Control Test For Mergers In Nigeria: What Constitutes Material Influence?

Before 2019, the Securities and Exchange Commission ("SEC"), was the principal regulator monitoring and administering regulatory control over mergers in Nigeria. There were also sector-specific laws which required certain regulated entities to notify and or seek the approval of their industry-specific regulators, in the event of a proposed merger or acquisition. For example, under the Insurance Act 2003, insurance companies required the approval of the National Insurance Commission before any amalgamation or transfer of insurance businesses.' However, come 2019, the Federal Competition and Consumer Protection Commission (the "Commission")? was established under the Federal Competition and Consumer Protection Act (the "Act") repealing the relevant provisions of the Investment and Securities Act with respect to mergers. Consequently, the SEC ceased monitoring the control of mergers and acquisitions. The Act places within the purview of the Commission, the