The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have jointly announced stringent new compliance requirements for any changes to the ownership structure of licensed communications firms in Nigeria.
Effective immediately, any proposed transfer of ownership or control involving 10% or more of an NCC-licensed company’s total share capital must secure prior written approval. This threshold also applies to any series of share transfers that cumulatively exceed 10%. To proceed with registration at the CAC, companies must now provide documented evidence of the NCC’s “Letter of No Objection”.
According to a joint statement released on Sunday, this regulatory shift is rooted in the provisions of:
Section 90 of the Nigerian Communications Act 2003 (NCA 2003).
Regulation 28(2) of the Competition Practices Regulations, 2007.
Regulation 42 of the Licensing Regulations, 2019.
The agencies state that these measures are critical to maintaining a fair market landscape. By strengthening oversight on significant ownership shifts, the government aims to proactively prevent anti-competitive behavior, boost investor confidence, and ensure the long-term stability of Nigeria’s vital communications sector.
The directive, signed by NCC’s Director of Public Affairs, Nnena Ukoha, and CAC’s Head of Public Affairs, Rasheed Mahe, underscores a shared commitment to transparency. Moving forward, both agencies have pledged to collaborate closely to monitor these transactions, ensuring that all market participants adhere to these new standards to foster a predictable and competitive business environment.
