NCC Tightens Governance Rules as Nigeria’s Telecom Industry Targets $22.82bn Valuation by 2029
The Nigerian Communications Commission (NCC) has rolled out its 2025 Guidelines on Corporate Governance, introducing stricter compliance requirements and tougher enforcement measures to strengthen transparency and accountability in the country’s telecommunications sector. The reforms come as industry analysts project the sector’s valuation to more than double from $9.52 billion in 2025 to $22.82 billion by 2029, driven by rapid digital adoption, expanding 5G coverage, and an increasingly connected population of over 220 million mobile users.
Launching the updated framework in Lagos, NCC Executive Vice Chairman, Dr. Aminu Maida, said the new rules signal a decisive shift from voluntary adherence to proactive regulatory enforcement. “We are aligning our standards with global best practices to safeguard investor confidence, protect consumers, and ensure sector resilience. Strong governance will now be central to licensing, quality control, and financial auditing,” Maida stated.
Key provisions of the revised guidelines include stricter board composition rules, mandatory director performance evaluations, enhanced whistleblower protections, expanded enterprise risk management protocols, and tougher disclosure obligations. The NCC has also warned of significant penalties for non-compliance, including fines, license suspension, and possible revocation, with compliance audits set to begin in Q4 2025.
According to the Commission, the reforms address rising concerns over weak operational transparency, limited stakeholder engagement, and emerging threats such as cyberattacks and digital fraud. Industry leaders have welcomed the measures, noting that the sector is already a major contributor to Nigeria’s economy, with two telecom companies accounting for over 21 percent of the Nigerian Stock Exchange’s market capitalization and ranking among the top 15 taxpayers nationwide.
Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated (MOFI), stressed that the telecom industry’s economic impact extends beyond the stock market, supporting hundreds of thousands of jobs across energy, logistics, retail, and fintech. He warned that without strong governance frameworks, long-term growth could be jeopardized. “If we are serious about building world-class Nigerian telecom brands, governance must be non-negotiable. This is not just about compliance—it is about competitiveness, capital formation, and creating a sustainable legacy,” Takang said.
Source: Business day