NCC Requires Approval for Share Transfers Over 10%
The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) issued a statement indicating that any transfer of shareholding exceeding 10% in telecommunications companies will now require prior approval from the NCC. This requirement is pursuant to provisions in Section 90 of the Nigerian Communications Act 2003 and relevant regulations.
The new regulation mandates that any share transfer that aggregates over 10% of total share capital must be accompanied by a letter of no objection from the NCC before any changes can be registered with the CAC. This measure aims to ensure fair competition within the telecommunications sector, prevent anti-competitive practices, and strengthen regulatory oversight.
The agencies emphasized that significant changes in ownership control will enhance transparency, investor confidence, and regulatory certainty, thereby supporting the sustainable development of Nigeria's communications industry.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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