Nigeria’s telecom regulator, the Nigerian Communications Commission (NCC), and the Corporate Affairs Commission (CAC) have directed telecommunications companies to obtain regulatory approval before carrying out share transfers that amount to 10% or more of their total share capital. The order takes immediate effect, according to reports from Vanguard and Premium Times. The directive applies to transactions involving significant changes in shareholding and is intended to strengthen regulatory oversight in the communications sector. The articles also state that the requirement is meant to help preserve a fair and competitive market structure, by ensuring that major ownership transfers do not occur without prior review by the relevant regulators. While both sources describe the same threshold and the need for approval from NCC and CAC, they do not provide additional details in the excerpts reviewed about specific procedures, timelines, or penalties for non-compliance. The directive reflects an effort by the regulators to monitor major ownership movements in telecom companies as part of ongoing governance of the sector.