Nigeria: Federal Competition and Consumer Protection Act including merger control regulation entered into force

On 30 January 2019, the Federal Competition and Consumer Protection Act (FCCPA) was signed by the President and entered into force. According to the Act, the merger occurs when one or more undertakings directly or indirectly acquire control over the whole or part of the business of another. The Federal Competition and Consumer Protection Commission (FCCPC) has the authority to evaluate whether a merger may substantially lessen competition, assessing factors like market concentration, barriers to entry, and the likelihood of efficiency gains. Large mergers must be notified to the FCCPC and cannot proceed without approval. Failure to notify or comply with the requirements may result in penalties, including a fine of up to 10% of the preceding year's turnover​.