NCC and CAC introduce new ownership rules for Nigerian telecom companies

The directive mandates that telecom companies obtain a Letter of No Objection from the NCC before transferring shares amounting to 10 percent or more of their total share capital. This requirement, based on the Nigerian Communications Act NCA 2003, takes immediate effect for NCC-licensed companies proposing changes in ownership or control, including multiple share transfers that collectively exceed the 10 percent threshold. Mrs. Nnenna Ukoha, NCC Director of Public Affairs, stated that the CAC will ensure evidence of NCC approval before registering shareholding changes.

The policy aims to prevent anti-competitive practices, preserve a fair and competitive market structure, strengthen oversight of ownership changes, and improve transparency, investor confidence, and regulatory certainty, ultimately safeguarding the long-term stability of Nigeria’s communications sector. Both agencies are committed to promoting a transparent business environment and fair market practices to support the industry's sustainable growth.