The Nigerian Communications Commission has introduced its 2025 Guidelines on Corporate Governance, ushering in a stricter regulatory era aimed at boosting audit integrity, risk management, and transparency across Nigeria’s telecommunications sector.

Valued at $9.52 billion in 2025 and projected to reach $11.97 billion by 2030, the telecom industry remains a cornerstone of Nigeria’s digital economy. With this rapid growth has come increased pressure for ethical conduct and stronger governance practices.

Speaking at the official launch of the guidelines in Lagos on Wednesday, NCC Executive Vice Chairman, Dr. Aminu Maida, emphasized that the new framework goes beyond regulatory compliance—it is key to securing the long-term health of telecom operations, networks, and investor confidence.

Maida emphasized that corporate governance has evolved from a mere formality into a strategic imperative for telecom operators navigating a landscape shaped by cybersecurity risks, energy challenges, climate-related pressures, and growing customer demands.

The revised guidelines mandate operators to adopt balanced board compositions, enforce tighter internal controls, and improve disclosure practices—signaling a broader regulatory push to align Nigeria’s telecoms with global governance standards.

“Board composition must reflect executive, non-executive, and independent directors with demonstrated expertise in ICT and cybersecurity,” he added.

He also announced the formal recognition of regulatory officers within licensees’ operations as designated compliance contacts, reinforcing the Commission’s commitment to direct and accountable engagement.

A core element of the new guidelines is the enhancement of audit functions and risk management systems within telecom firms. Operators are now required to proactively identify and mitigate material risks under the supervision of strengthened internal audit units.

Additionally, licensees must submit both mid-year and annual compliance reports, formally certified by their boards, to ensure continuous regulatory alignment.

A key focus of the new guidelines is the reinforcement of audit functions and risk management frameworks within telecom companies.

Under the updated rules, operators must establish structured processes to identify and address material risks, with oversight entrusted to strengthened internal audit teams.

In addition, licensees are now required to submit mid-year and annual compliance reports, duly certified by their boards of directors.

Maida stated that the guidelines are designed to ensure telecom boards and management teams are structured to deliver reliable services, uphold supply chain integrity, and minimize operational vulnerabilities.

He revealed that the Commission carried out an extensive analysis linking governance standards with financial performance, service reliability, and regulatory compliance. The results, he said, were clear and compelling—companies with stronger corporate governance consistently outperformed their peers across all key metrics.