NCC, CAC Tighten Rules On Telecom Ownership Changes
The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced a new regulatory requirement mandating prior approval for significant changes in the ownership structure of licensed telecommunications companies in Nigeria.
THECONSCIENCE NG reports that under the directive, any transfer of ownership or control involving 10 per cent or more of the share capital of an NCC-licensed company, including cumulative transfers exceeding the threshold, must obtain a Letter of No Objection from the NCC before such changes can be registered by the CAC.
In a joint statement signed by Nnenna Ukoha, Director of Public Affairs at the NCC, and Rasheed Mahe, Head of Public Affairs at the CAC, the agencies said the measure is backed by provisions of the Nigerian Communications Act 2003, the Competition Practices Regulations 2007, and the Licensing Regulations 2019.
The statement explained that the CAC will henceforth require evidence of NCC approval before processing any telecommunications company shareholding changes amounting to 10 per cent or more.
According to the regulators, the policy is aimed at strengthening oversight of ownership changes, preventing anti-competitive practices, promoting transparency and investor confidence, and ensuring the long-term stability of Nigeria’s communications sector.
The NCC and CAC reaffirmed their commitment to maintaining a transparent, stable and competitive business environment, pledging continued collaboration to support sustainable growth and regulatory certainty in the industry.
