put the house in order before we hand it over,” a person close to the process told reporters.
To drive the turnaround, AMCON restructured ntel’s leadership in May, appointing Soji Maurice-Diya, former chief executive officer of American Tower Nigeria, to replace Adrian Wood, the ex-MTN Nigeria boss who had earlier championed a $550 million fundraising effort.
Under the new management, ntel is expected to operate on a hybrid model, combining its own network assets with mobile virtual network operator (MVNO) capabilities.
The company retains significant national infrastructure, including more than 3,500 kilometres of fibre-optic cable and over 600 base stations across key cities, positioning it well for both retail and wholesale telecom services.
While full operations are yet to resume, ntel has begun rebuilding its workforce. Recruitment adverts for roles such as Regional Admin Coordinator, Financial Planning Assistant Manager, and Front Desk Officer have surfaced in recent weeks, signalling internal preparations for commercial relaunch.
In the meantime, AMCON is generating revenue by leasing parts of ntel’s spectrum to MTN Nigeria, an arrangement that allows MTN to use ntel’s frequencies in select states.
If the ongoing recovery stays on course, ntel could become the first state-rescued telecom operator in Nigeria to successfully return to the market.
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