The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have announced a new compliance requirement mandating telecommunications companies to obtain regulatory approval before effecting significant changes in their ownership structure.
In a joint statement issued on June 21, 2026, and signed by Nnena Ukoha, Director of Public Affairs at the NCC, and Rasheed Mahe, Head of Public Affairs at the CAC, the two agencies said any proposed transfer of ownership or control involving 10 per cent or more of the total share capital of a company licensed by the NCC must receive a Letter of No Objection from the communications regulator before the transaction can be registered by the CAC.
The agencies stated that the requirement takes immediate effect and also applies to multiple share transfers that, when combined, exceed 10 per cent of a licensee’s total share capital.
According to the statement, the directive is based on the 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.
The NCC and CAC explained that the legal provisions empower the communications regulator to oversee and review transactions involving licensed operators in order to promote fair competition within the sector.
