The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have issued a joint regulatory directive compelling all telecom licensees to secure prior approval before executing any substantive changes to their ownership or shareholding structures.
In a statement released on June 21, 2026, the regulators invoked Sections 90 of the Nigerian Communications Act (NCA) 2003, alongside Regulation 28(2) of the Competition Practices Regulations, 2007, and Regulation 42 of the Licensing Regulations, 2019, to underpin the new rule.
Effective immediately, any transfer of shares equating to 10% or more of a licensee’s total capital must first obtain a Letter of No Objection from the NCC. The commission clarified that cumulative transfers occurring in tranches which surpass this threshold will equally activate the approval requirement.
Under the revised framework, the CAC will ensure that all applications for ownership restructuring filed by telecom operators are accompanied by conclusive proof of the NCC’s prior consent.
The regulators explained that the initiative seeks to strengthen oversight, curtail anti-competitive conduct, and bolster investor confidence by delivering greater regulatory certainty within Nigeria’s burgeoning telecommunications sector.
Additionally, they noted that the policy would protect the industry’s long-term sustainability and foster an equitable competitive landscape. Both agencies reaffirmed their dedication to maintaining a transparent, business-friendly climate that facilitates orderly market operations.
The directive was jointly signed by Nnenna Ukoha, Director of Public Affairs at the NCC, and Rasheed Mahe, Head of Public Affairs at the CAC.