Ex-MTN Nigeria Chief Adrian Wood leads ntel’s $550 Million Transformation

Adrian Wood, the former CEO of MTN Nigeria, has made a notable return to the Nigerian telecoms industry as the new CEO of ntel, a company unbundled from NITEL and managed by NATCOMS. Wood, who assumed his new role on January 8, 2024, succeeding Dr. Babatunde Omotoba, aims to raise $550 million to restructure and rejuvenate ntel.
In his capacity as CEO, Wood is focused on attracting new investors and rebranding ntel. He communicated his vision and commitment to the company’s staff in a letter dated June 5, 2024, encouraging them to stay dedicated as he leads the company through significant changes.
Wood’s letter detailed his engagements with key stakeholders, including the Asset Management Company of Nigeria (AMCON), which has managed ntel since last year, and the Nigerian Communications Commission (NCC). He highlighted his discussions with Dr. Aminu Maida, EVC/CEO of NCC, about future plans for NATCOMS, industry roles, and funding strategies for a new 4G/5G network rollout.
In his letter, Wood also shared his efforts to secure investments, mentioning meetings with potential institutional investors and discussions with African Capital Alliance (ACA), a premier private equity fund group in Nigeria. ACA, an early investor in MTN Nigeria, expressed interest in supporting ntel’s new initiatives.
Wood outlined ambitious plans to introduce innovative products and services to the Nigerian telecom market, stating, “There will be an exciting new brand, fresh business strategies, and unique service combinations not currently available in Nigeria. All technical systems and platforms will be built and deployed nationwide. It will be a massive undertaking, but we will prevail.”
He emphasized the importance of this transformation, adding that negotiations to secure large capital commitments are ongoing, supported by AMCON’s Facility to facilitate project planning, new capital formation, and network rollout.
Wood’s return marks a significant step in ntel’s journey towards becoming a major player in Nigeria’s telecom industry once again.