The Nigerian Communications Commission, NCC, and the Corporate Affairs Commission, CAC, have directed telecommunications companies to obtain regulatory approval before any share transfer or ownership change involving 10 per cent or more of their share capital.
In a joint statement, both agencies said such transactions must receive a “Letter of No Objection” from the NCC before the CAC can register any change, including multiple transfers that cumulatively meet or exceed the 10 per cent threshold.
The regulators said the directive is backed by provisions of the Nigerian Communications Act 2003, the Competition Practices Regulations 2007, and the Licensing Regulations 2019, which give the NCC oversight of transactions affecting licensed operators.
They added that the measure is intended to preserve fair competition, strengthen regulatory oversight, and ensure transparency and stability within Nigeria’s telecommunications sector.
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