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ARTICLE · 30 AUGUST 2023

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Merger Control 2023

Streamsowers & Köhn
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The Federal Competition and Consumer Protection Act 2018 (FCCPA), enacted in 2019, governs merger review and approval in Nigeria.

NigeriaCorporate/Commercial Law
Chiagozie Hilary-Nwokonko
Chiagozie Hilary-Nwokonko
Chukwuyere Izuogu
Chukwuyere Izuogu
Osefan Anegbe
Osefan Anegbe
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1. Legislation and Enforcing Authorities

1.1 Merger Control Legislation

The Federal Competition and Consumer Protection Act 2018 (FCCPA), enacted in 2019, governs merger review and approval in Nigeria.

In 2020, the Banks and Other Financial Institutions Act 2020 (BOFIA) was enacted. Section 65 (1) of BOFIA stripped the Federal Competition and Consumer Protection Commission (FCCPC) of its competition powers with regard to the financial services sector, which is under the regulatory supervision of the Central Bank of Nigeria (CBN), the financial services regulator. Section 65 (3) of BOFIA further ascribed the competition regulation powers of the FCCPC to the CBN, thus subjecting mergers occurring in the financial services sector to the regulatory scrutiny of the CBN.

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