…to ten percent (10%) or more of the total share capital, as well as any series of share transfers which in aggregate exceed ten percent (10%) 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." "By this measure,…

…mandating telecommunications operators to obtain prior approval before carrying out share transfers involving 10% or more of their total share capital, a move aimed at strengthening oversight of ownership changes in one of Nigeria's most strategic sectors.

The requirement is designed to preserve a fair and competitive market structure within the communications sector.

…changes can be registered by the CAC. They added that the rule also applies to multiple share transfers which, when combined, exceed the 10 per cent threshold. According to the statement jointly signed by NCC Director of Public Affairs, Nnenna Ukoha, and CAC Head of Public Affairs, Rasheed Mahe, the directive is backed…