NCC, CAC tighten rules for telecom share transfers above 10%
By Aboki Forex —
The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced new rules for telecom companies. Any transfer of ownership or control of shares amounting to 10% or more of total share capital now requires a letter of no objection from the NCC.
The joint statement was signed by NCC’s Director of Public Affairs, Nnenna Ukoha, and CAC’s Head of Public Affairs, Rasheed Mahe, on Sunday, June 21, 2026. The rule applies to single transactions and multiple transactions that collectively exceed the 10% threshold.
The agencies said the measure strengthens regulatory oversight, promotes transparency, and prevents anti-competitive practices in Nigeria’s communications sector. Telecom companies must obtain NCC approval before such ownership changes can be registered with the CAC.
The new requirement takes immediate effect. All requests involving significant changes in ownership structures must be supported by evidence of prior approval from the NCC.
The joint statement partly reads: “Effective immediately any proposed transfer of ownership or control of shares in a licensee of the Nigerian Communications Commission, amounting to ten percent (10%) or more of the total share capital, as well as any series of share transfers which in aggregate exceed ten percent (10%) of the total share capital of the Licensee shall require a Letter of No Objection from NCC in order for the changes to be effected and registered with the CAC.”
“By this measure, the CAC will ensure that all requests for change in shareholding structure amounting to 10% or more, submitted for registration by telecommunications companies are duly supported by evidence of NCC’s prior consent and approval.”
The agencies noted that the requirement is based on provisions of the Nigerian Communications Act 2003, Competition Practices Regulations 2007, and Licensing Regulations 2019. These laws empower the NCC to review transactions affecting licensed operators.
The new ownership control requirement is expected to strengthen regulatory supervision over significant share movements in the telecom sector.