ABUJA, Nigeria — The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have announced a new regulatory requirement mandating telecommunications companies to obtain prior approval before effecting significant changes in their ownership structures.
Okay News reports that the directive applies to any proposed transfer of ownership or control involving 10 per cent or more of the total share capital of a communications company licensed by the NCC. The requirement also covers multiple share transfers which, when combined, exceed the 10 per cent threshold.
In a joint statement issued on June 21, 2026, the two agencies said affected companies must secure a Letter of No Objection from the NCC before such transactions can be registered by the CAC.
According to the regulators, the measure is backed by provisions of the Nigerian Communications Act 2003, the Competition Practices Regulations 2007, and the Licensing Regulations 2019, which empower the NCC to review transactions involving licensed operators and ensure fair competition within the sector.
Under the new arrangement, the CAC will only process requests relating to qualifying changes in shareholding structures when accompanied by evidence that the NCC has granted the required consent and approval.
The NCC and CAC said the policy is intended to strengthen oversight of significant ownership changes in the communications industry, prevent direct or indirect anti-competitive practices, and preserve a fair and competitive market environment.
The agencies added that the requirement would enhance transparency, boost investor confidence, provide greater regulatory certainty, and contribute to the long-term stability and sustainability of Nigeria’s telecommunications sector.
They reaffirmed their commitment to working collaboratively to promote fair market practices, improve regulatory compliance, and support the orderly development of the communications industry.
The statement was signed by Nnena Ukoha, Director of Public Affairs at the NCC, and Rasheed Mahe, Head of Public Affairs at the CAC.
