The Nigerian Communications Commission (NCC) has launched a comprehensive and stricter corporate governance framework aimed at enhancing transparency, internal controls, and risk management within the nation’s telecommunications sector.
This development was announced by the Executive Vice-Chairman of the NCC, Dr. Aminu Maida, during the official inauguration of the 2025 Guidelines on Corporate Governance, held on Wednesday in Lagos.
Dr. Maida described the new framework as a strategic necessity, especially in light of the evolving digital landscape and increasing exposure of the telecoms industry to cybersecurity threats, energy shocks, climate-related risks, and rising consumer expectations.
“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,” Maida emphasized.
The new guidelines mandate that telecom licensees adopt balanced board structures. Boards are now required to include a mix of executive, non-executive, and independent directors with proven expertise in Information and Communication Technology (ICT) and cybersecurity.
A key provision of the framework is the recognition of regulatory officers within telecom companies as designated compliance contacts with the NCC, further reinforcing accountability and oversight.
“Operators must view this not as a regulatory burden but as a blueprint for long-term value creation”.
One of the most significant aspects of the 2025 framework is its focus on structured risk assessments and empowered internal audit functions. Operators are now expected to conduct regular risk evaluations and strengthen their internal audit teams to ensure proper governance and oversight.
Telecom companies will also be required to submit mid-year and annual compliance reports, which must be certified by their boards of directors. These reports will form part of the NCC’s compliance monitoring mechanism.
“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 added.
Dr. Maida highlighted that the new framework is grounded in the Commission’s internal review, which demonstrated a strong correlation between effective corporate governance and superior performance in key operational areas.
“Companies with robust governance frameworks consistently outperformed others in areas of service delivery, financial management, and regulatory compliance,”
Acknowledging that stricter governance may cause temporary disruption for some operators, the NCC said the guidelines will be rolled out in phases based on licence categories. However, Maida stressed that rigorous enforcement would follow, with sanctions to be applied where non-compliance persists beyond remediation periods.
“With over 200 million active subscriptions, the telecoms sector is now considered essential to Nigeria’s economy,” Maida said, highlighting the industry’s critical role across finance, education, healthcare, and public services.
The initiative has received positive reactions from key stakeholders. Prof. Fabian Ajogwu (SAN), who chaired the committee that drafted the first Code of Corporate Governance for the sector in 2014, described the revised guidelines as timely and crucial.
Ajogwu noted in his goodwill message that they reflect current realities, including Artificial Intelligence, Cybersecurity, and Environmental, Social and Governance (ESG) priorities.
Similarly, Titus Osawe, Coordinating Director of the Financial Reporting Council of Nigeria (FRCN), praised the NCC for taking a proactive step in strengthening governance in a vital industry. He noted that Industry-specific governance frameworks help reinforce accountability and investor confidence.
