NCC Unveils New Corporate Governance Framework To Strengthen Nigeria’s Telecom Sector.
The Nigerian Communications Commission (NCC) has introduced a robust set of corporate governance guidelines aimed at enhancing transparency, accountability, and resilience in the nation’s telecommunications industry. The 2025 Guidelines on Corporate Governance, launched on Wednesday in Lagos, mark a significant step towards ensuring long-term sustainability and boosting investor confidence in a sector critical to Nigeria’s digital economy.
Dr Aminu Maida, Executive Vice-Chairman of the NCC, announced the new framework, emphasising that corporate governance is no longer optional but a strategic necessity. “This is about the sustainability of networks, businesses, investments, and customer trust,” Maida stated during the launch event. He highlighted the telecom sector’s vulnerability to challenges such as cybersecurity threats, energy disruptions, climate risks, and growing consumer expectations, underscoring the need for stricter oversight.
The guidelines mandate that telecom operators implement balanced board structures, incorporating executive, non-executive, and independent directors with expertise in information and communications technology (ICT) and cybersecurity. Additionally, operators are required to enhance transparency, strengthen internal controls, and conduct regular risk assessments. The framework also stipulates the submission of mid-year and annual compliance reports, which must be certified by the board of directors.
Professor Fabian Ajogwu, a Senior Advocate of Nigeria and chair of the committee that drafted the original telecom governance code in 2014, praised the NCC for updating the rules to reflect modern realities, including artificial intelligence, cybersecurity, and environmental, social, and governance (ESG) priorities. “These guidelines are timely and critical for a sector that underpins Nigeria’s digital future,” Ajogwu noted.
Titus Osawe, Coordinating Director at the Financial Reporting Council of Nigeria (FRCN), described the initiative as a vital step towards aligning the telecom industry with global best practices. He stressed that robust governance frameworks enhance accountability and attract foreign investment, particularly at a time when the sector has seen a 58% decline in foreign direct investment in early 2025.
With over 200 million active telecom subscriptions, the NCC views the industry as critical national infrastructure, supporting key sectors such as finance, healthcare, education, and government services. Maida acknowledged that the new rules might pose initial challenges for some operators but insisted that the long-term benefits—improved service quality, market trust, and financial stability—would outweigh short-term disruptions.
The NCC has outlined a three-part enforcement strategy: engage, enable, and enforce. This approach includes stakeholder collaboration, capacity-building, and technical support to ease the transition, coupled with strict penalties for non-compliance, such as licence revocation, board dissolution, or hefty fines. Maida urged operators to view the guidelines as a blueprint for sustainable value creation rather than a regulatory burden.
The launch follows extensive public consultations in 2023 and 2024, ensuring the guidelines reflect both industry feedback and international standards tailored to Nigeria’s unique business environment. As the telecom sector continues to drive the nation’s digital transformation, these new rules signal the NCC’s commitment to fostering a resilient and ethical industry capable of meeting the demands of a rapidly evolving digital landscape.
