02/07/2026
Regulatory Update: Changes in Shareholding / Ownership Structure of Communications Companies in Nigeria
The Nigerian Communications Commission (NCC) in collaboration with the Corporate Affairs Commission (CAC) issued a circular directing all licensed communications companies in Nigeria to obtain the prior approval of NCC to transfer shares amounting to ten (10) percent or more of the company’s total share capital, as well as any series of share transfers which in aggregate exceed ten (10) percent of the total share capital of the communications company.
In this regulatory update, we reviewed the circular to highlight the key requirements against the relevant provisions of the applicable law and regulations while also raising some queries relating to the implementation of the circular by CAC.
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The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) issued a joint circular on 21st June 2026 on the requirements for the prior approval of NCC for changes in the shareholding or ownership structure of licensed communications companies in Nigeria. NCC is the regul...