Technology M&A Comparative Guide

1. Legal and regulatory framework

1.1 Which legislative and regulatory provisions govern M&A activity in your jurisdiction?

M&A activities in Nigeria are governed by a mix of corporate, competition, securities and sector-specific laws. The principal legislative and regulatory provisions include the following:

• Companies and Allied Matters Act (CAMA) 2020: CAMA provides the legal foundation for corporate restructuring in Nigeria, including:
• • share transfers;
  • amalgamations;
  • mergers; and
  • schemes of arrangement.
• It outlines the procedures for obtaining shareholder and creditor approvals and, where applicable, court sanctions (particularly under Part XIII, Sections 711–716). CAMA also governs post-transaction changes in company structure and shareholding.