Telecoms juggernaut and former Chief Executive Officer of Ex-MTN Nigeria, Mr. Adrian Wood has resurfaced as the CEO of Nigeria’s ntel mobile telecoms company.
ntel is the fourth GSM operator licensed by the Nigerian Communications Commission, NCC. It was berthed from the unbundling of NITEL, the company is currently managed by NATCOMS.
Findings revealed that Mr. Wood, who had earlier 2018/19 tried a come-back to the Nigerian telecoms scene with Teleology Nigeria’s 9mobile without success as boardroom politics edged him out, is said to have assumed his new role on January 8, 2024, succeeding the former CEO of ntel, Dr. Babatunde Omotoba.
The new ntel CEO is saddled with ambitious plans to raise $550m for restructuring the company and getting new investors for the nation’s GSM company.
“In his new position, Wood has been charged with attracting fresh capital and rebranding the telecoms company”, a source familiar with the development said.
In a letter by Mr. Adrian Wood dated June 5, 2024, leaked to the media, Mr. Wood emphasised his dedication to introducing new investors and rebranding the company in the coming weeks.
He also detailed his extensive meetings with the Asset Management Company of Nigeria, which took over ntel’s management last year, and discussed plans for AMCON to return ntel to its new investors; and his engagements with the management of the industry regulator, NCC.
The new CEO outlined his vision for ntel to include – the introduction of innovative products and services that have not previously existed in the Nigerian telecoms market. He also noted that the offerings would position ntel as a competitive and forward-thinking player in the industry.
The letter reads in part, “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.
“Dr. Maida made several requests for support on NCC’s initiatives, which we will do. In the background, I have been engaging with potential institutional investors.
“When the new financial business plan and offering document is ready soon, there will be a roadshow to raise (estimated) US$500 million to $550m, to restructure, rebuild and develop NATCOMS.
“Already, together with CIO Anthony Adegbola, one New York investment fund visited some of our Lagos facilities.”
The document also revealed that Mr. Wood had a meeting with African Capital Alliance, a private equity funds group. “ACA was an early-stage investor in MTN Nigeria. In fact, they told us it remains their investment with the best returns, ever”.
He also hinted that in the coming weeks, he will be seeing three other potential institutional investors. All of them are Africa-focused, have investments in Nigeria in other segments, have offices in Nigeria and are seeking digital infrastructure projects to support with funding.
“Of course, it will take months of negotiations to secure large capital commitments in several stages. And that is the purpose of (55% NATCOMS shareholder) AMCON’s Facility – to see us through the crucial Project Management Office planning phase, new capital formation and network roll out, prior to relaunching the business,” it added.
According to the letter, “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, which 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.”, Adrian Wood promised.