Hot SourceThe Nigerian Communications Commission (NCC) has introduced a stricter corporate governance framework for telecom operators, aimed at enhancing transparency, internal controls and risk management across the industry.
The Executive Vice-Chairman of the Commission, Dr Aminu Maida, made this known during the inauguration of the 2025 Guidelines on Corporate Governance on Wednesday in Lagos.
Maida said the new framework was designed to ensure long-term sustainability for telecom businesses, networks, as well as instill investor confidence.
“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 said.
He explained that under the new rules, telecom licensees would be required to implement balanced board structures, improve transparency, and establish tighter internal control systems.
The NCC boss noted that members of boards were expected to include executive, non-executive and independent directors with demonstrated expertise in Information and Communication Technology (ICT) and cybersecurity.
He added that the commission now formally recognised regulatory officers within licensees’ operations as key contacts for compliance monitoring.
“A major highlight of the new framework is the emphasis on internal audits and risk control.
“Operators are expected to conduct structured risk assessments and empower internal audit functions to ensure oversight.
“The guidelines mandate submission of mid-year and annual compliance reports, which must be certified by the board of directors.
“Our goal is simple, to ensure that telecom boards and management are properly structured to provide reliable services, protect infrastructure and respond to the dynamic challenges of the industry,” Maida said.
According to him, the commission’s internal review shows a clear link between strong governance and superior performance in the telecoms sector.
“We conducted a comprehensive analysis, and the results were compelling.
“Companies with robust governance frameworks consistently outperformed others in areas of service delivery, financial management and regulatory compliance,” the NCC boss noted.
While acknowledging that tighter regulations may initially disrupt some operators, the commission stressed that the long-term benefits would outweigh any temporary challenges.
Maida reaffirmed the commission’s commitment to stakeholder engagement, capacity-building and technical support, while stressing that accountability would be strictly enforced.
“With over 200 million active subscriptions, the telecoms sector is now considered essential to Nigeria’s economy, supporting digital infrastructure across finance, education, healthcare and government services,” he said.
Maida said that the new governance framework was necessary to keep pace with the sector’s scale and complexity.
He emphasised that the guidelines would be rolled out in phases, depending on the category of licence held, but stressed that enforcement would be rigorous.
“Operators must view this not as a regulatory burden but as a blueprint for long-term value creation.
“Where there is non-compliance, the commission will not hesitate to apply sanctions after remediation windows close,” he said.
In his goodwill message, Prof. Fabian Ajogwu (SAN) commended the NCC for updating the guidelines to reflect current realities.
He noted that some of the current realities reflected included Artificial Intelligence, Cybersecurity and Environmental, Social and Governance (ESG) priorities.
Ajogwu, who led the committee that produced the first Code of Corporate Governance for the telecoms sector in 2014, described the revised guidelines as timely and critical.
The Coordinating Director, Financial Reporting Council of Nigeria (FRCN), Titus Osawe, also lauded the initiative, describing it as a key step towards strengthening good governance in a vital sector of the economy.
Osawe noted that industry-specific governance frameworks helped reinforce accountability and investor confidence. (NAN)
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