The Nigerian Communications Commission (NCC) has issued a 45-day period to all its licensees with changes exceeding 10 per cent in their shareholding structures without prior regulatory approval, to immediately regularise such.
NCC noted that the 45-day grace period, published on its website, was issued in exercise of its statutory powers under the Nigerian Communications Act, 2003.
The Commission emphasized that the affected licensees are granted the 45-day grace period from the date of publication to regularise such unapproved shareholding structures.
It warned that appropriate sanctions will be enforced immediately after the expiration of the grace period against defaulting operators.
The sanctions will be applied in line with the Nigerian Communications (Enforcement Processes, etc.) Regulations, 2019.
The telecoms regulator 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.
The licensees were therefore advised to promptly engage with the Commission to regularise their shareholding structures and avoid penalties once the grace period lapses.
