The Asset Management Corporation of Nigeria (AMCON), the country’s national bad loan bank, has downplayed expectations of a quick sale of NatCom Development and Investment Limited (NATCOM)—the successor to Nigerian Telecommunications Limited (NITEL)—despite a presidential directive in February ordering its divestment, and repeated calls from the Nigerian Communications Commission (NCC) for the company to be sold, even “for scrap” if necessary.
Instead, AMCON says its immediate focus is on stabilising NATCOM as a strategic national telecoms asset.
“As you know, the telecommunications sector is a highly regulated industry, so AMCON is engaging with the regulators and at the right time will do what is best for NATCOM,” said Jude Nwauzor, Head of Corporate Communications at AMCON. “Presently, the alleged divestment from NATCOM is not on the table just yet, but it’s on the horizon.”
According to two telecom industry executives who spoke to , a divestment of NATCOM could unlock underutilised assets such as spectrum, fibre, towers, and data centres that are vital for Nigeria’s broadband expansion. Under AMCON’s control, NATCOM has been weighed down by debt, bureaucracy, and stalled investment.
A successful sale to credible private investors could inject fresh capital and efficiency, allowing the company to play a bigger role in reducing costs for operators, expanding coverage, and driving connectivity—key foundations of Nigeria’s digital economy.
AMCON currently owns about 55% of NATCOM, having stepped in as both creditor and shareholder after the company’s original private investors failed to raise new capital. Established in 2015 under a $252 million “guided liquidation” process managed by the Bureau of Public Enterprises, NATCOM—now trading as ntel—took over NITEL and MTEL’s core assets, including spectrum licences, fibre networks, towers, and real estate.
But from inception, NATCOM was undercapitalised. The company estimated it needed more than $1 billion in new investment to rebuild a competitive network. Instead, early backers, led by businessman Tunde Ayeni, struggled to raise follow-on funding. AMCON’s intervention kept the company alive, but NATCOM, like other distressed AMCON-backed firms such as Arik Air and Aero Contractors, has failed to attract credible investors wary of government involvement.
Its most visible activity has been leasing spectrum. In 2023, MTN Nigeria secured the NCC’s approval to use NATCOM’s 900MHz and 1800MHz bands to boost 3G and 4G services in 19 states. The deal was renewed in 2025 for nationwide coverage, making MTN the de facto beneficiary of NATCOM’s most valuable assets.
Mounting debt and shrinking value
NATCOM owes around ₦100 billion ($66.5 million), a debt that continues to depress the company’s value as negotiations with creditors drag on. The longer divestment is delayed, the more value erodes. Industry insiders say potential buyers are deterred not only by the debt but also by AMCON’s continued presence on the board.
“Nobody wants to touch an asset AMCON is a shareholder in,” one telecom executive said. “If you want to buy, you want AMCON out completely.”
President Bola Tinubu and the NCC have urged AMCON to sell, with the president instructing earlier this year that NATCOM should be disposed of “for scrap” if necessary, according to one person familiar with the letter. NCC itself wrote to AMCON in December 2024, urging divestment. Yet implementation has stalled, reflecting the bureaucracy and inertia often associated with government-controlled assets.
What future investors will find
The eventual buyer of NATCOM will acquire a company with three distinct business pillars. The first pillar is the ntel network itself. The buyers are likely to consider a network sharing deal similar to the one signed by MTN and Airtel, or the roaming deal between MTN and T2 (formerly 9mobile).
“There are successful MVNOs in the UK and the US that don’t run their own networks,” said one telecom industry executive who chose to remain anonymous to speak freely. “They create products that target niche segments. That’s what we are trying to do.”
NATCOM’s spectrum portfolio gives it some leverage. The company controls 5MHz in the 900MHz band and 10MHz in the 1800MHz band, assets now leased to MTN Nigeria under a two-year agreement approved by the NCC. This arrangement extends MTN’s coverage nationwide while generating short-term revenue for NATCOM.
The second is its real estate portfolio, which has the potential to be converted into a real estate investment trust (REIT), similar to what UPDC has established.
The third is infrastructure: NATCOM owns over 600 towers, fibre, submarine cable stakes in SAT-3, and a handful of data centres. These assets can be leased to mobile network operators (MNOs), creating a wholesale business model in an industry increasingly reliant on shared infrastructure.
Fixing the structure before the sale
In May 2025, AMCON appointed Soji Maurice-Diya as chief executive officer of NATCOM, tasking him with fast-tracking the company’s long-delayed divestment, according to one person with knowledge of the matter. NATCOM’s previous leadership had failed to either bring in new investment or initiate the divestment process, that person added.
Maurice-Diya’s mandate is straightforward: oversee NATCOM’s divestment and prepare the company for new ownership. A comprehensive evaluation of NATCOM’s financial and operational health is underway, according to two people familiar with the deal. The company has declined to comment on the deal.
A divestment deadline was initially set for December 2025, but progress has stalled. According to one person familiar with the matter, the sale has been slowed by an undisclosed administrative and legal challenge uncovered during the evaluation.
Compounding the delay, NATCOM has not conducted a financial audit since 2021, leading to the appointment of Deloitte to complete the review. These hurdles, combined with ongoing technical restructuring, make it unlikely that AMCON’s December 2025 divestment target will be achieved.
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