AMCON Begins Divestment of 55% Stake in ntel
The Asset Management Corporation of Nigeria (AMCON) has announced the commencement of plans to sell its controlling 55% stake in ntel, the successor to the former Nigerian Telecommunications Limited (NITEL). This move marks a significant step in the restructuring of one of Nigeria's most valuable telecom assets. AMCON, which took over full management of ntel in 2024, is divesting its shareholding as part of its mandate to stabilise distressed assets before returning them to private ownership.
According to AMCON spokesperson Jude Nwauzor, the transaction is still at the regulatory approval stage. He confirmed that no investors have been identified yet and that the agency is working to secure all necessary approvals before formally inviting bids. The sale process will require approval from the Nigerian Communications Commission (NCC) under new rules introduced in June 2026, which mandate that any buyer acquiring 10% or more of a licensed telecom firm must obtain prior NCC consent.
Strategic Repositioning Away from Retail Competition
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 as a digital infrastructure company. The company now operates three strategic business units: Beam, which focuses on enterprise connectivity and digital services; Titan, which manages telecom towers and colocation infrastructure; and Eden, which unlocks value from real estate assets inherited from NITEL.
ntel Chief Executive Officer Soji Maurice-Diya explained that AMCON was never intended to remain a long-term investor. "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," he said. He added that the next owner will be expected to provide significant investment to expand fibre networks, deploy next-generation technologies, and modernise infrastructure.
Regulatory Hurdles and Investor Requirements
Under new NCC and Corporate Affairs Commission (CAC) regulations, any acquisition involving at least 10% of a licensed telecommunications company now requires prior NCC approval before ownership changes can be completed. Regulators will assess spectrum obligations, operating levies, and competition concerns. The review could become 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 infrastructure.
The sale involves only AMCON's 55% stake, meaning the successful bidder will gain operational control rather than full ownership. Maurice-Diya stressed that operational control is sufficient, and the company's future success will depend on the buyer's financial capacity to execute the long-term digital infrastructure strategy.
AMCON's Restructuring Efforts
After assuming control of ntel, AMCON embarked on an extensive restructuring programme to restore governance, reorganise operations, and protect strategic assets. 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. He noted that the restructuring has made the company more attractive to long-term investors.
Maurice-Diya confirmed 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.
ntel's Comeback Plans for 2026
In related developments, ntel is preparing a commercial relaunch in January 2026, marking the comeback of one of Nigeria's telecom giants. Ahead of the launch, ntel announced a new board of directors in October 2025, working under the continued chairmanship of Gen. T.Y. Danjuma. The board includes Adeleke Alex-Adedipe, Ayodeji Joshua Richards, Maryam Mutallab, Olaide Aremu, and Soji Maurice-Diya as managing director and chief executive officer.
This divestment and restructuring are expected to attract strategic investors capable of injecting fresh capital into ntel as it shifts its focus from competing for mobile subscribers to becoming a core digital infrastructure provider in Nigeria's telecommunications landscape.
