Mergers & Acquisitions 2024

1 Relevant Authorities and Legislation

1.1 What regulates M&A?

The role played by regulatory agencies and institutions, as well as professional parties, in the M&A process is pivotal. Many legislations, institutional and regulatory agencies must be approached and their guidelines and requirements met before an M&A scheme can sail through in Nigeria.

These legislations include the Federal Competition and Consumer Protection Act, 2018 (FCCPA), the Investment and Securities Act, 2007 (ISA), the Companies and Allied Matters Act, 2020 (CAMA) and sector-specific regulations.

The institutional and regulatory agencies are the Federal Competition and Consumer Protection Commission (FCCPC), Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Federal High Court of Nigeria (FHC), Nigerian Stock Exchange (NSE) and Corporate Affairs Commission (CAC).