The Federal Competition and Consumer Protection Commission (FCCPC) has cautioned companies, legal advisers and transaction parties against violating statutory requirements guiding mergers, acquisitions and other business combinations in Nigeria.
In a statement, the Commission reiterated that under the Federal Competition and Consumer Protection Act (FCCPA) 2018, it is empowered to review and either approve, conditionally approve, or prohibit mergers once they are formally notified.
It explained that the regulatory framework is aimed at safeguarding fair competition, preventing excessive market dominance and protecting public interest within the Nigerian economy.
The Commission stressed that any transaction that meets the threshold outlined in the Notice of Threshold for Merger Notification issued pursuant to Section 93(4) of the Act must be reported for prior review and approval before implementation.
According to the FCCPC, the requirement covers a wide range of transactions, including share and asset acquisitions, joint ventures, and other arrangements that fall within the legal definition of a merger.
It noted that the notification process allows the Commission to determine whether a proposed deal could substantially reduce competition in any sector or raise broader public interest concerns, while also enabling effective monitoring of market trends.
The agency further urged firms to engage with it early in the transaction process, noting that pre-notification consultations could provide clarity, streamline review timelines and ensure compliance with regulatory obligations.
The Commission warned that failure to notify a qualifying transaction constitutes a breach of the law and could attract administrative penalties or other enforcement actions.
It advised all parties involved in mergers and acquisitions to ensure full compliance before concluding any deal within its regulatory scope.
The FCCPC reaffirmed its commitment to promoting fair competition, protecting consumers and maintaining a transparent and competitive business environment in Nigeria
