Nigeria, June 22 -- According to a statement released on Sunday night in Abuja by Nnena Ukoha, Director of Public Affairs at the NCC, and Rasheed Mahe, Head of Public Affairs at the CAC, any proposed transfer of shares or ownership amounting to 10 percent or more in a telecom licensee must now obtain a Letter of No Objection from the NCC before it can be registered.

The rule applies to both single transactions and cumulative share transfers that reach or exceed the 10 percent threshold. Under the new arrangement, the CAC will not approve any shareholding changes involving telecom companies without prior evidence of NCC consent.

The agencies said the directive is backed by Section 90 of the Nigerian Communications Act 2003, Regulation 2...