The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced a new layer of regulatory oversight that could reshape how investments, acquisitions and ownership changes are carried out in Nigeria’s telecommunications industry.
Under a joint directive announced on Sunday, any transfer of shares amounting to 10 percent or more in a licensed telecommunications company must first obtain a Letter of No Objection from the NCC before the transaction can be registered by the CAC.
The new requirement takes immediate effect and applies not only to single transactions but also to a series of share transfers that cumulatively exceed the 10 percent threshold.
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The move is backed by provisions of the Nigerian Communications Act 2003, the Competition Practices Regulations 2007, and the Licensing Regulations 2019, which empower the NCC to review transactions that could
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