ntel, the telecoms company unbundled from NITEL and managed by NATCOMS, has appointed Mr. Adrian Wood as its new Chief Executive Officer.
The former CEO of MTN Nigeria, who left the country in 2004, has returned to spearhead ntel’s rebranding and competitive strategy in the market.
Wood resumed his role on January 8, 2024, succeeding Dr. Babatunde Omotoba. His ambitious plans include raising $550 million to restructure ntel, rebrand the company, and attract fresh investors.
In a letter dated June 5, 2024, Wood assured ntel staff of his commitment to these goals and detailed his strategic meetings and future plans.
Wood’s letter encouraged ntel staff to remain steadfast as the company embarks on this transformative journey.
He mentioned his discussions with the Asset Management Company of Nigeria (AMCON), which has managed ntel since last year, and plans to return the company to its new investors.
Highlighting his strategic meetings, Wood noted, “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.”
Wood’s engagement with potential institutional investors is a crucial part of his strategy. He revealed, “When the new financial business plan and offering document is ready soon, there will be a roadshow to raise (estimated) US$500 million to US$550 million, to restructure, rebuild, and develop NATCOMS. Already, together with CIO Anthony Adegbola, one New York investment fund visited some of our Lagos facilities.”
He also had meetings with African Capital Alliance, one of Nigeria’s premier private equity funds group, known for their early investment in MTN Nigeria. Wood added, “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.”
The ambitious plans include introducing new products and services not currently available in the Nigerian telecoms space. “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,” Wood stated.
