The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have jointly announced a new regulatory requirement mandating prior approval for changes in the shareholding or ownership structure of licensed telecommunications companies in Nigeria.
In a joint press statement issued on June 21, 2026, the two agencies said the directive is aimed at strengthening regulatory oversight, promoting fair competition, and ensuring transparency in the communications sector.
According to the statement, the requirement is backed by provisions of Section 90 of the Nigerian Communications Act (NCA) 2003, Regulation 28(2) of the Competition Practices Regulations, 2007, and Regulation 42 of the Licensing Regulations, 2019. These laws collectively empower the NCC to supervise and review transactions that may affect telecom licensees.
The NCC and CAC clarified that, effective immediately, any proposed transfer of ownership or control of shares amounting to 10 percent or more of the total share capital of a licensee must obtain a Letter of No Objection from the NCC before such changes can be effected and registered with the CAC.
They further noted that even where share transfers occur in tranches, any cumulative transaction exceeding the 10 percent threshold will trigger the requirement for regulatory approval.
Under the new arrangement, the CAC will ensure that all applications for changes in shareholding structures submitted by telecommunications companies are accompanied by evidence of prior consent and approval from the NCC.
The agencies explained that the policy is designed to prevent anti-competitive practices, enhance investor confidence, and ensure regulatory certainty within Nigeria’s fast-growing telecommunications industry.
They added that the move would also safeguard the long-term sustainability and stability of the sector while reinforcing a fair and competitive market structure.
Reaffirming their commitment, both regulators stated that they will continue to collaborate closely to maintain a transparent and business-friendly environment, support orderly market operations, and drive sustainable development in Nigeria’s communications ecosystem.
The statement was jointly signed by Nnenna Ukoha, Director of Public Affairs at the NCC, and Rasheed Mahe, Head of Public Affairs at the CAC.
