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Telecommunications operators in Nigeria have kicked over the Corporate Governance provision by the Nigerian Communications Commission (NCC) on the repatriation of funds.

Recall that section 14 (16) of the Corporate Governance Guidelines published by the NCC stated that the board shall ensure a licensee seeking to repatriate funds over 30 per cent of its annual net profit shall obtain the prior written approval of the commission.

The operators, which includes IHS Nigeria, ATC Nigeria, and Airtel Nigeria, during a public inquiry on the draft guidelines, expressed their displeasure on the provision that licensees must obtain written approval from the telecom regulator before they can repatriate funds. In its written submission during the inquiry, a tower company, ATC Nigeria Wireless Infrastructure Limited, said: “Repatriation of funds ensures that foreign investors successfully reap the dividend of their investment (particularly when the licensee has mainly foreign investors). Waiting for the approval of the NCC before funds are repatriated will lead to investor dissatisfaction and affect the smooth operation of the company.

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