The Nigerian Communications Commission (NCC) has extended a 45-day grace to all its licensees to immediately their shareholding structure. This particularly affects companies that have effected changes exceeding ten per cent in their shareholding structures without prior regulatory approval to immediately regularise such infractions.
The commission stated that no sanctions will be imposed during the 45-day window for any previous infractions relating to unapproved shareholding changes above the prescribed limit.
It, however, warned that appropriate sanctions will be enforced immediately after the expiration of the grace period against defaulting operators.
The NCC stated that the 45-day grace period, published on its website, www.ncc.gov.ng, was issued in exercise of its statutory powers under the Nigerian Communications Act, 2003
The sanctions, the Commission stated, will be applied in line with the Nigerian Communications (Enforcement Processes, etc.) Regulations, 2019.
The telecoms regulatory agency further stated that the notice was issued pursuant to Regulations 41, 42 and 43 of the Licensing Regulations, 2019, which require licensees to obtain prior approval from the Commission before effecting significant changes in ownership or control.
Industry observers noted that the directive underscored the NCC’s renewed focus on regulatory compliance, transparency, and corporate governance within Nigeria’s telecommunications sector.
The licensees were therefore advised to promptly engage with the Commission to regularise their shareholding structures and avoid penalties once the grace period lapses.
