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.

The event, themed “Impact of Adjacent Agencies on Nigerian Telecom Sector: The Way Forward,” was an in-depth conversation about the structural and regulatory issues stalling industry growth.

The President of ATCON, Tony Emoekpere, opened the meeting with a reflection on the journey so far. “Two years ago, I was entrusted with the mandate to lead this association, and I’ve done so to the best of my ability with absolute focus,” he said. 

He noted that the association has grown with at least 27 new member companies joining during his tenure, and that ATCON had engaged with over 75 strategic global and local events to defend industry interests.

However, he stressed the pressing concerns about the growing influence of non-core regulatory bodies in telecom operations. 

Emoekpere led a no-holds-barred discussion, pointing out that several agencies outside the industry were imposing levies and regulations, thereby disrupting operations.

“We have other agencies that are trying to create some form of levies, looking for ways to impose charges right away on their operations,” he said. “We don’t want to be in an environment where our investment is totally at risk, or where people don’t even want to invest in our sector.”

Participants described the actions of these adjacent agencies as intrusive and economically damaging. Multiple operators spoke about what they termed regulatory duplicity, instances where different state agencies imposed overlapping charges and policies. 

A stakeholder stated: “We already face enough ends. We don’t want to have other people taking up the responsibility.”

The need for a one-stop-shop regulatory model was a recurring recommendation. “In some states, you have the State Revenue Service, the State Infrastructure Agency, the Urban Planning Agency – all coming after you for the same reason. It is not sustainable,” another stakeholder said.

The discussion turned inward when Engineer Ikechukwu Nnamani, CEO, Digital Realty (Nigeria) and former president of ATCON, noted industry indiscipline and undercutting among telecom players.

He pointed out that while some members advocate for tariff increases, others reject it, leaving the entire sector weakened. “We’re in the same industry, and they are better capitalised than us… we’re hurting ourselves,” he stated.

This disunity was seen in competition for bank contracts. “The same bank writes you and says decrease your service price, even after telling you that your cost of capital has gone up,” he added. “We don’t function as an association. We don’t function as a group. So when they harass us, we go back and start competing amongst ourselves.”

Vice President of ATCON and CEO of the Internet Exchange Point of Nigeria (IXPN), Muhammed Rudman, stated: “99.98% of internet users in Nigeria access it via mobile, while only 0.2% use fixed lines,” a sharp contrast to South Africa where over 50% of users are on fixed lines, enabling better in-country data traffic retention. 

“Brazil is now the second largest country with internet networks because they domesticated 90% of their traffic through strong associations.”

As tensions rose, Emoekpere reaffirmed ATCON’s focus on industry-wide cohesion. He revealed plans to set up an Industry Think Tank Committee to establish standardised guidelines for engagement with adjacent agencies.

“We must start having industry committees, think tanks to handle some of these matters, so we can now come up with a position,” he said.

Calls for a renewed code of conduct were made, and several members volunteered for roles in committees aimed at solving these regulatory and operational issues. “We must move from talk to structure,” he asserted.

The meeting also touched on education and workforce development, with members agreeing that ATCON must play a more active role in impacting the academic curriculum to meet telecom industry demands.

The group resolved to explore partnerships, virtual training models, and institutional support for under-resourced tertiary institutions.

Closing the session, Emoekpere said, “ATCON is not just an association, it is a collective commitment to action. We do make an impact, and they are actually looking forward to our contributions.”

The newly elected executives were sworn in with high expectations. The first task on their table: push back against regulatory encroachment and unify a fractured industry.