Obtain prior approval for major shareholding changes – NCC, CAC tell telecom firms

The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) person directed telecommunications companies to get regulatory support earlier making important changes successful their ownership structures.

In a statement jointly signed by NCC Director of Public Affairs, Nnenna Ukoha, and CAC Head of Public Affairs, Rasheed Mahe, on Sunday, some agencies warned that immoderate projected transportation of ownership oregon power of shares successful an NCC-licensed institution amounting to 10 per cent oregon much of its full stock superior indispensable beryllium accompanied with a Letter of No Objection from the NCC earlier CAC tin effect specified changes.

According to the statement, the request takes contiguous effect and besides applies to a bid of stock transfers that, erstwhile aggregated, transcend 10 per cent of the full stock superior of a licensee.

The agencies said the directive is backed by Section 90 of the Nigerian Communications Act (NCA) 2003, Regulation 28(2) of the Competition Practices Regulations, 2007, and Regulation 42 of the Licensing Regulations, 2019, which empower the NCC to oversee transactions affecting licensees and beforehand just contention successful the sector.

Under the caller arrangement, the CAC volition guarantee that each applications seeking registration of changes successful shareholding structures involving 10 per cent oregon much of...