The Nigerian Communications Commission (NCC) has launched its new guidelines on corporate governance for the telecommunications industry.
The guidelines, which build on previous regulatory efforts, aim to enhance transparency, accountability, and resilience within the country’s rapidly expanding telecommuncation landscape, according to the Executive Vice Chairman, Mr Aminu Maida, on Wednesday, stressing that the initiative goes beyond mere compliance.
“Today’s launch is not just about compliance. It is about sustainability of networks and businesses, of investments and innovation, of customer trust and national development,” he stated.
He highlighted that robust corporate governance is essential for leaders to make sound capital allocation decisions, manage risks effectively, safeguard data, attract long-term financing, and deliver reliable services, particularly in an era marked by cyber threats, energy constraints, and rising stakeholder expectations.
Mr Maida recalled the initial voluntary code introduced in 2014 which m transitioned to a mandatory regime in 2016, leading to the Nigerian Corporate Governance Code 2018 which has now evolved.
The latest 2025 guidelines are the result of extensive public consultations in 2023 and 2024, designed to integrate global best practices with Nigeria’s unique operating environment.
“We all know that there is a world and there is Nigeria. We always have our peculiarities in Nigeria. This is indeed very timely,” Mr Maida noted.
The EVC presented evidence from a comprehensive analysis conducted across licensees, which correlated strong corporate governance with superior financial performance, service quality, and regulatory compliance.
“The results were clear and compelling. Firmly strong corporate governance consistently demonstrated superior performance across all of these dimensions,” he affirmed.
“The winners in the market today, whether we like it or not, are there because of strong corporate governance. Good corporate governance is not merely a regulatory requirement. It is a strategic imperative for business success and long-term sustainability”, he asserted.
Key provisions of the 2025 guidelines include: Mandating balanced composition, separation of Chairman and CEO roles, and requiring sector-specific expertise in ICT and cybersecurity on boards.
The new guidelines introduces robust controls on related party transactions, mid-year and annual board-certified compliance reports, and a designated regulatory officer role for timely and accurate filings.
It also emphasized systematic identification and mitigation of material risks, including operational resilience, supported by empowered internal audit functions.
The new guidelines requires ESG (Environmental, Social, and Governance) and CSR (Corporate Social Responsibility) reporting, with a focus on customer welfare, energy efficiency (including renewables at network sites), supply chain integrity, and community impacts. It also escalates sanctions for persistent material non-compliance to protect consumers and maintain market confidence.
Mr Maida said these provisions will be implemented in phases, starting with priority license classes.
He pointed out several reasons why strong governance is central to sustainability, including enhanced network reliability and customer trust, reduced cost of capital and increased investment confidence, improved regulatory and social license, bolstered operational resilience and climate readiness, and disciplined innovation.
He urged the licensees and industry partners to embrace the new guidelines.
“Do not view these guidelines as a burden. See them as a toolkit for creating sustainable value for your investors who benefit from stronger returns and lower risk, for your customers who benefit from better quality, security, and transparency. And internally for your people who thrive in ethical, high-performing institutions,” he explained.