Nigeria tightens telecom ownership rules, setting West Africa M&A precedent

Nigeria's NCC and CAC have jointly mandated prior regulatory approval for any changes in telecom ownership, significantly raising the compliance bar for M&A activity in the sector. The rule tightening sets a regional precedent that could influence similar frameworks across West Africa and directly affects deal structuring for investors targeting Nigerian and broader regional telecom assets. The move adds regulatory risk to an already complex M&A environment in African telecoms.