By Monsurat Abisoye
The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have directed telecommunications companies to secure regulatory approval before carrying out significant changes in ownership structures.
In a joint statement signed by NCC Director of Public Affairs, Nnenna Ukoha, and CAC Head of Public Affairs, Rasheed Mahe, the agencies stated that any transfer of shares or control in an NCC-licensed telecom company amounting to 10 per cent or more of its total share capital must first receive a Letter of No Objection from the NCC before the CAC can approve such changes.
They explained that the rule, which takes immediate effect, also covers cumulative share transfers that reach or exceed the 10 per cent threshold.
According to the agencies, the directive is supported by Section 90 of the Nigerian Communications Act (2003), Regulation 28(2) of the Competition Practices Regulations (2007), and Regulation 42 of the Licensing Regulations (2019), all of which empower the NCC to regulate transactions affecting licensed operators and maintain fair competition.
Under the new framework, the CAC will only process applications for changes in shareholding structure where evidence of prior NCC approval is provided.
The regulators said the policy is intended to prevent anti-competitive practices, strengthen oversight of ownership and control changes, and promote transparency, investor confidence, and regulatory certainty within the sector.
They further noted that the initiative would help safeguard the long-term stability and sustainability of Nigeria’s communications industry.
Reaffirming their collaboration, both agencies pledged continued cooperation to ensure a transparent, stable, and competitive communications environment in Nigeria.
