Key points
- Federal Competition and Consumer Protection Commission cautions firms on merger and acquisition compliance.
- All qualifying transactions must be notified for prior approval before execution.
- Violations may attract penalties or enforcement action under FCCPA 2018.
Main story
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to companies, legal advisers, and transaction parties over non-compliance with statutory requirements governing mergers, acquisitions, and other business combinations in Nigeria.
The Commission said all qualifying transactions must be duly notified and approved before implementation, in line with the Federal Competition and Consumer Protection Act, 2018.
It explained that it has the authority to review, approve, approve with conditions, or prohibit mergers and business combinations in order to safeguard fair competition and prevent excessive market concentration.
According to the FCCPC, the notification requirement applies to share acquisitions, asset purchases, joint ventures, and other arrangements that meet the legal definition of a merger under the Act and its regulations.
The issues
The Commission raised concerns over increasing non-compliance by some firms, warning that failure to notify eligible transactions undermines regulatory oversight and could distort market competition.
It stressed that unregulated mergers may negatively affect consumers, reduce competition, and create unfair market advantages.
What’s being said
The FCCPC stated that early engagement with the Commission is encouraged to ensure clarity and avoid delays in transaction approvals.
It noted that pre-notification consultations can help businesses understand regulatory requirements and streamline approval processes.
The Commission further warned that failure to notify a qualifying transaction constitutes a violation of the law and may attract administrative penalties or enforcement actions.
What’s next
Firms are expected to review ongoing and planned transactions to ensure compliance with merger notification rules before execution.
The FCCPC also signalled continued monitoring of market activities and enforcement actions where necessary.
Bottom line
The FCCPC is tightening oversight of corporate mergers and acquisitions, warning businesses that non-compliance with approval processes could lead to sanctions under Nigeria’s competition law framework.
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