The Nigerian Communications Commission (NCC) has launched the 2025 Guidelines on Corporate Governance, signaling the start of a tougher enforcement era aimed at enhancing audit standards, risk management, and transparency within the country’s telecommunications sector.
The telecom industry in Nigeria is currently valued at $9.52 billion in 2025 and is projected to grow to $11.97 billion by 2030, according to a recent report by Mordor Intelligence. As one of the most critical drivers of Nigeria’s digital economy, the sector’s exponential growth has raised the stakes for ethical compliance and sound corporate governance.
Dr. Aminu Maida, the executive vice chairman of the NCC, at the workshop/formal launch of guidelines on corporate governance for the Nigerian telecommunications industry, in Lagos, on Wednesday, said the new framework is not just about compliance but securing the long-term sustainability of telecom businesses, networks, and investor confidence.
Maida stressed that corporate governance is no longer a soft requirement but a strategic necessity for telcos operating in an environment defined by cybersecurity threats, energy constraints, climate pressures, and rising customer expectations.
He noted that under the new regime, telecom operators must now ensure balanced board structures, enhanced transparency, and tighter internal controls. “Board composition must reflect executive, non-executive, and independent directors with demonstrated expertise in ICT and cybersecurity,” he added.
He also announced the formal recognition of regulatory officers within licensees’ operations as key contacts for compliance reporting.
A central focus of the guidelines is the strengthening of audit functions and risk control systems across telecom companies. The NCC now requires operators to systematically identify and mitigate material risks, with oversight provided by empowered internal audit teams. Licensees will be expected to submit mid-year and annual compliance reports certified by their boards.
These measures, Maida said, aim to ensure that telecom boards and management teams are configured to deliver reliable services, ensure supply chain integrity, and reduce operational vulnerabilities.
Maida disclosed tha the Commission conducted a comprehensive analysis correlating governance quality with financial performance, service reliability, and regulatory compliance, adding that the findings were clear and compelling as companies with stronger corporate governance outperformed their peers on all indicators.
He stressed that the new enforcement regime is evidence-based and designed to reward transparency, discipline, and responsible leadership.
The NCC emphasized that while the guidelines will be implemented in phases based on license classes, enforcement will be firm. Where licensees fail to meet compliance obligations within stipulated remediation windows, the Commission will escalate sanctions.
While acknowledging the inevitable short-term disruptions that stricter governance may bring, Maida maintains that the long-term benefits far outweigh the cost, while pledging continued support to licensees through supervision, guidance, and capacity building.
Maida therefore advised operators to view the guidelines not as a burden but as a tool for long-term value creation, for investors, consumers, and the national economy. “The telecoms sector, now central to Nigeria’s commerce, finance, education, and public services, must evolve with the demands of the digital age. With over 200 million subscriptions and growing economic significance, corporate governance must rise to meet the sector’s scale and complexity,” he affirmed.
Prof. Fabian Ajogwu (SAN), a senior advocate of Nigeria, who chaired the committee that produced the pioneer Code of Corporate Governance for the telecom industry in 2014, commended the NCC for updating the document in line with modern realities such as artificial intelligence, cybersecurity, and ESG imperatives.
Titus Osawe, coordinating director, Financial Reporting Council of Nigeria (FRC) lauded the initiative, calling the guidelines a major milestone in deepening good governance in a critical sector of the economy. He reiterated that sector-specific governance frameworks like NCC’s are essential for reinforcing transparency and accountability in Nigeria’s business environment.
