The Corporate Affairs Commission (CAC) has announced that telecommunications companies must obtain prior approval from the Nigerian Communications Commission (NCC) before transferring ownership or control of shares amounting to 10 per cent or more of their total share capital.
The directive was disclosed in a joint statement issued by the NCC and CAC on Sunday.
Under the new requirement, telecom operators seeking to register significant changes in ownership structure with the CAC must first obtain a Letter of No Objection from the NCC.
The agencies said the measure takes immediate effect and applies both to single transactions involving at least 10 per cent of a company’s shareholding and to multiple transactions that collectively exceed the threshold.
According to the statement, the policy is aimed at strengthening regulatory oversight, promoting transparency, and preventing anti-competitive practices within Nigeria’s telecommunications sector.
The NCC and CAC noted that the requirement 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.
The agencies said the new framework would enhance supervision of significant ownership changes that could affect market competition and industry stability.
They added that the policy would improve regulatory certainty, boost investor confidence, and support the long-term sustainability of Nigeria’s communications industry.
The NCC and CAC reaffirmed their commitment to maintaining a transparent and competitive business environment while ensuring orderly growth within the telecommunications sector.
