The Nigerian Communications Commission (NCC) has unveiled its 2025 Guidelines on Corporate Governance, introducing stricter compliance and enforcement measures as the nation’s fast-expanding telecommunications industry targets a market valuation of $22.82 billion by 2029.
Currently valued at $9.52 billion, the sector remains one of the most vital pillars of Nigeria’s digital economy, according to research by Mordor Intelligence and is considered a vital pillar of the nation’s overall economy. This sector is projected to grow significantly, with estimates reaching $$22.82 billion by 2029, according to a report by Rome Business School Nigeria, showcasing the rapid advancement and potential of digital technologies in Nigeria.
With over 220 million active mobile lines, a growing 5G footprint, and accelerating digital adoption, stakeholders say the telecom industry’s growth potential is matched only by the need for stronger governance and accountability.
Dr. Aminu Maida, NCC executive vice chairman, at the launch of the new framework, in Lagos, said the revised rules will mark a decisive shift from voluntary compliance to proactive enforcement.
“We are aligning our regulatory standards with global best practices to preserve investor confidence, protect consumers, and enhance sector resilience. Strong governance will now be a key metric for licensing, quality assurance, and financial audits,” Maida said.
The updated guidelines introduce tougher oversight measures for telecom operators, stricter board composition requirements, performance evaluation mandates for directors, and enhanced whistleblower protections. They also strengthen disclosure and internal control obligations, expand enterprise risk management protocols, and impose stiffer penalties for non-compliance.
According to the NCC, the reforms respond to increasing concerns over operational transparency, weak stakeholder engagement, and emerging risks such as cybersecurity threats and digital fraud.
The NCC said regular compliance audits will begin in Q4 2025, warning that operators who fail to meet the new governance thresholds could face sanctions, including fines, license suspension, or revocation.
Maida urged all operators, service providers, and infrastructure companies to familiarize themselves with the guidelines and embed them into their operational culture.
With the stricter regime in place, the Commission believes Nigeria can position its telecoms industry as not only a driver of digital innovation, but also a global model for regulatory integrity in an emerging market.
Dr. Armstrong Takang, the CEO, Ministry of Finance Incorporated (MOFI), revealed that two telecommunications companies alone accounted for over 21 percent of the NSE’s market cap, with the sector also ranking among the top 15 taxpayers in the country. “That shows you how strategic the sector has become,” he said.
He emphasized that the influence of telecoms goes far beyond the stock market, noting that the industry supports hundreds of thousands of jobs across energy, technology, logistics, and retail. “We often forget that this is infrastructure that runs 24/7. People rely on it to do business, to communicate, to move money. The knock-on economic effect is massive,” he explained.
However, despite its economic weight, the sector has not been immune to the pitfalls of weak governance, even as Takang warned that the lack of robust corporate governance structures could threaten long-term sustainability. “This sector is too critical to be left without proper governance. That’s why the NCC’s move to update the telecom governance code is not just timely, it js urgent,” he said, referring to the Nigerian Communications Commission’s revised 2025 Guidelines on Corporate Governance.
Takang, therefore, expressed hope that more indigenous telecom operators will emerge and voluntarily adopt high governance standards. “If we are serious about building world-class Nigerian telecom brands, then subjecting them to governance frameworks must be non-negotiable. This is not just about compliance; it is about competitiveness, capital formation, and long-term legacy,” he averred.
