The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced a new regulatory requirement mandating telecommunications companies to obtain the NCC’s approval before carrying out significant changes in their ownership structure.
In a joint public notice issued on Saturday, the two agencies announced that any proposed transfer of ownership or control involving 10 per cent or more of the total share capital of an NCC-licensed communications company must receive a Letter of No Objection from the NCC before the transaction can be registered by the CAC.
The directive takes immediate effect and applies not only to a single transaction involving 10 per cent or more of a company’s shares but also to multiple share transfers that collectively exceed the 10 per cent threshold.
According to the agencies, the requirement is backed by 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 licensed operators and promote fair competition in the communications sector.
Under the new arrangement, the CAC will only process and register changes in the shareholding structure of telecommunications companies where evidence of the NCC’s prior consent has been provided.
The NCC and CAC said the policy is aimed at preserving a fair and competitive telecommunications market by preventing direct or indirect anti-competitive practices that could arise from significant ownership changes.
They added that the measure would strengthen regulatory oversight of major investments and ownership restructuring within the sector while enhancing transparency, boosting investor confidence, and providing greater regulatory certainty.
The agencies further noted that the initiative is intended to safeguard the long-term sustainability and stability of Nigeria’s communications industry.
Reaffirming their commitment to effective regulation, the NCC and CAC said they would continue to work closely to foster a transparent, stable, and competitive business environment while supporting the orderly growth and sustainable development of Nigeria’s communications sector.
The joint statement was signed by Nnena Ukoha, Director of Public Affairs at the Nigerian Communications Commission, and Rasheed Mahe, Head of Public Affairs at the Corporate Affairs Commission, and was dated June 21, 2026.
