FCCPC releases merger review regulations 2021 in Nigeria

*The Federal Competition and Consumer Protection Commission (FCCPC) issues a Merger Review (Amended) Regulations 2021 to govern the notification and review of mergers as it welcomes feedback and continued engagement with stakeholders

Isola Moses | ConsumerConnect

Pursuant to Sections 17, 18, & 163 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, and sequel to feedback from the market, professional advisers and related associations, 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 Commission said the Regulations amend the FCCPC Merger Review Regulations 2020 and modify applicable fees for notifications under Schedule 1 of the Regulations.

Mr. Babatunde Irukera, Executive Vice-Chairman/Chief Executive Officer (CEO) of FCCPC, in a statement issued Monday, August 16, 2021, in Abuja, FCT, said 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.

The statement noted “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.”

Irukera also stated the regulatory Commission intends to continue monitoring, and timely responsiveness to emerging trends or 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 the West African country.

He noted: “As such, the Commission appreciates the feedback and welcomes the continuing engagement accordingly.”

The amended Regulations was entered into the Federal Government Gazette (No. 129, Vol. 108) August 6, 2021, and the implementation is with immediate effect, said the FCCPC CEO.

The statement added the amended and now prevailing Regulations (and Regulations, Guidelines and Guidance materials) besides availability for purchase from the Gazette Office, is also accessible on the Commission’s Web site at www.fccpc.gov.ng.