April 22, (THEWILL) — The Federal Competition and Consumer Protection Commission (FCCPC) has cautioned companies, legal advisers and transaction parties, to strictly comply with statutory requirements governing mergers and acquisitions in Nigeria.
The warning was conveyed in a statement by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, who stressed the need for adherence to the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018.
According to the Commission, it retains full legal authority to review, approve (with or without conditions), or prohibit mergers and qualifying business combinations once they are formally notified. This regulatory framework, it noted, is designed to safeguard fair competition, prevent excessive market concentration, and protect the broader public interest within the Nigerian economy.
The FCCPC emphasised that any transaction meeting the thresholds outlined in the Notice of Threshold for Merger Notification issued pursuant to Section 93(4) of the FCCPA must be reported to the Commission for prior review and approval before implementation. These transactions include share acquisitions, asset purchases, joint ventures, and other arrangements that fall within the legal definition of a merger.
It further explained that the notification process enables the Commission to assess whether proposed deals could substantially lessen competition or create public interest concerns in any relevant market.
To facilitate smoother compliance, the FCCPC encouraged companies and their advisers to engage early in the transaction process, particularly where regulatory approval may be required. Pre-notification consultations, it said, can offer clarity, streamline review timelines, and reduce the risk of regulatory breaches.
The Commission warned that failure to notify qualifying transactions constitutes a violation of the law and may result in administrative penalties or enforcement actions. It, therefore, urged all stakeholders to take necessary steps to ensure full compliance before proceeding with any merger or acquisition.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
Deprecated: file_exists(): Passing null to parameter #1 ($filename) of type string is deprecated in /home/thewilln/public_html/staging.thewillnews.com/wp-includes/comment-template.php on line 1624