NatCom Development and Investment Limited, trading as ntel, today issued a cautionary notice to the investment community warning against unauthorised dealings with its former Chief Executive Officer, Mr. Adrian Wood, who the pioneer telecoms company in Nigeria says was removed from office on May 15, 2025.
The Nigerian telecoms operator says it has become aware that Mr. Wood has been contacting potential investors in relation to ntel’s business, despite no longer having any role in the company, according to an investor advisory notice titled “NatCom Development and Investment Limited (a.k.a ntel) & Mr. Adrian Wood,” seen this morning by Technology Times.
The former ntel CEO “is no longer associated with NatCom in any role and is therefore not authorised to represent the company or its interests in any capacity,” ntel says in the statement. “Any approaches, proposals, or commitments made by this individual and/or his subordinates in the name of NatCom under any guise should therefore not be regarded as official or binding on NatCom.”
“Mr. Adrian Wood is no longer associated with NatCom in any role and is therefore not authorised to represent the company or its interests in any capacity,” ntel says in the statement. “Any approaches, proposals, or commitments made by this individual and/or his subordinates in the name of NatCom under any guise should therefore not be regarded as official or binding on NatCom.”
ntel allegations against Adrian Wood
According to the ntel notice, it has also discovered that several entities bearing the NatCom prefix — including NatCom Acquisition Company Limited, registered with an address at 14 Allen Avenue, Ikeja, Lagos — have recently emerged and are circulating documents using its brand and letterhead.
ntel further alleges that Mr. Wood has been contacting potential investors in relation to the telecoms business. “Furthermore, it has come to our attention that several SPVs, Limited Liability Companies and ancillary entities ALL bearing the prefix “NatCom” have been recently registered and inexplicably utilizing the company brand and letterhead in a manner consistent with the primary entity (e.g. a company calling itself NatCom Acquisition Company Limited with registered address – 14 Allen Avenue, Ikeja, Lagos), which has no relationship or connection to NatCom are being circulated It is our belief that this action may mislead or confuse potential investors and it has thus become imperative that steps are taken to immediately put out this disclaimer,” the statement states.
NatCom says these entities have no connection with the operator, warning that their actions may “mislead or confuse potential investors.”
To avoid falling victim to such misrepresentations, ntel advises that all investment-related discussions, documentation, and agreements concerning the company must come directly from its authorised management team. The company has listed its official contact as follows:
- Company Secretary: Ikechi Nnah, Esq
- Email: ikechi.nnah@ntel.com.ng
- Phone: +234.806.877.3511
- Mailing Address: 15 Marina, 17th Floor, Lagos, Nigeria
NatCom says it remains “fully committed to maintaining the highest standards of trust, accountability, and professionalism” in its dealings with stakeholders, investors, and partners.
Efforts by Technology Times to reach Mr. Wood for his comments over the allegations at the time of filing this report have proved abortive.
Who’s Adrian Wood?
Mr. Wood, widely recognised in the Nigerian telecoms sector as a former Chief Executive Officer of MTN Nigeria, where he was the mobile phone company’s second chief executive after Karel Pienaar, played key roles after launch of mobile services in 2001 that helped trigger the country’s telecoms revolution.
He later became associated with NatCom Development and Investment Limited (ntel), the company that acquired the assets of the defunct Nigerian Telecommunications Limited (NITEL) and its mobile arm, M-Tel, in a bid to revive Nigeria’s first national carrier brand in the broadband era.
ntel drives aggressive comeback plan
Technology Times had reported that ntel, is preparing for a dramatic comeback in the country’s competitive telecoms market, targeting the first quarter of 2026 as the launchpad of its revival. The effort comes on the back of a ₦30.72 billion intervention by the Asset Management Corporation of Nigeria (AMCON), which acquired the struggling operator after years of underperformance by its previous owners, NatCom Development and Investment Limited. The rescue marks a new chapter for the company that once held the assets of NITEL and Mtel, names that evoke both the promise and opportunities of Nigeria’s early telecoms journey.
At the centre of the revival is a decisive management shift. Soji Maurice-Diya, a seasoned telecoms and infrastructure executive, has been appointed to lead the new phase. Maurice-Diya’s career spans leadership roles at American Tower Nigeria, Etisalat, ExxonMobil, IBM, and management consulting. His appointment signals a pragmatic pivot from ntel’s earlier struggles to a more disciplined, infrastructure-optimised approach designed to win back credibility in a market dominated by giants mobile networks operators (MNOs) like MTN, Airtel, Glo and 9mobile.
The operator’s revival hinges on an “asset-light” strategy that avoids the colossal capital expenditure required to build a nationwide network from scratch. Instead, ntel is considering a transition to a Mobile Virtual Network Operator model, which allows it to lease capacity from established players while focusing on innovative service offerings. This approach mirrors a global trend and taps into Nigeria’s regulatory shift, as the Nigerian Communications Commission has recently licensed over 40 MVNOs. For ntel, this strategy could mean carving out space in niche and underserved markets with tailored broadband-driven products, from youth-focused bundles to rural connectivity and digital-first solutions in areas like fintech and health.
The operator’s revival hinges on an “asset-light” strategy that avoids the colossal capital expenditure required to build a nationwide network from scratch. Instead, ntel is considering a transition to a Mobile Virtual Network Operator model, which allows it to lease capacity from established players while focusing on innovative service offerings. This approach mirrors a global trend and taps into Nigeria’s regulatory shift, as the Nigerian Communications Commission has recently licensed over 40 MVNOs.
Despite its turbulent history, analysts say that ntel retains a prized portfolio of assets, including spectrum holdings in multiple frequency bands, metro and intercity fibre infrastructure, international cable landing rights, and interconnect switching facilities. These inherited resources provide a strong backbone for its broadband-first ambitions, especially at a time when Nigeria’s telecoms consumption is tilting heavily towards data. The ₦30.72 billion lifeline is intended to leverage these advantages while reducing the financial drag of building new infrastructure.
Still, the challenges remain formidable. Analysts estimate that building a network to truly rival the big four would demand around ₦7.68 trillion in fresh investment, a figure that explains ntel’s pivot to partnership-driven models. Subscriber acquisition in an already saturated market, where over 170 million lines are active, will not be easy. Much will depend on whether the new management can negotiate infrastructure deals, craft attractive offerings, and restore consumer trust in the ntel brand.
The story of ntel cannot be told without tracing its roots to NITEL and its mobile arm, Mtel, the once-dominant but eventually beleaguered state monopoly. At its peak around 2000, NITEL counted nearly half a million fixed lines and tens of thousands of mobile subscribers. Yet inefficiency, policy hurdles, and mounting debts exceeding ₦300 billion eroded its position, paving the way for a troubled privatisation process that ended in guided liquidation. NatCom’s acquisition of the assets in 2015 and the rebrand as ntel raised hopes of a renaissance, but limited capital, weak subscriber uptake and a changing regulatory landscape soon blunted those ambitions.
The current rescue plan seeks to break that cycle of disappointment. By setting a firm target of Q1 2026 for its bounceback, ntel is attempting not just a technical revival but also a reputational one, positioning itself as a test case for how distressed telecoms assets can be successfully re-engineered. If it succeeds, the operator could inject fresh competition into the market, lower costs for consumers and support national broadband goals by extending coverage to underserved areas.
Against this backdrop, the company’s name carries both weight and vulnerability. With new leadership, inherited assets, and a strategic pivot, ntel’s re-entry is attracting attention from investors, regulators, and industry watchers.
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