By Mercy Peter
Telecommunications operators have been issued a 45 day ultimatum to regularise unapproved changes in their shareholding structures, NewsSpecng learnt.
The Nigerian Communications Commission (NCC) it was gathered issued the ultimatum, which covers recent and historical transactions that did not get the nod of the regulator before implementation.
Operators have been directed to submit required documentation, and regularise their shareholding positions before the compliance period lapses.
NCC said the directive applies to ownership transfers of 10 per cent or more executed without prior regulatory approval.
The Commission explained that prior approval for significant changes in ownership or control is mandatory under the Nigerian Communications Act, 2003, as well as Regulations 41, 42 and 43 of the Licensing Regulations, 2019. According to the regulator, failure to comply with these provisions undermines transparency and weakens effective oversight of the telecommunications sector.
The 45-day grace, according to the commission, is to allow for voluntary disclosure and correction of breaches without immediate penalties.
The commission warned that strict enforcement awaits defaulters.
NCC said it will apply sanctions, which include fines and additional regulatory actions in line with the Nigerian Communications Enforcement Processes and other applicable regulations.
The Commission said it is part of the efforts to strengthen corporate governance, ensure clarity in telecom ownership structures, and prevent practices that could distort competition or threaten sector stability.
