The Nigerian Communications Commission and the Corporate Affairs Commission have introduced a new compliance requirement mandating telecommunications companies operating in Nigeria to obtain prior regulatory approval before effecting significant changes in ownership or control.
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The two agencies announced the directive in a joint statement issued on Sunday in Abuja.
The statement was signed by the NCC Director of Public Affairs, Mrs. Nnenna Ukoha, and the CAC Head of Public Affairs, Mr. Rasheed Mahe.
According to the NCC, all licensed telecommunications companies must obtain a Letter of No Objection from the Commission before transferring shares amounting to 10 per cent or more of their total share capital.
Ukoha said the requirement takes immediate effect and applies to all NCC-licensed companies proposing any ownership or control changes.
She explained that the directive also covers multiple share transfers which, when taken together, exceed the 10 per cent threshold.
The NCC said the measure is anchored on the Nigerian Communications Act 2003 and other relevant regulations governing the telecommunications sector.
Under the new arrangement, the CAC will require evidence of NCC approval before registering any qualifying shareholding change involving telecommunications companies.
Ukoha said the policy is intended to prevent direct or indirect anti-competitive practices in the sector and preserve a fair market structure.
“The requirement is designed to preserve a fair and competitive market structure within the communications sector,” she said.
She added that the directive would strengthen regulatory oversight over changes in ownership and control within the industry.
According to her, the measure is expected to improve transparency, enhance investor confidence and provide greater regulatory certainty for operators and stakeholders in Nigeria’s communications sector.
Ukoha said the initiative would also help safeguard the long-term stability of the industry by ensuring that ownership changes are properly reviewed before registration.
She reaffirmed the commitment of the NCC and CAC to promoting a transparent business environment, fair market practices and orderly growth in the communications industry.
The agencies said their collaboration would continue in order to support sustainable development and proper regulation of Nigeria’s telecommunications sector.
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