The Nigerian Communications Commission (NCC) has directed all telecommunications licensees to regularise any unapproved changes in their major shareholding within a 45-day window. The regulatory directive, which aligns with the Commission’s mandate to ensure transparency and stability within the digital economy, targets operators who may have concluded significant equity transfers without the mandatory prior written consent of the apex regulator.
In a public notice released via its official portal, the Commission emphasized that the 45-day ultimatum, effective from the date of the announcement, is a critical regulatory intervention designed to verify the “fit and proper” status of new investors entering the nation’s strategic ICT sector.
Under the Nigerian Communications Act (NCA) 2003, any transfer of shares that results in a change of control or a significant interest in a licensed entity must be vetted and approved by the NCC to prevent monopolies and protect national security interests.
The Executive Vice Chairman of the NCC, Dr. Aminu Maida, has consistently maintained that corporate governance remains a non-negotiable pillar of the 2023–2025 Strategic Roadmap. By enforcing this regularisation window, the Commission aims to reconcile its internal database with the actual ownership structures of its licensees, particularly as the sector witnesses a flurry of mergers, acquisitions, and private equity entries in the wake of the 5G rollout and the expansion of the national fibre backbone.
Failure to comply with this directive within the stipulated timeframe, the Commission warned, would attract stringent regulatory sanctions. These may include the suspension of operating licences, the imposition of heavy financial penalties, or the complete revocation of permits for non-compliant entities.
NCC further advised all affected licensees to submit comprehensive documentation detailing the history of their shareholding transactions to the Licensing and Authorisation Department for immediate review.
The directive comes at a time when the NCC is intensifying its oversight of the “Big Four” and smaller Internet Service Providers (ISPs) alike to ensure a competitive and fair playing field. In 2025, the sector contributed significantly to Nigeria’s Gross Domestic Product (GDP), and the regulator is keen on maintaining investor confidence by ensuring that all market participants operate within the clear boundaries of the law.
As the February 2026 deadline approaches, legal experts have urged telecom firms to conduct immediate internal audits of their corporate registries. NCC has also reiterated that its doors remain open for guidance, but maintained that the 45-day timeline is final.
