cntel has secured another round of undisclosed funding set to return the company to commercial operations by early 2026.
The funding, arranged by the Asset Management Corporation of Nigeria (AMCON), is the latest step in the government agency’s ongoing attempt to salvage a once-flagship asset that has lurched from collapse to crisis for over a decade.
AMCON, which holds a controlling 55 per cent stake, assumed full management control of ntel in 2024 after years of insolvency.
Since then, it has spearheaded a phased revival plan, including a reported N30.72 billion investment in August 2025.
Recall that ntel, an offshoot of the government-owned NITEL acquired by NATCOM Development and Investment Limited (NatCom), launched in 2016.
After NatCom acquired the business for $252.25 million, ntel struggled to regain traction.
Now, AMCON is spearheading a revival, aiming to reintroduce ntel as an asset-light, infrastructure-centric competitor in Nigeria's telecoms space
According to sources, Mr Soji Maurice-Diya, formerly CEO of American Tower Nigeria, has been appointed to lead the company.
He will succeed Mr Adrian Wood, a former chief executive of MTN Nigeria.
At the helm with extensive leadership experience across sectors such as telecom infrastructure (ATC), oil (ExxonMobil), tech (IBM), consulting (EY), and entrepreneurship (as co-founder of Hash App), Mr Maurice-Diya is expected to drive the execution of this turnaround plan.
AMCON’s intervention represents both a financial stabilization effort and a bid to rescue strategic national telecom assets, in line with targets set by President Bola Tinubu.
The telco holds a Unified Access Service licence from the Nigerian Communications Commission (NCC).
It is reportedly exploring a cost-efficient Mobile Virtual Network Operator (MVNO) model, potentially piggybacking on infrastructure from incumbent operators.
