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Different countries adopt different measures to check broadcasters. This work, with the objective of ascertaining the regulation impact on the Nigerian broadcasting system, x-rayed the approaches adopted by National Broadcasting Commission. To do this, the authoritarian and libertarian theories became the frameworks. At the end, it was discovered that the major regulatory approaches were licensing, sanctioning, arbitrating and monitoring. It was however found that the NBC exhibited bias against the private stations in its bid to protect the government owned ones. It was therefore recommended that the Nigerian Broadcasting Code be reviewed to make the regulatory body independent; and to encourage pluralism and healthy competition in the industry.