NCC, CAC Join Forces to Monitor Big Telecom Share Deals

Nigeria’s telecommunications sector is set for tighter regulatory oversight following a new directive jointly introduced by the Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC), aimed at monitoring significant ownership changes within licensed telecom companies.
The development was disclosed in a statement signed by the Director of Public Affairs at the NCC, Mrs. Nnena Ukoha, and the Head of Public Affairs at the CAC, Rasheed Mahe.
In a joint press statement issued on June 21, 2026, both agencies announced that any proposed transfer of ownership or control involving ten percent or more of the total share capital of an NCC-licensed communications company must first obtain regulatory approval from the NCC before the CAC can recognize and register the transaction.
The requirement also applies to multiple smaller share transfers that collectively amount to ten percent or more of a company’s total shareholding.
According to the statement, the directive is backed by 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 review transactions affecting licensed operators and ensure healthy competition within the industry.
Under the new arrangement, the CAC will only approve and register shareholding changes involving ten percent or more when the application includes a Letter of No Objection issued by the NCC.
The agencies said the measure is intended to eliminate regulatory gaps that may have allowed substantial ownership shifts to occur without sufficient sector-specific oversight.
They explained that the policy is designed to protect fair competition in the communications industry by preventing direct or indirect anti-competitive practices and undisclosed changes in ownership or control.
The move is also expected to strengthen transparency, improve oversight of ownership structures, boost investor confidence, and provide greater regulatory certainty for both domestic and foreign investors.
The NCC and CAC reaffirmed their commitment to maintaining a transparent, stable, and competitive business environment. Both agencies pledged continued collaboration to align corporate registration processes with sector regulations, promote fair market practices, and support the orderly and sustainable growth of Nigeria’s communications sector.