FG begins sale of 55% ntel stake as telecom company shifts to digital infrastructure

The Federal Government, through the Asset Management Corporation of Nigeria (AMCON), has started the sale of its 55 percent controlling stake in ntel, the successor to the former NITEL. The divestment is still at the regulatory approval stage and no investors have been identified yet, an AMCON spokesperson confirmed.

ntel is repositioning itself from a retail mobile subscriber battle against MTN Nigeria, Airtel Nigeria and Globacom to become a digital infrastructure company. The sale marks a major step in restructuring one of Nigeria's most valuable telecom assets.

AMCON divestment process and regulatory stage

AMCON took over full management of ntel in 2024 and has now announced plans to divest its 55 percent shareholding. AMCON spokesperson Jude Nwauzor said the transaction remains at the regulatory stage, and the agency is working to secure all required approvals before inviting bids. The planned sale is part of AMCON's mandate to stabilise distressed assets before returning them to private ownership.

After assuming control, AMCON embarked on an extensive restructuring programme to restore governance, reorganise operations and protect strategic assets, including ntel's valuable telecom spectrum and nationwide infrastructure, according to a report by TechCabal. ntel Chief Executive Officer Soji Maurice-Diya explained that AMCON was never intended to be a long-term investor. Its role was to halt the company's financial decline, restructure the business and prepare it for eventual sale while ensuring normal operations continued.

ntel's new business strategy: Beam, Titan, Eden

Rather than competing head-on with MTN, Airtel and Glo 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. Eden is responsible for unlocking value from the company's extensive real estate assets inherited from the former Nigerian Telecommunications Limited (NITEL).

Maurice-Diya said the next owner will be expected to provide the significant investment needed to expand fibre networks, deploy next-generation technologies and modernise infrastructure. He 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.

AMCON 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.

New NCC rules tighten approval for telecom acquisitions

Prospective investors will 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 percent of a licensed telecom company now requires prior NCC approval 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. The sale involves only AMCON's 55 percent 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.

Legit.ng previously reported that ntel is preparing a commercial relaunch in January 2026, with a new board of directors 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 CEO.

For the Nigerian telecom sector, the sale of ntel's controlling stake could reshape competition. A well-capitalised buyer focused on digital infrastructure may reduce pressure on retail mobile pricing while accelerating broadband expansion. Consumers and businesses could benefit from improved enterprise connectivity and fibre networks, but the outcome depends on the investor's financial strength and regulatory approvals.