The Federal Competition and Consumer Protection Commission (FCCPC) has issued a strong warning to companies, legal advisers and transaction parties against violating procedures guiding mergers and acquisitions in Nigeria.
In a statement, the Commission stressed that all qualifying business combinations must comply with provisions of the Federal Competition and Consumer Protection Act 2018 (FCCPA), which empowers it to review and approve, conditionally approve, or block mergers once formally notified.
FCCPC said the regulatory framework is aimed at safeguarding fair competition, preventing excessive market dominance, and protecting public interest within the economy.
The Commission explained that any transaction that meets the threshold outlined in its merger notification guidelines must be reported for prior review before implementation. It noted that such transactions include share and asset acquisitions, joint ventures, and other arrangements that legally qualify as mergers.
According to the Commission, the notification process allows it to determine whether a proposed deal could significantly reduce competition or raise broader public interest concerns in any sector of the economy.
It urged companies and their advisers to engage early with the regulator, stating that pre-notification consultations could help provide clarity, speed up approval timelines, and ensure compliance with regulatory requirements.
FCCPC warned that failure to notify a qualifying transaction constitutes a violation of the law and could attract administrative penalties or other enforcement actions.
The Commission advised stakeholders to take necessary steps to comply with the law before executing any merger or acquisition within its jurisdiction.
It reaffirmed its commitment to ensuring a transparent and competitive business environment, while protecting consumers and promoting fair market practices across Nigeria.