Nigeria’s telecommunications sector is facing stricter regulation as the Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) introduce new rules requiring telecom operators to seek approval before making major ownership changes.
Under the new policy, any transfer involving 10 per cent or more of a telecom company’s shares must receive a Letter of No Objection from the NCC before it can be registered by the CAC. The rule also covers multiple smaller transactions that collectively reach the 10 per cent threshold.
The regulators said the move is aimed at improving transparency, preventing anti-competitive practices and protecting investor confidence in the sector.
Nigeria’s telecom market remains one of the largest in Africa, with active mobile subscriptions reaching 188 million in April 2026, according to NCC data. Broadband penetration has also crossed 48 per cent, driven by rising demand for internet services.
The sector is dominated by MTN Nigeria, Airtel Africa, Globacom and 9mobile. MTN Nigeria leads the market with about 51 per cent of mobile subscriptions, followed by Airtel with around 34 per cent. Globacom controls about 12 per cent, while 9mobile’s share has dropped below 3 per cent.
Analysts estimate that MTN Nigeria and Airtel Africa account for the majority of telecom revenues due to their stronger networks, wider coverage and larger customer bases.
CSL Stockbrokers Limited, Lagos (CSLS) said the increase in subscriptions was supported by improved compliance with SIM registration and National Identification Number requirements, which helped restore previously blocked lines.
“Improved compliance with SIM registration and National Identification Number linkage requirements has facilitated the reactivation of previously deactivated SIM cards, contributing significantly to the increase in active subscriptions,” the firm said.
The brokerage noted that MTN Nigeria added more than 600,000 subscribers in April 2026 to reach 96.4 million users, while Airtel gained about one million subscribers to reach 64.7 million. Globacom also recorded growth, increasing its subscriber base to 23.2 million.
The ownership rules come as telecom companies continue investing in 5G, fibre networks, data centres and digital financial services.
MTN Nigeria’s MoMo platform and Airtel Money have expanded the role of telecom operators beyond voice and data services, making ownership and market concentration issues more important for regulators.
Industry analysts say larger operators are likely to benefit more from the current environment because of their financial strength and ability to invest in infrastructure.
The NCC and CAC said they will continue working together to ensure fair competition and support the growth of Nigeria’s digital economy.
