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NCC, CAC tighten telecom ownership rules, mandate approval for 10% share transfers
The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced stricter regulations governing ownership changes in Nigeria’s telecommunications sector, requiring regulatory approval for any significant share transfer in licensed telecom companies.
In a joint statement issued on June 21, 2026, and signed by Mrs. Nnenna Ukoha, Director of Public Affairs at the NCC, and Rasheed Mahe, Head of Public Affairs at the CAC, the agencies announced that any acquisition or transfer of 10 percent or more of a telecom company’s share capital must now receive prior clearance from the NCC before it can be approved and registered by the CAC.
The directive also covers cumulative transactions, meaning that multiple smaller share transfers that collectively reach the 10 percent threshold will also require regulatory approval.
According to the agencies, the new framework is anchored on provisions of the Nigerian Communications Act (2003) as well as relevant competition and licensing regulations, which empower the NCC to oversee transactions that may affect control of licensed operators.
Under the new arrangement, the CAC will only proceed with the registration of such ownership changes where a Letter of No Objection has been issued by the NCC.
The regulators explained that the measure is aimed at closing existing loopholes that could allow significant changes in corporate control without proper sector-specific oversight. They added that it is intended to ensure transparency, promote fair competition, and prevent anti-competitive practices within the telecom industry.
The agencies further noted that the policy will strengthen investor confidence, improve regulatory coordination, and support a more stable and predictable business environment for both local and foreign investors.
Reaffirming their collaboration, the NCC and CAC pledged to continue aligning corporate registration processes with telecom sector regulation to ensure orderly growth and sustainability in Nigeria’s communications industry.
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