Adrian Wood, the former Chief Executive Officer of MTN Nigeria, has re-entered the Nigerian telecoms industry as the new CEO of ntel, the telecoms company that evolved from NITEL and is managed by NATCOMS.
Wood, who departed Nigeria in 2004, began his role at ntel on January 8, 2024, succeeding Dr. Babatunde Omotoba. His primary mandate includes raising $550 million for restructuring ntel, sourcing new investors, and rebranding the company.
In a letter dated June 5, 2024, Wood assured ntel staff of his dedication to fulfilling his new responsibilities. He encouraged employees to remain steadfast and committed, promising the introduction of fresh investors and a company rebrand in the coming weeks.
Wood detailed his recent 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 discussed plans with the NCC’s Executive Vice Chairman and CEO, Dr. Aminu Maida, regarding a comprehensive new 4G/5G network design and rollout nationwide. Wood emphasized the need to support NCC’s initiatives and his efforts to engage potential institutional investors.
Wood revealed his plans for a financial roadshow to raise between $500 million and $550 million to restructure and develop NATCOMS. He has already had meetings with various potential investors, including the African Capital Alliance, which has a history of successful investments in Nigeria.
In his letter, Wood stated:
“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.”
He further mentioned the visits of investment funds to ntel’s facilities and his ongoing discussions with several Africa-focused institutional investors.
Wood outlined ambitious plans for ntel, promising an exciting new brand and innovative business strategies. He highlighted the development of new products and services unique to the Nigerian market and the construction of technical systems and platforms nationwide.
“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, that 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’s return and his strategic vision signal a significant transformation for ntel, aiming to enhance its market position and service offerings in the Nigerian telecoms industry.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
