FG Moves to Sell Majority Stake in ntel as Telecom Giant Opens Door to New Investors
- AMCON announced it has begun divesting its 55% controlling stake in ntel, the successor to the former NITEL
- The sale process is still at the regulatory approval stage, with no investors identified yet, an AMCON spokesperson confirmed
- Any buyer acquiring 10% or more of a licensed telecom firm now needs prior NCC approval under new June 2026 rules
PAY ATTENTION: Find it fast with our new search feature at Legit.ng!
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Federal Government has commenced plans to sell its controlling stake in telecommunications company ntel, marking a major step in the restructuring of one of Nigeria's most valuable telecom assets.
The Asset Management Corporation of Nigeria (AMCON), which took over full management of ntel in 2024, has announced that it is divesting its 55 per cent shareholding in the company.
Source: UGC
The move is expected to attract strategic investors capable of injecting fresh capital into the telecom operator as it shifts its focus from competing for mobile subscribers to becoming a digital infrastructure company.
Although the divestment process has begun, AMCON says it is still awaiting the necessary regulatory approvals before formally inviting bids from interested investors.
AMCON spokesperson Jude Nwauzor said the transaction remains at the regulatory stage, adding that the agency is working to secure all approvals required before the sale can proceed.
New investor to drive next growth phase
The planned sale represents another milestone in AMCON's mandate to stabilise distressed assets before returning them to private ownership.
After assuming control of ntel, AMCON embarked on an extensive restructuring programme aimed at restoring governance, reorganising operations and protecting strategic assets, including the company's valuable telecom spectrum and nationwide infrastructure, according to a report by TechCabal.
According to ntel Chief Executive Officer, Soji Maurice-Diya, the agency was never intended to remain a long-term investor.
He explained that AMCON's responsibility was to halt the company's financial decline, restructure the business and prepare it for eventual sale while ensuring normal operations continued throughout the transition.
The next owner, he noted, will be expected to provide the significant investment needed to expand fibre networks, deploy next-generation technologies and modernise the company's infrastructure.
Company shifts away from subscriber battle
Rather than competing directly with industry leaders such as MTN Nigeria, Airtel Nigeria and Globacom in the crowded retail mobile market, ntel has repositioned itself around three strategic business units.
Its Beam division focuses on enterprise connectivity and digital services, Titan manages telecom towers and colocation infrastructure, while Eden is responsible for unlocking value from the company's extensive real estate assets inherited from the former Nigerian Telecommunications Limited (NITEL).
AMCON believes the restructuring has made the company more attractive to long-term investors.
Managing Director Gbenga Alade said the new business model was designed to strengthen operational competitiveness, maximise shareholder value and position the company for sustainable growth under new ownership.
Maurice-Diya added that the three-pillar strategy is already generating revenue and expressed confidence that a strategic investor would likely expand rather than abandon the current direction.
Strict regulatory process awaits buyers
Prospective investors will, however, face a more rigorous approval process.
Under new regulations introduced by the Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC), any acquisition involving at least 10 per cent of a licensed telecommunications company now requires prior approval from the NCC before ownership changes can be completed.
Regulators will assess spectrum obligations, operating levies and competition concerns before approving any transaction.
The review could become even more detailed if an existing telecom operator submits a bid, given ntel's extensive holdings, including valuable 900MHz and 1800MHz spectrum licences, access to the SAT-3 submarine cable system and other strategic telecom infrastructure.
Source: Getty Images
The sale involves only AMCON's 55 per cent stake, meaning the successful bidder will gain operational control rather than full ownership.
Maurice-Diya said operational control would be sufficient for any serious investor, stressing that the company's future success will depend less on who acquires it and more on whether the buyer has the financial capacity to execute its long-term digital infrastructure strategy.
Ntel set for 2026 comeback with strong leadership
Legit.ng previously reported that NatCom Development and Investment Ltd (trading as Ntel), the company that acquired Nigeria’s defunct national carrier NITEL, is preparing a commercial relaunch in January 2026, marking the comeback of one of Nigeria’s telecom giants.
Ahead of the launch, ntel has announced a new board of directors that will work under the continued chairmanship of Gen. T.Y. Danjuma.
In a statement released on Tuesday, October 21, the company said the new board includes Adeleke Alex-Adedipe, Ayodeji Joshua Richards, Maryam Mutallab, Olaide Aremu, and Soji Maurice-Diya, who will serve as managing director and chief executive officer.
Source: Legit.ng
