FG Amends Merger Law, Reduce Application Fees For Businesses

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The Federal Competition and Consumer Protection Commission (FCCPC) have issued 2021 Merger Review (Amended) Regulations, to govern the notification and review of mergers under Part XII of the Federal Competition and Consumer Protection Act (FCCPA).

In a statement yesterday the Chief Executive Officer of the Commission, Mr. Babatunde Irukera, explains that the amended regulations generally reduce applicable fees and clarifies certain considerations in determining applicable turnover in foreign-to-foreign business combinations and investments by Private Investments Entities.

According to him, this modification is coming in response to close monitoring of the operational realities of the 2020 regulations and feedback from the market, professional advisors and related associations.

He stated further: “The 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 Nigeria.”

He noted that the amended regulations were entered into the Federal Government Gazette (No. 129, Vol. 108) on August 6th, 2021 and the implementation is immediate.

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