The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have jointly issued a new directive introducing stricter compliance requirements for changes in ownership of licensed telecommunications companies.
According to a statement released on Sunday night in Abuja by Nnena Ukoha, Director of Public Affairs at the NCC, and Rasheed Mahe, Head of Public Affairs at the CAC, any proposed transfer of shares or ownership amounting to 10 percent or more in a telecom licensee must now obtain a Letter of No Objection from the NCC before it can be registered.
The rule applies to both single transactions and cumulative share transfers that reach or exceed the 10 percent threshold. Under the new arrangement, the CAC will not approve any shareholding changes involving telecom companies without prior evidence of NCC consent.
The agencies said the directive is backed 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.
These legal provisions empower the NCC to regulate transactions affecting licensees and safeguard fair competition in the sector.
They explained that the policy is designed to maintain a competitive telecommunications market by preventing anti-competitive practices, while also strengthening oversight of ownership and control changes.
It is also expected to enhance transparency, investor confidence, regulatory certainty, and overall industry stability.
The NCC and CAC reaffirmed their commitment to fostering a stable business environment and supporting the continued growth of Nigeria’s communications sector.
