Nigeria ordered the sale of NITEL’s successor. Here’s why it still hasn’t happened
Summary
AMCON, Nigeria’s asset management agency, has tempered expectations for a quick sale of NatCom Development and Investment Limited (NATCOM) — the company that succeeded NITEL and now trades as ntel — despite a presidential directive earlier in 2025 to divest the asset. AMCON says its short-term priority is stabilising NATCOM as a strategic telecoms asset while engaging regulators, rather than rushing a sale. The company is encumbered by debt (around ₦100 billion), governance and audit gaps, and underinvestment, all of which have discouraged credible buyers. NATCOM’s valuable holdings — spectrum, fibre, towers, data centres and real estate — are largely leased or underused, with MTN currently the main beneficiary of its spectrum leases. AMCON has appointed a new CEO, Soji Maurice-Diya, and hired Deloitte to audit the business, but administrative, legal and restructuring hurdles make the December 2025 divestment target unlikely.
Key Points
- AMCON downplays an immediate sale; its current focus is stabilising NATCOM and working with regulators.
- NATCOM controls valuable assets (spectrum, fibre, towers, data centres, real estate) that could accelerate broadband expansion if properly monetised.
- The company carries roughly ₦100 billion in debt, which is depressing its valuation and deterring buyers.
- MTN has leased NATCOM’s 900MHz and 1800MHz bands and renewed the lease in 2025, making MTN a key beneficiary of NATCOM’s spectrum.
- NATCOM has not had a financial audit since 2021; Deloitte has been appointed to complete an updated review.
- AMCON appointed Soji Maurice-Diya as CEO to fast-track restructuring and prepare the business for divestment, but an undisclosed legal/administrative issue has slowed progress.
- Potential sale prospects include network-sharing or wholesale infrastructure models, plus converting real estate into a REIT to unlock value.
Context and relevance
This story sits at the intersection of public asset management, telecom infrastructure and Nigeria’s wider digital-economy ambitions. NATCOM’s assets — especially spectrum and fibre — are strategically important for lowering connectivity costs and expanding geographic coverage. How AMCON handles the restructuring and sale will affect operators, wholesale infrastructure models, investor appetite for distressed telecom assets, and the pace of broadband rollout across Nigeria.
Why should I read this?
Short version: if you care about cheaper, faster internet in Nigeria — or you follow telecom deals and infrastructure plays — this matters. The piece cuts through a lot of government-speak and shows why a presidential instruction hasn’t magically produced a buyer: debt, governance, missing audits, leases to big operators and plain bureaucracy. We’ve read the fine print so you don’t have to.
