In pursuant to sections 17, 18, & 163 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a Merger Review (Amended) Regulations, 2021, to govern the notification, and review, of mergers under Part XII of the FCCPA. The regulations amended the FCCPC Merger Review Regulations 2020 and modified applicable fees for notifications under Schedule 1 of the Regulations. The amended regulations by a renewed matrix and combination of factors generally reduces applicable fees and clarifies certain considerations in determining applicable turnover in foreign-to-foreign business combinations and investments by Private Investments Entities.
These modifications were largely in response to close monitoring of the operational realities of the 2020 regulations and feedback from the market, professional advisors and related associations. According to Babatunde Irukera, the Executive Vice Chairman/Chief Executive of FCCPC, “The Commission intends to continue monitoring, and timely response, to emerging trends and practices, as well as appropriate feedback from relevant persons in a desire and bid to ensure a vibrant, balanced, attractive and competitive mergers and acquisition regime and landscape for Nigeria. As such, the commission appreciates feedbacks and welcomes continuing engagements accordingly.”
The amended regulations were entered into the federal government Gazette (No. 129, Vol. 108) on the 6th day of August 2021, and the implementation is with immediate effect. The amended regulations (and Regulations, Guidelines and Guidance materials) are available on the commission’s website and also available for purchase from the Gazette Office.