The Nigerian Communications Commission (NCC), in the exercise of its statutory powers under the Nigerian Communications Act, 2003, has issued a public notice directing all its licensees to regularise any unapproved changes in their shareholding structures exceeding ten percent (10%).
According to the notice, which was published on the Commission’s official website, affected licensees are granted a 45-day grace period from the date of publication to regularise such changes.
The NCC stated that no sanctions will be imposed during the grace period for any previous infractions relating to unapproved shareholding changes exceeding the 10 percent threshold.
However, the Commission warned that appropriate sanctions will be enforced at the expiration of the 45-day window, in line with the Nigerian Communications (Enforcement Processes, etc.) Regulations, 2019, against any licensee that fails to comply.
The notice further clarified that the directive is issued pursuant to Regulations 41, 42 and 43 of the Nigerian Communications (Licensing) Regulations, 2019, and all licensees are advised to take immediate steps to ensure full compliance.
