Nigeria’s competition commission to simplify merger procedures for listed firms

NIGERIA – The Federal Competition and Consumer Protection Commission (FCCPC) has announced its partnership with Securities and Exchange Commission (SEC) to introduce a simplified processes of merging companies in Nigeria.

This was revealed by the Acting Director General of SEC, Ms. Mary Uduk, during the signing of a memorandum of understanding (MoU) between SEC and FCCPCC in Abuja.

Ms. Uduk expressed  the need for both organisations to work together to ensure that the collaboration would lead to a stronger economy for the country.

“We are happy with the work the FCCPCC has done so far and on our part as SEC, we are willing to provide you with any relevant assistance you would need to hit the ground running and improve our nation’s economy,” she said.

The acting DG disclosed that the commission presently had capacity in the area of mergers and would be willing to share knowledge with the FDCC.

In his remarks, the Director General of FCCPCC, Mr. Babatunde Irukera, was grateful for the friendship and collaboration that it had been offered by SEC.

Mr. Irukera was particularly thankful for the leadership that SEC offered during the Merger review process.

“Your collaboration with us has become a good example to everyone both internationally and domestically,” Said Irukera. “The work between the two organizations has created a master stroke and without your leadership it would not have been possible.

Mr Irukera further added that SEC’s assistance to FCCPC was immensely helpful in assisting it to properly oversee mergers in the country.

The responsibility of reviewing mergers, acquisitions, and other business combinations had for a long time been the preserve of the Securities Exchange Commission.

The signing into law of the Federal Competition and Consumer Protection Act (FCCPA) 2019 by President Muhammadu Buhari, however transferred that role to the FCCPC.

The MoU between the two federal institutions was therefore necessary to ensure commercial transactions and market operations occurred in a continuous and seamless manner.