In a joint statement signed by NCC Director of Public Affairs, Nnena Ukoha, and CAC Head of Public Affairs, Rasheed Mahe, and made available to Daily Sun on Sunday, both agencies said any proposed transfer of shares amounting to 10 per cent or more of the total share capital of a company licensed by the NCC must first receive a Letter of No Objection from the telecom regulator before the transaction can be registered by the CAC.
The directive also applies to multiple share transfers which, when combined, exceed 10 per cent of a licensee’s total shareholding.
According to the NCC and CAC, the measure is backed by the provisions of 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.
Under the new arrangement, the CAC will only process and register changes in shareholding structures involving 10 per cent or more ownership in telecommunications companies where evidence of prior approval from the NCC has been provided.
The two regulators said the move is aimed at strengthening oversight of significant ownership changes within the communications sector and preventing transactions that could undermine competition in the industry.
