You Must Seek A “ Letter Of No Objection” Before Effecting Changes In Shareholding/Ownership Structure, NCC Tells Communications Companies

<h4>You Must Seek A &OpenCurlyDoubleQuote; Letter Of No Objection” Before Effecting Changes In Shareholding&sol;Ownership Structure<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that the Nigerian Communications Commission &lpar;NCC&rpar; and the Corporate Affairs Commission &lpar;CAC&rpar; hereby inform the general public&comma; investors&comma; and all stakeholders in the communications sector on compliance requirements regarding changes in the ownership structure of licensed communications companies in Nigeria&period;<&sol;p>&NewLine;<p>This requirement is pursuant to the provisions of Section 90 of the Nigerian Communications Act 2003 &lpar;NCA 2003&rpar;&comma; <a href&equals;"https&colon;&sol;&sol;www&period;thisdaylive&period;com&sol;">Regulation<&sol;a> 28 &lpar;2&rpar; of the Competition Practices Regulations&comma; 2007&comma; and Regulation 42 of the Licensing Regulations&comma; 2019&comma; which collectively empower the NCC to oversee and review transactions affecting licensees and promote fair competition&period;<&sol;p>&NewLine;<p>Effective immediately any proposed transfer of ownership or control of shares in a licensee of the Nigerian Communications Commission&comma; amounting to ten percent &lpar;10&percnt;&rpar; or more of the total share capital&comma; as well as any series of share transfers which in aggregate exceed ten percent &lpar;10&percnt;&rpar; of the total share capital of the Licensee shall require a Letter of No Objection from NCC in order for the changes to be effected and registered with the CAC&period;<&sol;p>&NewLine;<p>By this measure&comma; the CAC will ensure that all requests for change in shareholding structure amounting to 10&percnt; or more&comma; submitted for registration by telecommunications companies are duly supported by evidence of NCC’s prior consent and approval&period;<&sol;p>&NewLine;<figure id&equals;"attachment&lowbar;35982" aria-describedby&equals;"caption-attachment-35982" style&equals;"width&colon; 300px" class&equals;"wp-caption alignnone"><img class&equals;"size-medium wp-image-35982" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2026&sol;06&sol;cac-image-1-300x163&period;webp" alt&equals;"You Must Seek A &OpenCurlyDoubleQuote; Letter Of No Objection” Before Effecting Changes In Shareholding&sol;Ownership Structure&comma; NCC Tells Communications Companies" width&equals;"300" height&equals;"163" &sol;><figcaption id&equals;"caption-attachment-35982" class&equals;"wp-caption-text"><em><strong>CAC<&sol;strong><&sol;em><&sol;figcaption><&sol;figure>&NewLine;<p>The requirement is designed to preserve a fair and competitive market structure within the communications sector by preventing direct or indirect anti-competitive practices&comma; while strengthening regulatory oversight of significant changes in ownership and control&period;<&sol;p>&NewLine;<p>It will further promote transparency&comma; investor confidence and regulatory certainty and safeguard the long-term sustainability and stability of the industry&period;<&sol;p>&NewLine;<p>The <strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">NCC and the CAC<&sol;a> <&sol;strong>reaffirm their shared commitment to advancing a transparent&comma; stable&comma; and competitive business environment in Nigeria&period; Both agencies will continue to work closely to promote regulatory certainty&comma; ensure fair market practices&comma; and support the orderly and sustainable development of Nigeria’s Communications Sector&period;<&sol;p>&NewLine;