All licensees of the Nigerian Communications Commission (NCC) who have effected changes exceeding ten per cent (10%) in their shareholding structures without prior regulatory approval have been granted a 45-day grace period to immediately regularise such infractions.
NCC stressed 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 Commission which stated that the directive was issued in exercise of its statutory powers under the Nigerian Communications Act, 2003, however hinted that no sanctions will be imposed during the 45-day period for any previous infractions relating to unapproved shareholding changes.
The Commission said appropriate sanctions will thereafter be enforced immediately after the expiration of the grace period against defaulting operators in line with the Nigerian Communications (Enforcement Processes, etc.) Regulations, 2019.