NCC, CAC Set Fresh Requirement For Approving Telcos’ Shareholding, Ownership Changes

The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have informed the public, investors, and all stakeholders in the communications sector on a compliance requirement regarding changes in the ownership structure of licensed communications companies in Nigeria.
According to a statement issued on Sunday by the director, Public Affairs of NCC, Nnenna Ukoha, this requirement is pursuant to the provisions of Section 90 of the Nigerian Communications Act 2003 (NCA 2003), Regulation 28 (2) of the Competition Practices Regulations, 2007, and Regulation 42 of the Licensing Regulations, 2019, which collectively empower the NCC to oversee and review transactions...