It is now mandatory for MTN, Glo, others to submit financial statements

The Nigerian Communications Commissions (NCC) has said it is now mandatory on six of the Nigerian telecom licensees to submit their financial statements to the telecom industry regulator. NCC’s Director of Public Affairs, Dr Ikechukwu Adinde who disclosed this in a statement on Tuesday added that the mandatory submission of financial records on the six […]

The Nigerian Communications Commissions (NCC) has said it is now mandatory on six of the Nigerian telecom licensees to submit their financial statements to the telecom industry regulator.

NCC’s Director of Public Affairs, Dr Ikechukwu Adinde who disclosed this in a statement on Tuesday added that the mandatory submission of financial records on the six licensees will subsist for an initial period of two years after which the regulator may review the list to include other operators.

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The six licensees include Airtel Nigeria, MTN Nigeria, Emerging Markets Telecommunications Services Limited (9Mobile), Globacom Nigeria, Main One Cable Company Limited and IHS Nigeria.

Adinde said the new regulation is part of the Accounting Separation Framework (ASF) in the telecoms industry whose implementation commenced on July 15, 2020.

He said the new regulation would create an enabling environment for competition among operators in the industry.

It will also ensure the provision of qualitative and efficient telecoms services, according to Adinde.

Daily Trust reports that the policy document, “Determination on the Implementation of an Accounting Separation Framework for the Nigerian Telecoms Industry”, which was developed via a consultative process in 2015, has undergone a comprehensive review by the regulator in collaboration with telecoms licensees and other critical industry stakeholders.

“With the commencement of the implementation of the framework, telecoms licensees are, henceforth, obligated to submit their Regulatory Financial Statement (RFS) to the Commission in line with the new ASF, within seven months after the end of the licensees’ financial year,” Dr Adinde said.

Prof. Umar Danbatta, the Executive Vice Chairman of the NCC expressed optimism about the framework noting that “the new ASF will promote an industry environment that fosters open and transparent financial reporting while ensuring that charges for telecom services are cost-based and non-discriminatory.”