Stay connected via Google News
The Nigerian Communications Commission (NCC) has introduced a new regulatory requirement mandating prior approval for any ownership change involving 10% or more of the shareholding of telecommunications companies, in a move aimed at strengthening industry oversight and preventing anti-competitive practices.
Under the new directive, any proposed transfer of ownership or control of shares amounting to 10% or more of the total share capital of a company licensed by the telecoms regulator, NCC, must obtain a Letter of No Objection from the commission before the transaction can be registered by the Corporate Affairs Commission (CAC).
The requirement, jointly announced by the NCC and the CAC, takes immediate effect and applies not only to single transactions exceeding the 10% threshold but also to multiple share transfers that cumulatively exceed 10% of a licensee’s total share capital.
According to the two agencies,
This post was originally published on this site.
