Telecommunications companies operating in Nigeria will now face stricter regulatory scrutiny over significant changes in ownership, following a new directive jointly issued by the Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC).
In a statement jointly signed by the Director of Public Affairs at the NCC, Mrs. Nnena Ukoha, and the Head of Public Affairs at the CAC, Rasheed Mahe, both agencies announced that any transfer of ownership or control involving 10 percent or more of the total share capital of an NCC-licensed communications company must receive prior approval from the NCC before it can be recognized and registered by the CAC.
The directive, contained in a joint press statement issued on June 21, 2026, also covers instances where multiple smaller share transactions collectively exceed the 10 percent threshold.
According to the statement, the new 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. These provisions empower the NCC to assess and approve transactions that could affect the ownership structure, control, or competitive dynamics of licensed telecommunications operators.
Under the new arrangement, the CAC will only process and register shareholding changes involving 10 percent or more where applicants present a Letter of No Objection issued by the NCC.
The agencies said the measure is aimed at strengthening regulatory oversight, preventing anti-competitive practices, and ensuring that significant changes in control within the telecommunications sector do not occur without proper scrutiny.
They noted that the move would enhance transparency, improve investor confidence, promote regulatory certainty, and help maintain a fair and competitive communications market.
“The coordinated framework is designed to preserve a transparent and competitive telecommunications industry by preventing direct or indirect anti-competitive conduct and undisclosed ownership changes,” the statement said.
The NCC and CAC reaffirmed their commitment to fostering a stable, transparent, and investor-friendly business environment. Both regulators pledged to continue collaborating to align corporate registration processes with sector-specific regulations and support the sustainable growth of Nigeria’s communications industry.
Industry observers said the development marks a significant step toward strengthening governance and accountability in one of Nigeria’s most strategic sectors, while providing greater certainty for both local and foreign investors.
