The Nigerian Communications Commission and the Corporate Affairs Commission have introduced a new compliance requirement.
The directive mandates prior approval for significant ownership changes in telecommunications companies operating in Nigeria.
The agencies announced the measure in a joint statement issued on Sunday in Abuja.
The statement was signed by NCC Director of Public Affairs, Mrs Nnenna Ukoha and CAC Head of Public Affairs, Mr Rasheed Mahe.
Ukoha said telecom companies must obtain a Letter of No Objection from the NCC before transferring shares.
