The Nigerian Communications Commission and the Corporate Affairs Commission have rolled out new regulatory rules requiring telecommunications companies to obtain approval before transferring ownership or control of 10 per cent or more of their share capital.

This was contained in a joint statement issued on Sunday, June 21, 2026, and signed by NCC Director of Public Affairs, Nnenna Ukoha, and CAC Head of Public Affairs, Rasheed Mahe.

The new rule mandates telecommunications companies to first obtain a “letter of no objection” from the NCC before any ownership transfer can be registered with the CAC.

According to the agencies, the measure is designed to enhance regulatory oversight, improve transparency, and curb anti-competitive behaviour in the communications sector. It applies to both single transactions involving 10% or more share transfers, as well as multiple transactions that cumulatively cross the threshold.

The NCC and CAC said the new requirement takes immediate effect and mandates that all applications involving significant changes in the ownership structure of licensed telecommunications companies must be accompanied 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 said the requirement is grounded in the Nigerian Communications Act 2003, the Competition Practices Regulations 2007, and the Licensing Regulations 2019, all of which grant the NCC authority to examine transactions involving licensed operators.

The new ownership and control requirement is expected to strengthen regulatory oversight of significant changes in the structure of telecommunications companies.

The Nigerian Communications Commission and Corporate Affairs Commission said the measure will help promote a fair and competitive market while enhancing transparency and boosting investor confidence.

They added that it is intended to curb both direct and indirect anti-competitive practices and improve supervision of transactions that could materially affect ownership and control in the telecom sector.

The NCC and CAC reaffirmed their commitment to sustaining a transparent, stable, and competitive business environment.

Both agencies said they will continue to collaborate to ensure fair market practices and support the orderly growth of Nigeria’s communications sector.

They noted that the new requirement builds on earlier efforts by the NCC to strengthen corporate governance standards among telecom operators. In August 2025, the commission introduced a corporate governance framework aimed at improving transparency, internal controls, and risk management across the industry.