NCC, CAC Mandate Prior Approval for Telecom Share Transfers Above 10%

 The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have announced a new compliance requirement mandating prior regulatory approval for significant changes in the ownership structure of licensed telecommunications companies in Nigeria.

In a joint notice issued to the public, investors, and stakeholders in the communications sector, the two agencies stated that any proposed transfer of ownership or control of shares amounting to 10 percent or more of the total share capital of an NCC licensee must obtain a Letter of No Objection from the NCC before such changes can be effected and registered by the CAC.

The requirement, which takes immediate effect, also applies to a series of share transfers that, when aggregated, exceed 10 percent of the total share capital of a licensed communications company.

According to the NCC and CAC, the directive is grounded in Section 90 of the Nigerian Communications Act 2003, Regulation 28(2) of the Competition Practices Regulations 2007, and Regulation 42 of the Licensing Regulations 2019. These provisions empower the NCC to oversee and review transactions involving licensees and ensure fair competition within the sector.

Under the new arrangement, the CAC will require telecommunications companies seeking to register shareholding changes of 10 percent or more to provide evidence of the NCC’s prior consent and approval.

The regulatory agencies said the measure is aimed at preserving a fair and competitive market structure by preventing direct or indirect anti-competitive practices and strengthening oversight of significant changes in ownership and control.

They added that the requirement would enhance transparency, boost investor confidence, provide greater regulatory certainty, and safeguard the long-term stability and sustainability of Nigeria’s communications industry.

The NCC and CAC reaffirmed their commitment to fostering a transparent, stable, and competitive business environment, pledging continued collaboration to promote fair market practices and support the orderly growth of Nigeria’s communications sector.

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