Telecom operator ntel has obtained a new round of undisclosed funding as part of efforts to relaunch its operations and return to Nigeria’s telecom market in the first quarter of 2026.
The fresh capital injection was facilitated by the Asset Management Corporation of Nigeria (AMCON), which has been overseeing the company’s recovery since taking full management control in 2024. While the size and source of the investment have not been disclosed, the funds are expected to support ntel’s phased revival plan.
AMCON currently holds a 55% controlling stake in ntel and has led a series of interventions to rebuild the brand, which was originally created to replace the defunct NITEL and MTel. In August 2025, AMCON reportedly injected ₦30.72 billion into the company as part of its broader turnaround strategy.
Despite an earlier directive by President Bola Tinubu that Ntel should be sold “even for scrap” if necessary, AMCON has maintained that the company must achieve operational stability before any transfer to private investors.
To drive the comeback, the agency restructured ntel’s leadership in May, appointing Soji Maurice-Diya, former CEO of American Tower Nigeria, as the new chief executive. He replaced Adrian Wood, the former MTN Nigeria boss who previously led a $550 million fundraising initiative for ntel.
Under the new leadership, ntel plans to adopt a hybrid operational model, combining its own network assets with mobile virtual network operator (MVNO) capabilities. The company retains extensive national infrastructure, including more than 3,500 kilometres of fibre-optic cable and over 600 base stations in key cities — assets that position it for both retail and wholesale telecom services.
Although commercial operations have not yet resumed, ntel has started rebuilding its workforce. Recent job advertisements for roles such as Regional Admin Coordinator, Financial Planning Assistant Manager, and Front Desk Officer signal internal preparations for relaunch.
In the interim, AMCON has been generating revenue by leasing portions of ntel’s spectrum to MTN Nigeria, allowing the telecom giant to use ntel’s frequencies in select states.
If the recovery stays on track, ntel could become Nigeria’s first state-rescued telecom operator to successfully re-enter the market.
