On 3 May 2019, the Securities and Exchange Commission (SEC) and
the Federal Competition and Consumer Protection Commission (FCCPC)
jointly issued a notice termed "Joint Advisory and
Guidance on Mergers, Acquisitions & Other Business Combinations
Notifications" (Joint Advisory). The Joint Advisory
states that FCCPC and SEC would jointly review all notifications of
mergers and other business combinations until further notice.
Details
In January 2019, the president signed the Federal Competition
and Consumer Protection Act ("the Act" or
"FCCPA") into law. Section 3 of the Act establishes the
FCCPC mandating it to review all mergers and business combinations
in Nigeria.
Prior to the enactment of the FCCPA, the SEC was responsible for
reviewing notification of mergers pursuant to the Investment and
Securities Act (ISA). However, the establishment of the FCCPC has
discontinued SEC's role in this regard. The FCCPA also mandates
the FCCPC to set, gazette and publish
