The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have issued a joint directive establishing new compliance requirements for ownership changes in licensed communications companies.
The directive was disclosed in a statement issued on Sunday in Abuja, by Nnena Ukoha, Director of Public Affairs at the NCC, and Rasheed Mahe, Head of Public Affairs at the CAC.
According to the statement, effective immediately, any proposed transfer of ownership or control of shares in an NCC licensee amounting to 10 percent or more of the total share capital requires a Letter of No Objection from the NCC before registration. This threshold applies to single transactions as well as a series of share transfers that aggregate to 10 percent or more.
Under this framework, the CAC will reject applications for shareholding changes from telecommunications companies unless they provide evidence of prior consent and approval from the NCC.
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