NCC: Network operators should regularise shareholding structure in 45 days

*The Nigerian Communications Commission discloses the industry regulator, at the expiration of the 45-day grace period, will impose appropriate sanctions on errant telecoms companies, pursuant to the Nigerian Communications (Enforcement Processes etc.) Regulations, 2019

Alexander Davis | ConsumerConnect

Pursuant to Regulations 41, 42 and 43 of the Licensing Regulations, 2019, the Nigerian Communications Commission (NCC) has issues licensed telecoms operators 45 days to regularise over 10 percent unapproved changes in their shareholding structure.

ConsumerConnect reports the NCC stated this in a recent directive to the Telcos, published on the Commission’s corporate Web site.

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The telecoms sector regulatory Commission said it issued the ultimatum in accordance with the Nigerian Communications Act (NCA), 2003.

According to NCC, the relevant provision in the NCA 2003 stipulates that affected licensees should do the regularisation within the stipulated 45-day grace period.

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NCC: Network Operators Should Regularise Shareholding Structure In 45 Days

The NCC also noted in the advisory to Mobile Network Operators (MNOs): “All Licensees of the Commission are hereby directed to regularise their more than ten percent (10 percent) unapproved change in their shareholding structure within 45 days of this publication.

“During the proposed 45-day grace period, no sanctions will be imposed for any previous infractions in respect of more than 10 percent unapproved changes in shareholding structure.”

It further stated: “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 should note that the notice was issued to the MNOs pursuant to Regulations 41, 42 and 43 of the Licensing Regulations, 2019, said the Commission.