FCCPC Issues Merger Review Regulations And Other Instruments

On 20 November 2020, the Nigerian Federal Competition and Consumer Protection Commission (FCCPC) published new Merger Review Regulations (Regulations), Merger Review Guidelines, and several ancillary instruments (all of which are accessible here), and withdrew the existing guidelines for notification of foreign-to-foreign mergers with a Nigerian component. 

Notable features include the following:  

Instances of control

The Regulations provide detailed guidance on when control may be said to be acquired or established, and hence a merger created, specifically focusing on situations where a minority shareholder or related party may be able to exercise material influence over the whole or part of the business of another undertaking.