NCC Directs  Licensees To Regularise Unapproved Changes To Shareholding Structure Above 10%

By Angeline Mgbele, Bureau Chief, Northern Nigeria

TELECOMMUNICATIONS SECTOR UMPIRE, the Nigerian Communications Commission(NCC), in exercise of its functions under the Nigerian Communications Act, 2003 (the Act), has instructed holders of licences issued by the Commission  who have effected changes to their shareholding structures above 10 per cent, without its authorization, to regularize same within 45 days, or risk being sanctioned. This regularization order has been published on its website www.ncc.gov.ng.

The notice has the e-signature of the Head, Public Affairs at NCC, Nnenna Ukoha.

Stated NCC: “All Licensees of the Commission are hereby directed to regularize their more than Ten Per cent (10%) unapproved change in their Shareholding structure within 45 days of this publication.

“During the proposed 45-days grace period, no sanctions will be imposed for any previous infractions in respect of more than 10% unapproved change in Shareholding Structure.

“At the end of the grace period, the Commission will impose appropriate sanctions pursuant to the Nigerian Communications (Enforcement Processes etc.) Regulations, 2019.

The Licensees are invited by this Notice, to note that this publication is brought pursuant to Regulations 41, 42 and 43 of the Licensing Regulations, 2019.”