Nigeria: ntel plots 2026 comeback with new funding and strategic overhaul

Nigeria’s telecommunications operator, ntel, is gearing up for a major comeback in the first quarter of 2026 after securing new funding facilitated by the Asset Management Corporation of Nigeria (AMCON). The undisclosed investment marks a pivotal step in the company’s recovery plan following its financial collapse in 2024.

The fresh capital will enable ntel—owned by NatCom Development & Investment Limited (NATCOM)—to rebuild its network infrastructure, restore data and voice services, and implement a leaner business model. A source familiar with the development said the initiative forms part of ntel’s roadmap to regain market relevance and financial stability.

AMCON, which currently holds a 55% controlling stake in the telecom operator, took over management last year after ntel’s bankruptcy. The new funding is expected to strengthen the company’s operations ahead of AMCON’s planned exit and subsequent sale of its shares to private investors.

The corporation’s involvement dates back to 2015, when it intervened to save ntel—then under NATCOM—after the consortium’s failure to sustain operations of the defunct NITEL and MTel. Acting as both creditor and equity investor, AMCON stepped in to preserve vital national telecom assets, including spectrum licences, fibre infrastructure, and submarine cable landing rights.

While AMCON’s support prevented ntel’s complete collapse, prolonged state control and unresolved legacy debts have dampened investor interest. Despite President Bola Tinubu’s directive to dispose of the struggling operator—“even for scrap, if necessary”—AMCON maintains that stabilisation must precede divestment.

Under its revival plan, ntel is adopting a hybrid operational model, functioning as both a mobile virtual network operator (MVNO) and an infrastructure-based provider. The company’s asset base includes over 3,500 kilometres of fibre-optic network and more than 600 base stations, key resources inherited from its legacy national backbone.

Ahead of its relaunch, ntel has quietly begun recruiting new staff across administrative, technical, and financial departments, signalling renewed operational activity. Positions advertised include Regional Admin Coordinator, Front Desk Officer, and Financial Planning Assistant Manager.

In the interim, AMCON continues to generate revenue through infrastructure-sharing agreements, such as a spectrum lease with MTN Nigeria, which allows MTN to utilise ntel’s frequencies in several states.

If successful, ntel’s turnaround could mark Nigeria’s first state-backed telecom revival, transforming a once-defunct national asset into a competitive market player once again.