The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced a new regulatory rule requiring prior approval for major changes in ownership of telecommunications companies in Nigeria.
Under the new directive, telecom operators must obtain a Letter of No Objection from the NCC before any share transfer is carried out.
The rule applies to transactions involving 10 per cent or more of a company’s total share capital, including cumulative transfers that reach the threshold.
The agencies disclosed this in a joint statement issued in Abuja, noting that the policy takes immediate effect for all NCC-licensed operators seeking changes in ownership or control.
According to the NCC, the CAC will now ensure that any application for shareholding changes is backed by evidence of approval from the communications regulator before it can be registered.
The commission explained that the measure is designed to prevent anti-competitive practices, improve transparency, and strengthen regulatory oversight within the telecom sector.
It added that the collaboration between both agencies will enhance investor confidence, promote fair market practices, and ensure the long-term stability of Nigeria’s communications industry.
The policy is backed by provisions of the Nigerian Communications Act 2003 and other relevant regulations.
