AMCON backs NTEL transformation to unlock telecom assets

The Asset Management Corporation of Nigeria (AMCON) has reaffirmed its commitment to unlocking the full value of Nigeria’s legacy telecommunications assets, describing the ongoing transformation of NTEL/NATCOM as one of its most promising asset recovery and investment success stories.

The Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, made this known during an interactive session with senior media executives in Lagos at the weekend.

Alade said following the successful divestment of the Ibadan Electricity Distribution Company (IBEDC), AMCON has commenced the process of divesting its interests in the telecommunications sector through a transparent and structured programme designed to attract credible strategic investors.

Alade said NTEL, the successor company to the former Nigerian Telecommunications Limited (NITEL), has embarked on a comprehensive three-pronged transformation strategy aimed at repositioning the company as an attractive investment destination for world-class investors.

He expressed confidence that the transformation of NTEL represents a major milestone in the revitalisation of the legacy NITEL assets, which remain an important part of Nigeria’s telecommunications history and infrastructure.

“The repositioning effort is designed to maximise value, strengthen operational competitiveness and prepare the business for long-term sustainability under new investment,” he said.

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Alade noted that AMCON has full confidence in the Board and Management of NTEL/NATCOM, describing their experience, innovation, diligence and commitment as critical to laying a solid foundation for the company’s next phase of growth.

Alade added: “The remarkable transformation of NTEL is poised to become one of AMCON’s most notable success stories in the telecommunications sector.

“We have full confidence in the board and management of NTEL/NATCOM as they continue to demonstrate experience, innovation, diligence and commitment towards positioning this Nigerian-owned company to compete favourably with its peers both locally and internationally.”

He further that further updates on the divestment process would be communicated as key milestones are achieved, reaffirming the Corporation’s commitment to transparency throughout the exercise.