{"id":150950,"date":"2026-10-08T09:24:08","date_gmt":"2026-10-08T09:24:08","guid":{"rendered":"https:\/\/www.legal500.com\/guides\/?post_type=comparative_guide&#038;p=150950"},"modified":"2026-10-08T09:24:08","modified_gmt":"2026-10-08T09:24:08","slug":"nigeria-merger-control","status":"publish","type":"comparative_guide","link":"https:\/\/www.legal500.com\/guides\/chapter\/nigeria-merger-control\/","title":{"rendered":"Nigeria: Merger Control"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-150950","comparative_guide","type-comparative_guide","status-publish","hentry","guides-merger-control","jurisdictions-nigeria"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Duale, Ovia &amp; Alex-Adedipe<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2021\/10\/DOA-DIGITAL-LOGO.jpg\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Duale, Ovia &amp; Alex-Adedipe<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2021\/10\/DOA-DIGITAL-LOGO.jpg\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Merger Control laws and regulations applicable in Nigeria<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Overview<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Nigeria\u2019s merger control framework is governed principally by the Federal Competition and Consumer Protection Act 2018 (\u201cFCCPA\u201d), supplemented by the Federal Competition and Consumer Protection Commission Merger Review Regulations 2020 (as amended in 2021) (\u201cMRR\u201d), the FCCPC Merger Review Guidelines 2020 (\u201cMRG\u201d), the Notice of Threshold for Merger Notification, and the Guidance Note on Gun Jumping. Together, these instruments establish the framework for determining whether a transaction is notifiable and the procedure for its review.<\/p>\n<p>The Federal Competition and Consumer Protection Commission (\u201cFCCPC or the \u201cCommission\u201d) is Nigeria\u2019s principal merger-control authority established by the FCCPA. A transaction involving a regulated business, licence or asset may also require approval from the relevant sector regulator. These include the Securities and Exchange Commission (\u201cSEC\u201d) for publicly listed companies, the Central Bank of Nigeria (\u201cCBN\u201d) for banks and other financial institutions under the Banks and Other Financial Institutions Act 2020 (\u201cBOFIA\u201d); the National Pension Commission (\u201cPenCom\u201d) for pension businesses under the Pension Reform Act 2014; the National Insurance Commission (\u201cNAICOM\u201d) for insurance businesses under the Nigerian Insurance Industry Reform Act 2025; the Nigerian Communications Commission (\u201cNCC\u201d) for telecommunications under the Nigerian Communications Act 2003; the National Broadcasting Commission (\u201cNBC\u201d) for broadcasting; and the Nigerian Upstream Petroleum Regulatory Commission (\u201cNUPRC\u201d) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (\u201cNMDPRA\u201d) for petroleum activities under the Petroleum Industry Act 2021.<\/p>\n<p>Depending on the applicable financial thresholds to be discussed below, mergers are classified as either large or small. Large mergers are mandatorily notifiable, while small mergers are, generally, not mandatorily notifiable, subject to specified circumstances. Where notification is required, the FCCPC\u2019s gun-jumping framework imposes a standstill obligation, prohibiting the implementation of a merger before the requisite approval is obtained.<\/p>\n<p>Notification to the FCCPC is generally not required for minority acquisitions that do not confer control or material influence over the target (while noting that an application for negative clearance may be made to the FCCPC where other notification triggers such as the turnover thresholds are met but will not engender a material influence). Under the FCCPC framework, an acquisition of more than 25% of the shareholding or voting rights gives rise to a rebuttable presumption of material influence. This remains subject to any applicable sector-specific thresholds.<\/p>\n<p>For example, the CBN requires prior approval for certain acquisitions of 5% or more in a financial holding company and ownership changes resulting in a change of control. In the telecommunications sector, acquisitions of more than 10% of the shares of a licensee are subject to NCC approval. In the pension sector, changes in the ownership or control of licensed pension operators are also subject to PenCom\u2019s approval. Thus, a transaction may fall outside FCCPC merger notification requirements but still require sector-specific approval.<\/p>\n<p>There are no unusual deadlines. The FCCPC\u2019s Notice on Indicative Timeframes provides review periods of 60 business days for small mergers and 120 business days for large mergers, subject to applicable extensions.<\/p>\n<p>In its substantive assessment, the FCCPC may also consider non-competition factors, including public-interest considerations relating to employment, the relevant industrial sector or region, Nigeria\u2019s international competitiveness, and the competitiveness of SMEs.<\/p>\n<p>The notification process is information-intensive, requiring details of the transaction, the parties and corporate groups, relevant markets, competitors, customers, suppliers, market shares and potential competitive effects, together with supporting documentation. The level of detail required depends on the applicable notification form, with Form 1 requiring more extensive information and supporting documentation than the more streamlined Form 2 process.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is notification compulsory or voluntary?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A large merger is mandatorily notifiable if, in the financial year preceding the merger, either: (i) the combined annual turnover of the acquiring and target undertakings in, into or from Nigeria is at least \u20a61 billion; or (ii) the target undertaking\u2019s annual turnover in, into or from Nigeria is at least \u20a6500 million. For an asset acquisition, the FCCPC may consider the turnover attributable to the asset.<\/p>\n<p>A small merger is not mandatorily notifiable but may be voluntarily notified or required to be notified by the FCCPC within six months of implementation where the FCCPC considers that it may substantially prevent or lessen competition.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a prohibition on completion or closing prior to clearance by the relevant authority? Are there possibilities for derogation or carve out?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes. The merging parties must observe a standstill obligation and must not implement the merger before obtaining FCCPC approval. They must also avoid gun jumping, including coordinating their activities or acting as a single entity before approval. In particular, the parties must not coordinate prices or customer terms, exchange commercially sensitive information, transfer shares or assets, pay consideration other than through permitted deposits or escrow arrangements, or integrate their businesses prematurely. Carving out assets or transferring them to a trustee will not avoid the prohibition if the arrangement changes control or beneficial ownership. There is no general derogation from the standstill obligation. However, certain transactions are exempt from notification, including acquisitions of securities by financial institutions for resale in the ordinary course and transfers to liquidators in insolvency proceedings.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What types of transaction are notifiable or reviewable and what is the test for control?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Nigerian merger control regime applies to transactions resulting in a change of control, acquisitions of shares or assets, takeovers, agreed bids, acquisitions of minority interests conferring material influence, and the formation of, or acquisition of control over, joint ventures.<\/p>\n<p>The FCCPA recognises several forms of control, including de jure control, de facto control and material influence. De jure control arises where an undertaking acquires more than 50% of another undertaking\u2019s shareholding. De facto control may arise below that threshold where an undertaking can, in practice, control more than half of the votes actually cast at a shareholders\u2019 meeting, appoint a majority of the board, or exercise control through its status as a holding company.<\/p>\n<p>Material influence may arise without outright control. An acquisition of more than 25% of the shareholding or voting rights creates a rebuttable presumption of material influence.<\/p>\n<p>Material influence may constitute control where an undertaking can materially affect the target\u2019s policy, strategic direction or commercial objectives. It may arise through voting rights at shareholders\u2019 meetings or other factors that give the acquirer influence disproportionate to its shareholding.<\/p>\n<p>Intra-group reorganisations between entities already under common control are generally not treated as mergers if they do not change control. If an intra-group restructuring does change control, however, it may constitute a notifiable merger. Parties may seek negative clearance from the FCCPC where there is uncertainty about whether a transaction is a relevant merger.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">In which circumstances is an acquisition of a minority interest notifiable or reviewable?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Minority interests below 50% may be caught by the Nigerian merger-control regime where they confer material influence over the target. An acquisition of more than 25% of the shareholding or voting rights gives rise to a rebuttable presumption of material influence. Below 25%, there is no presumption, but the FCCPC may assess interests above 15% and, exceptionally, interests below 15%. An interest below 15% will therefore generally not be reviewed in the absence of exceptional circumstances or other factors conferring material influence.<\/p>\n<p>The FCCPC assesses material influence case-by-case, having regard to the overall relationship between the parties and the acquirer\u2019s ability to influence the target\u2019s strategic direction and commercial objectives. Relevant factors include the distribution and voting patterns of the remaining shareholders, whether the acquirer is the largest shareholder, board representation, special voting or veto rights, information rights and other contractual or structural links.<\/p>\n<p>Veto rights may confer material influence where they relate to strategic business decisions, including approval of the budget or business plan, major investments or the appointment of senior management. De facto control may also arise where a minority shareholder can exercise decisive influence in practice, including because of low shareholder turnout or voting patterns, or because otherwise independent shareholders have sufficient commonality of interest to act together.<\/p>\n<p>An acquisition may be reviewable even where the acquirer does not have the ability to veto strategic commercial decisions, provided the surrounding circumstances give the acquirer material influence over the target.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the jurisdictional thresholds (turnover, assets, market share and\/or local presence)? Are there different thresholds that apply to particular sectors?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The turnover threshold is assessed by reference to the combined turnover of the acquirer and seller, which must be at least \u20a61 billion, or the target\u2019s turnover alone must be at least \u20a6500 million. The threshold may be satisfied by either party alone, and it does not matter which party meets it. In the case of an asset acquisition, the turnover attributable to the assets may be considered.<\/p>\n<p>The relevant turnover is national, covering turnover in, into, or from Nigeria, rather than global turnover. Thus, a foreign-to-foreign transaction may be subject to Nigerian merger control where it has a Nigerian nexus, such as a Nigerian subsidiary generating turnover in, into, or from Nigeria.<\/p>\n<p>The threshold generally concerns the parties\u2019 total relevant turnover rather than turnover from the relevant product market. For an asset acquisition, however, only the turnover attributable to the acquired assets may be considered.<\/p>\n<p>By virtue of the doctrine of separate legal personality, companies within a corporate group retain separate legal personalities. However, the FCCPC may assess turnover at group level particularly where the parent company undertakes the transaction. The financial thresholds generally do not vary by industry or sector, although sector-specific regulatory requirements may apply.<\/p>\n<p>The FCCPC is authorised to determine and revise the applicable turnover thresholds. Turnover may be assessed by reference to the financial year preceding the merger.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are turnover, assets and\/or market shares valued or determined for the purposes of jurisdictional thresholds?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The thresholds are assessed by reference to annual turnover. Annual turnover includes all monies received or receivable, whether in cash or on an accrual basis, including amounts received other than in exchange for goods or services, equity, deferred or convertible equity injections, similar payments or returns, and income from assets such as interest, royalties, rent and dividends. The turnover assessment is made by reference to the financial year preceding the merger.<\/p>\n<p>The relevant turnover is turnover derived from activities in or into Nigeria.\u00a0 Accordingly, a foreign-to-foreign transaction falls within the Nigerian merger-control regime where the parties have a sufficient Nigerian nexus and generate turnover in, into or from Nigeria. There is no separate asset-based jurisdictional threshold, and assets are therefore not required to be valued\u00a0 for purposes of determining whether the merger meets the notification threshold. The thresholds are not based on market shares; however, market shares and market definition may be considered by the FCCPC as part of its substantive assessment of the merger.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a particular exchange rate required to be used for to convert turnover thresholds and asset values?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes. Foreign-currency turnover is converted into Naira using the prevailing official exchange rate published by the CBN as at the end of the financial year preceding the notification. Under the current FX regime, the rate is market-determined through the Nigerian Foreign Exchange Market (NFEM) and published by the CBN.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">In which circumstances are joint ventures notifiable or reviewable (both new joint ventures and acquisitions of joint control over an existing business)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Nigeria\u2019s merger control rules apply to JVs, including new JVs and acquisitions of joint control over existing businesses. No separate JV thresholds apply; the ordinary merger thresholds apply, based on the parties to the JV.<\/p>\n<p>Where the parent companies meet the turnover threshold but the JV has no actual or foreseen Nigerian activities or nexus, no filing obligation arises.<\/p>\n<p>A JV is subject to merger control where it is a full-function JV, meaning it operates on a lasting basis as an autonomous economic entity, performs the functions of an independent business, and has sufficient resources and staff to operate independently. Where its assets or turnover exceed the applicable notification threshold, it must be notified as a merger.<\/p>\n<p>By contrast, an auxiliary JV is limited to functions supporting its parent undertakings, such as R&amp;D, production, distribution or sales, and does not operate as an autonomous economic entity. Such JVs generally fall outside merger control but may be reviewed under the prohibition on anticompetitive agreements.<\/p>\n<p>The same principles apply to new JVs and JVs formed by combining existing businesses, and acquisitions of joint control over existing JVs; the form of the transaction does not by itself determine its treatment.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any circumstances in which different stages of the same, overall transaction are separately notifiable or reviewable?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Different stages of the same transaction may require separate notification where a particular step independently creates a new merger situation. For example, a staged share acquisition may result in separate merger situations where successive acquisitions move the acquirer from material influence to de facto control and then to controlling interest. However, once controlling interest of 50% or more has been acquired, further acquisitions of shares by the existing controlling shareholder do not create a new merger situation and are therefore not separately notifiable.<\/p>\n<p>Where control is acquired through a series of transactions or successive events within two years, the FCCPC treats the steps as occurring simultaneously on the date of the latest transaction. A share acquisition and a merger or amalgamation that are interdependent parts of the same acquisition of control may be covered by one notification. Separate notifications may be required where linked transactions are not interdependent or where consortium members separately acquire distinct businesses or assets that constitute separate merger situations.<\/p>\n<p>Each separately notified merger is subject to the applicable notification fee.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How do the thresholds apply to \u201cforeign-to-foreign\u201d mergers and transactions involving a target \/ joint venture with no nexus to the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Nigerian merger control regime applies to any person in relation to the acquisition of shares or other assets outside Nigeria resulting in the change of control of a business, part of a business or any asset of business, in Nigeria.<\/p>\n<p>Accordingly, foreign-to-foreign transactions are subject to Nigerian merger control where they have a Nigerian nexus, such as a Nigerian subsidiary, Nigerian operations or Nigerian-derived turnover. There is no separate threshold for foreign-to-foreign transactions; the ordinary merger thresholds apply to the Nigerian component of the parties\u2019 turnover. Where there is no Nigerian nexus, the territorial scope of the Nigerian merger control regime would not ordinarily be engaged.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">For voluntary filing regimes (only), are there any factors not related to competition that might influence the decision as to whether or not notify?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Not Applicable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the substantive test applied by the relevant authority to assess whether or not to clear the merger, or to clear it subject to remedies?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The FCCPC applies a substantial prevention or lessening of competition (\u201cSPLC\u201d) test to determine whether to clear, prohibit, or conditionally approve a merger. It assesses the strength of competition in the relevant market and the likelihood that undertakings will behave competitively or cooperatively after the merger.<\/p>\n<p>The FCCPC considers horizontal, vertical, and conglomerate effects, including unilateral effects (where a merger removes rivalry between competitors, enabling the merged firm to exercise greater market power), coordinated effects (where a merger facilitates coordination among firms), and vertical or conglomerate effects (where a merger creates or strengthens market power that may reduce rivalry in another or related market)<\/p>\n<p>In assessing whether an SPLC is likely, the FCCPC considers actual and potential import competition; ease of entry, regulatory barriers; market concentration and history of collusion; countervailing power; market growth, innovation and product differentiation; vertical integration; whether a party is failing or likely to fail; and whether the merger removes an effective competitor.<\/p>\n<p>The framework applies generally across sectors, although transactions in regulated sectors may also be subject to separate sector-specific regulatory requirements<\/p>\n<p>Where an SPLC is likely, the FCCPC assesses whether technological efficiencies or other pro-competitive gains are sufficient to offset the competitive harm, while ensuring consumers receive a fair share of the resulting benefits. It may also consider substantial public-interest factors.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are factors unrelated to competition relevant?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes. Factors unrelated to competition are relevant where the FCCPC considers whether a merger is justified on substantial public-interest grounds. These include the merger\u2019s effect on a particular industrial sector or region, employment, the ability of national industries to compete in international markets, and the ability of small and medium-sized enterprises to become competitive.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are ancillary restraints covered by the authority\u2019s clearance decision?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Ancillary restraints are assessed separately under the general rules on restrictive agreements, rather than as part of the merger-clearance process. A vendor non-compete linked to a business or share sale and solely protecting the purchaser\u2019s goodwill falls within a statutory exception and does not require prior FCCPC approval. The restraint must, however, be limited and reasonably necessary to protect that goodwill. Unlike employment restraints, which are limited to two years, goodwill-related non-competes have no fixed statutory duration.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">For mandatory filing regimes, is there a statutory deadline for notification of the transaction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No, there is no statutory deadline for notifying a transaction to the FCCPC. Accordingly, the timing of notification is generally driven by the parties\u2019 proposed closing timeline.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the earliest time or stage in the transaction at which a notification can be made?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Notification may commence once agreed-form transaction documents are available, even if they have not been executed. The FCCPC requires the relevant transaction documents, such as the share purchase agreement, together with the applicable corporate authorisations, as annexures to the notification.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is it usual practice to engage in pre-notification discussions with the authority? If so, how long do these typically take?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes. Pre-notification consultations are voluntary but strongly encouraged by the FCCPC. They assist parties in determining whether notification is required vis \u2013 a-vis negative clearance, the information and supporting documents required, and whether a simplified or expedited procedure may be appropriate. The FCCPC envisages such consultations taking place at least two weeks before formal notification, although this is not a mandatory deadline. More complex transactions may require longer engagement.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the basic timetable for the authority\u2019s review?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The FCCPC\u2019s review timetable begins once it deems a notification complete and satisfactory. Phase One ordinarily lasts 20 business days for a small merger and 60 business days for a large merger. If material competition concerns remain and the review proceeds to Phase Two, a further 40 business days applies to a small merger and a further 60 business days applies to a large merger.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-150982\" src=\"https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture1-300x256.png\" alt=\"\" width=\"300\" height=\"256\" srcset=\"https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture1-300x256.png 300w, https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture1-1024x874.png 1024w, https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture1-768x655.png 768w, https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture1-100x85.png 100w, https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture1.png 1213w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>Figure 1: Timeline for notification<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Under what circumstances may the basic timetable be extended, reset or frozen?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The FCCPC\u2019s Notice on Indicative Timeframes provides that the applicable timeframe may be abridged or extended where appropriate.<\/p>\n<p>The FCCPC\u2019s review does not commence until a complete and satisfactory notification is received. The basic timetable may be extended, reset or frozen in circumstances that affect the FCCPC\u2019s ability to complete its review. In particular, (i) the timetable may be extended\u00a0 following requests for further information, third-party interventions or the proposal of remedies; (ii) the timetable may be reset where the FCCPC finds that the notification or a response to an information request is incomplete or incorrect, or where the notification is materially revised or corrected such that a fresh or substantially revised assessment is required; and (iii) the timetable may be frozen where the FCCPC is awaiting information or a response from the parties, a procedural step remains outstanding, or an infraction or non-compliance prevents the review from proceeding, However, rather than freezing the timetable, the FCCPC may proceed to determine the matter on the basis of the information available to it.<\/p>\n<p>Misleading or false information is treated separately and may constitute an infraction attracting civil and criminal liability, rather than merely affecting the review timetable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any circumstances in which the review timetable can be shortened?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes. Nigerian merger control rules permit a shortened review timetable through the simplified and expedited procedures under the MRR and MRG.<\/p>\n<p>Parties may apply for the simplified procedure using Form 2 where a merger is unlikely to prevent or lessen competition. This may apply to, among others, voluntarily notified small mergers; mergers between parties not active in the same or related markets; horizontal mergers with combined market share below 15%; vertical mergers where each party\u2019s share is below 25%; transitions from joint to sole control; and mergers involving low HHI levels. Even where a merger otherwise qualifies for the simplified procedure, the FCCPC may apply the normal procedure where the transaction involves concentrated markets, neighbouring markets, pipeline products, maverick firms, novel markets, or third-party control.<\/p>\n<p>In addition, parties may request expedited review where the transaction requires urgent consideration. Where expedited review is accepted, the review is limited to Phase One, with timelines generally reduced from 20 to approximately 12 business days for small mergers and from 60 to approximately 36 business days for large mergers.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which party is responsible for submitting the filing?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Either party may submit the notification, as the notification obligation rests jointly and severally on the merging parties. In practice, the parties agree which party will make the notification and may appoint authorised representatives under a Deed of Power of Attorney to submit the notification on their behalf.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What information is required in the filing form?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The filing form is either Form 1 (Standard Notification) for mergers likely to substantially lessen or prevent competition, or Form 2 (Simplified Notification) for qualifying mergers. The information required includes, among other matters, the parties and their representatives, nature and type of merger, the economic rationale, the transaction structure, market information, sectoral approvals required, competition analysis and theories of harm (i.e. unilateral, coordinated, conglomerate).<\/p>\n<p>Form 1 also provides for efficiencies and customer benefits and concludes with third-party contact details, market definition and potential harms, and a signed declaration. The Commission may request additional information, including deeper disclosure where applicable. An incomplete notification is flagged within three working days, and the review timeline does not commence until the filing is complete.<\/p>\n<p>Form 2 is less detailed and omits certain competition-effect and documentary requirements. However, the Commission may require a Form 1 notification where the transaction warrants full review.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which supporting documents, if any, must be filed with the authority?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The supporting documents required vary depending on the type of notification and nature of the transaction. These include transaction documents (such as heads of terms, MOUs and sale\/purchase agreements) corporate resolutions or internal approvals, corporate and group structures, business plans, annual reports, executed power of attorney, market studies and information memoranda.<\/p>\n<p>Parties are jointly and severally responsible for providing the supporting documents applicable to respective business and transaction. The notification and supporting documents must be submitted in English, with translations accompanied by appropriate attestation.<\/p>\n<p>The Commission does not impose strict notarisation requirements; documents may be originals or copies, provided copies are certified as true copies. Documents must be the \u201cmost recent\u201d versions thus, market and industry reports should cover the preceding two years, annual accounts the year preceding notification, and group accounts, where applicable, the preceding three years.<\/p>\n<p>Each party must separately sign the declaration in a joint filing. An appointed representative may act on the parties\u2019 behalf and must provide executed Power of Attorney. Signing may be by electronic signatures.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a filing fee?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Every merger application attracts an application fee of \u20a650,000 per undertaking involved.<\/p>\n<p>Beyond that, a notification fee applies, calculated on a tiered percentage basis. This fee is charged as a percentage of either the transaction consideration or the combined\/last annual turnover of the merging parties, whichever produces the higher amount:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-150984\" src=\"https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture2-300x168.png\" alt=\"\" width=\"300\" height=\"168\" srcset=\"https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture2-300x168.png 300w, https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture2-1024x572.png 1024w, https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture2-768x429.png 768w, https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture2-100x56.png 100w, https:\/\/www.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2026\/10\/Picture2.png 1152w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>Figure 2: FCCPC Filing Fees Breakdown<\/p>\n<p>In summary, filing costs in Nigeria&#8217;s merger review process combine a flat application fee with a scaled notification fee based on deal size (either transaction value or turnover), plus optional charges for expedited handling or negative clearance applications.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a public announcement that a notification has been filed?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes. Upon the notification being deemed satisfactory, the Commission is required to publish a notice (Form 1A) on its website setting out the key details of the merger notification, with contact details of the relevant case handler so that interested third parties may provide comments on the merger within three business days for small mergers and seven business days for large mergers.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does the authority seek or invite the views of third parties?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes, the Commission actively invites third-party views during merger review at three stages: first, publication of the transaction notice for initial comments; second (and which is not obligatory), targeted input from consumer organisations, customers, suppliers, competitors, management, and recognised workers&#8217; representatives; and third, input on any remedy proposals presented. Small mergers allow 3 business days after publication to comment; large mergers, 7 business days. Market testing continues through Phase One and intensifies in Phase Two if concerns persist. Mergers qualifying for the simplified procedure face reduced third-party scrutiny.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What information may be published by the authority or made available to third parties?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Parties are allowed to request that certain document or information be kept confidential and only assessed by the Commission for the merger review process. Such information or document are to be marked \u201cBusiness Secrets\u201d for the Commission to consider treating them as confidential.\u00a0\u00a0 Notwithstanding, the following information may be published by the Commission:<\/p>\n<p>A non-confidential executive summary of the merger (Form 1A), covering the parties, nature of the transaction, business areas etc. This is published within five business days of receiving the application, and within two business days once notification is deemed complete and satisfactory.<\/p>\n<p>Third party comments and views are gathered during review and may be summarised in the issues paper (Phase One) or statement of objections (Phase Two), shared with the merging parties as part of the process, though not necessarily made public.<\/p>\n<p>The FCCPC\u2019s decisional report (Form 3), is required to be published. Small merger decisions go into the Federal Government Gazette; large merger decisions appear in at least two national newspapers. Where a merger is prohibited or conditionally approved, written reasons from the Commission must follow within ten business days.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does the authority cooperate with antitrust authorities in other jurisdictions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes, the Commission is generally required to cooperate with foreign antitrust authorities, as necessary. It has signed MOUs with the Egyptian Competition Authority (in 2023) and, jointly with the EFCC, with the US FTC (in 2020), covering information-sharing and joint investigations.<\/p>\n<p>During pre-notification consultations, parties are encouraged to disclose whether other jurisdictions (including ECOWAS or AfCFTA members) have been notified. At notification, parties must confirm whether filing is required elsewhere and whether they&#8217;ll offer a coordination waiver, letting the Commission share information and liaise with foreign counterparts rather than review in isolation. This waiver is voluntary, with no penalty for declining.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What kind of remedies are acceptable to the authority?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The FCCPC may accept structural, behavioural or hybrid remedies if they are effective, proportionate to, and address, the identified concerns. Structural remedies, typically divestments, address the source of harm directly and generally require less ongoing monitoring. Behavioural remedies, such as commitments concerning access to intellectual property, customers, essential facilities or inputs, supply terms or prices. Hybrid remedies combine structural relief in some markets with behavioural relief in others and may be preferred where appropriate. The FCCPC assesses each package by reference to composition risk, purchaser risk and implementation risk.<\/p>\n<p>The FCCPC may favour a hybrid approach combining structural and behavioural commitments where appropriate. For example, in the FMDQ\u2013CSCS transaction, the behavioural commitments included maintaining an arm\u2019s-length relationship with NGX, acting independently and avoiding collusion or coordination, refraining from conduct that could undermine competition, and avoiding undue pressure or negotiations that could amount to collusive conduct. The package also included a structural remedy requiring FMDQ to relinquish its right to board representation on CSCS while it remained in a potential conflict of interest.<\/p>\n<p>The FCCPC framework does not prescribe a general &#8220;up-front buyer&#8221; requirement. However, in practice, the FCCPC may issue a conditional approval subject to the completion of the approval conditions and implementation of remedies. With respect to the potential buyer in a regulator-mandated divestment, the FCCPC will typically assess the proposed purchaser&#8217;s suitability: they must be capable of maintaining or restoring effective competition, given the divested business&#8217;s characteristics and market conditions.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What procedure applies in the event that remedies are required in order to secure clearance?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The parties may propose remedies, although the FCCPC may also impose conditions where necessary to address identified competition concerns. Parties may submit remedy proposals at any stage of the review, including during pre-notification consultations, and the FCCPC encourages early engagement on remedies. Remedies may be accepted at Phase One without automatically proceeding to Phase Two. Where initial concerns arise, the parties may respond to the FCCPC\u2019s issues paper with counterarguments and proposed remedies. If concerns remain unresolved, the matter proceeds to Phase Two, where remedies may be proposed in response to the Statement of Objections.<\/p>\n<p>The FCCPC may accept structural, behavioural or hybrid remedies, including FRAND (fair, reasonable and non-discriminatory) commitments where appropriate. The FCCPC assesses proposed remedies by reference to whether they effectively address the identified competition concerns and can be implemented and monitored. It may market-test proposed remedies by publishing a non-confidential version and inviting third-party comments for at least 10 working days before finalising the remedies package. Where remedies are accepted, they may form part of the conditions to which clearance is subject, and compliance with those conditions is required. The FCCPC is not required to accept remedies agreed in another jurisdiction but may consider them where they address the same competitive harm and can be effectively implemented and monitored in Nigeria.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the penalties for failure to notify, late notification and breaches of a prohibition on closing?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Both parties may be liable, as the notification obligation and prohibition against implementation apply to the merger parties. The FCCPA expressly prohibits the implementation of a merger without the requisite approval. An implementation in contravention of this requirement may render the merger void and expose the undertaking to a fine of not less than 10% of its turnover in the business year preceding the date of the offence, or such other percentage as the court may determine having regard to the circumstances of the case. In practice, parties have also been required to undergo mandatory competition sensitisation training. The FCCPC implements a general sanction for parties\u2019 failure to comply.<\/p>\n<p>In 2023, the FCCPC fined an entity for gun-jumping in an amount exceeding <span style=\"text-decoration: line-through\">N<\/span>170,000,000. Furthermore, the Commission may adjust the amount to reflect the duration of the contravention and any aggravating or mitigating circumstances, subject to the maximum penalty of 10% of the parties\u2019 turnover.<\/p>\n<p>There is no statutory penalty specifically for late notification where the merger has not been implemented; penalties arise principally where a merger is implemented before FCCPC approval, including through gun jumping. Additionally, the FCCPC may also revoke or refuse approval based on incomplete or incorrect information.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the penalties for incomplete or misleading information in the notification or in response to the authority\u2019s questions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>An incomplete notification may be rejected or the FCCPC may require the missing information before the review proceeds. Knowingly providing information that is false or misleading in a material respect, whether in the notification or in response to additional questions raised by the FCCPC, is an offence under the FCCPA. For an individual, the offence is punishable by a fine of up to \u20a610 million, imprisonment for up to two years, or both. For a body corporate, it is punishable by a fine of up to 10% of its turnover in the preceding business year.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Can the authority\u2019s decision be appealed to a court?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>An aggrieved party may appeal an FCCPC merger decision to the Competition and Consumer Protection Tribunal (\u201cCCPT\u201d) within 30 business days of notification of the decision. \u00a0An \u201caggrieved\u201d person includes a merger party or a third party that has made written submissions opposing approval of the merger.<\/p>\n<p>A further appeal lies to the Court of Appeal, generally within 30 days of the CCPT\u2019s decision.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the recent trends in the approach of the relevant authority to enforcement, procedure and substantive assessment?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The FCCPC has adopted a more assertive enforcement approach, with warnings emphasising prior notification and approval and the consequences of non-compliance. Procedurally, it continues to emphasise early pre-notification engagement, complete notifications and compliance with information requests. Substantively, it applies the SPC test with focus on market concentration, barriers to entry, potential competition and unilateral, coordinated and vertical effects, with structural, behavioural and hybrid remedies used where appropriate. Filings are also rising with most cleared under simplified procedure, with continued assertion of jurisdiction over foreign-to-foreign deals with a Nigerian nexus. Sector-regulator coordination (e.g. NCC) remains procedurally embedded, while active 2026 rulemaking (Draft Consumer Protection and Non-Merger Authorisation Regulations) signals ongoing substantive framework development.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any future developments or planned reforms of the merger control regime in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No merger-specific reforms have been formally proposed by the FCCPC as of September 2026.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">5821<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/www.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/150950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/www.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/www.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=150950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}