The Nigerian Communications Commission and the Corporate Affairs Commission have issued a mandate requiring telecommunications firms to secure official permission before altering their ownership structures. Nnenna Ukoha of the NCC and Rasheed Mahe of the CAC announced that any share transfer reaching at least 10 percent of a licensee’s capital requires a Letter of No Objection from the NCC before the CAC will process the change.
This rule applies immediately to individual transactions and cumulative share transfers that exceed the 10 percent threshold. The agencies cite Section 90 of the Nigerian Communications Act 2003, along with existing competition and licensing regulations, as the legal foundation for this oversight. The CAC will now strictly require proof of NCC consent for all relevant shareholding applications.
The policy aims to maintain a competitive communications landscape by limiting anti-competitive behaviors. Both agencies emphasized that this collaboration will foster industry transparency, boost investor confidence, and ensure the ongoing stability of Nigeria’s communications sector.