The agencies explained that the directive is backed by the provisions of 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, which empower the NCC to oversee transactions affecting telecommunications licensees.
By TheInvestigator
The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have announced a new regulatory requirement mandating telecommunications companies to obtain prior approval before effecting significant changes in their ownership or shareholding structures.
In a joint press statement issued on June 21, 2026, the two agencies said the measure is aimed at strengthening regulatory oversight, promoting transparency, and ensuring fair competition within Nigeria’s telecommunications sector.
According to the statement, any proposed transfer of ownership or control of shares amounting to 10 per cent or more of the total share capital of a licensed telecommunications company must first receive a Letter of No Objection from the NCC before the transaction can be registered by the CAC.
The requirement also applies to a series of share transfers that cumulatively exceed the 10 per cent threshold.
The agencies explained that the directive is backed by the provisions of 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, which empower the NCC to oversee transactions affecting telecommunications licensees.
Under the new arrangement, the CAC will only process and register shareholding changes of 10 per cent or more when applicants provide evidence of the NCC’s prior approval.
The commissions noted that the policy is intended to prevent direct and indirect anti-competitive practices, preserve a fair market structure, and enhance transparency in the communications industry.
They added that the measure would boost investor confidence, provide greater regulatory certainty, and safeguard the long-term sustainability and stability of the sector.
Reaffirming their commitment to collaboration, the NCC and CAC said they would continue to work together to ensure compliance with regulatory requirements, promote fair market practices, and support the orderly development of Nigeria’s telecommunications industry.
The directive takes immediate effect.
The statement was jointly signed by NCC Director of Public Affairs, Nnena Ukoha, and CAC Head of Public Affairs, Rasheed Mahe.
