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📌 AVIEL LEGAL & COMPLIANCE UPDATE

NCC & CAC Tighten Rules on Shareholding Changes in NCC-Licensed Companies

If your company holds an NCC licence and you’re planning any change to its shareholding structure, there’s a new step you cannot skip. The CAC will now actively check for it.

On 21 June 2026, the Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) announced a significant compliance update.

Effective immediately, any proposed transfer of 10% or more of the shares of an NCC licensee, including a series of smaller transfers that cumulatively reach 10% or more, requires prior approval from the NCC before the CAC will register the transaction.

This is not an entirely new legal requirement. The NCC has long required approval for significant shareholding changes. What has changed is that the CAC will now require evidence of that approval before processing the filing, effectively closing a regulatory gap between sector regulation and corporate registration.

What does this mean in practice?

• Obtain NCC approval before filing the share transfer with the CAC.

• Factor the NCC approval timeline into your transaction or investment planning.

• Remember that multiple smaller share transfers may be aggregated to determine whether the 10% threshold has been crossed.

Key Takeaway

No NCC approval. No CAC registration.

If you’re advising on, or undertaking, a share transfer, investment, or corporate restructuring involving an NCC licensee, ensure this requirement is addressed before filing.

This publication is provided for general legal and compliance information only and does not constitute legal advice.

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