The Federal Competition and Consumer Protection Commission (FCCPC) has warned companies, legal advisers, and transaction parties against failing to comply with statutory requirements governing mergers and acquisitions in Nigeria.
The warning, issued on April 22, 2026, is aimed at ensuring adherence to the Federal Competition and Consumer Protection Act of 2018.
The Commission reiterated its legal authority to review, approve, or prohibit mergers and qualifying business combinations once notified.
“This framework is designed to preserve fair competition, prevent harmful market concentration, and protect the public interest in the Nigerian economy,” the statement read.
Any transaction meeting the thresholds set out in the applicable Notice of Threshold for Merger Notification must be notified for prior review and approval before implementation.
This applies to share acquisitions, asset purchases, joint ventures, and other arrangements qualifying as mergers under the law.
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The FCCPC encouraged firms and their advisers to engage early in the transaction process, including pre-notification consultations, to improve review timelines and ensure compliance.
Failure to notify qualifying transactions constitutes a violation and may attract administrative penalties or enforcement actions.
Nigeria has recorded a wave of mergers and acquisitions in recent months, including Flutterwave’s acquisition of Mono, Paystack’s move to acquire Ladder Microfinance Bank, and Moniepoint’s purchase of Orda.
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Other notable deals include Trove Finance acquiring UCML Securities Limited, Andela acquiring Woven, and Legend Internet Plc announcing a merger with Spectranet Limited.
Zenith Bank also completed the acquisition of Kenya’s Paramount Bank after securing full ownership following regulatory approvals.
The FCCPC’s warning serves as a reminder that all qualifying transactions must undergo statutory review to avoid sanctions.
