The Nigerian Communications Commission (NCC) has launched a more rigorous corporate governance regime for telecommunications companies, aimed at boosting transparency, strengthening internal controls, and tightening risk management practices across the industry.
Speaking at the unveiling of the 2025 Guidelines on Corporate Governance on Wednesday in Lagos, the Executive Vice-Chairman of the NCC, Dr Aminu Maida, said the new rules were tailored to support the long-term resilience of telecom operators and reinforce confidence among investors.
“Corporate governance is no longer a soft requirement. It is now strategically imperative, especially in a sector that is central to Nigeria’s digital future and exposed to cybersecurity threats, climate risks, energy shocks, and rising consumer expectations,” Maida stated.
He explained that the new framework compels telecom licensees to adopt balanced board structures, enhance operational transparency, and enforce more stringent internal checks. Each board is expected to comprise executive, non-executive, and independent directors with relevant experience in ICT and cybersecurity, ensuring a broad spectrum of oversight capabilities.
The guidelines also formally recognise regulatory officers within licensees’ organisations as key liaison points for monitoring compliance. A core feature of the updated rules is the requirement for structured risk assessments and strengthened internal audit functions, which must be fully empowered to provide effective scrutiny.
Operators are now required to submit mid-year and annual compliance reports, duly certified by their board of directors. Maida said this process would promote a culture of accountability and ensure board-level responsibility for regulatory adherence.
“Our objective is clear, to ensure that telecom boards and executive management are properly aligned to deliver reliable services, safeguard critical infrastructure, and respond effectively to the fast-evolving challenges of the sector,” he said.
According to Maida, the Commission’s internal review showed a strong correlation between sound governance and operational excellence. He disclosed that companies with robust governance structures consistently delivered better outcomes across service delivery, financial discipline, and regulatory obligations.
He acknowledged that the transition might prove demanding for some operators but noted that the long-term benefits would outweigh any short-term disruptions. The Commission, he added, remains committed to supporting operators through capacity-building, stakeholder consultations, and technical engagement, while maintaining strict expectations for compliance.
“The telecoms sector, with over 200 million active subscriptions, has become critical to Nigeria’s economy. It supports digital infrastructure across banking, education, healthcare, and public services. The governance framework must reflect this scale and complexity,” Maida remarked.
The guidelines will be implemented in phases, depending on the category of licence held, although the Commission has made it clear that enforcement would be firm. Operators are expected to view the rules as a roadmap for sustainable value creation. Where non-compliance is established, the Commission said it would apply sanctions after remediation windows have closed.
Delivering a goodwill message, Prof Fabian Ajogwu (SAN) commended the NCC for updating the governance framework to address current global and sector-specific realities.
He noted that the revised rules now encompass issues such as Artificial Intelligence, cybersecurity, and Environmental, Social, and Governance (ESG) priorities. Ajogwu, who led the committee that drafted the sector’s first Code of Corporate Governance in 2014, described the new version as timely and necessary.
Titus Osawe, Coordinating Director at the Financial Reporting Council of Nigeria (FRCN), also praised the initiative, describing it as a vital step towards entrenching robust governance practices in a strategic segment of the national economy. He maintained that sector-specific guidelines would help consolidate accountability while enhancing investor trust.
