The Federal Government has reviewed the applicable fees for mergers and acquisitions of corporate entities and assured its commitment to closely monitor the operational realities of its latest measures.
To this effect, the Competition and Consumer Protection Commission (FCCPC) has 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).
The Chief Executive Officer of the Commission, Mr. Babatunde Irukera, stated that the amended regulations generally reduced applicable fees and clarified certain considerations in determining applicable turnover in foreign-to-foreign business combinations and investments by Private Investments Entities.
According to him, the latest 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 clarified: “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.”
Irukera disclosed that the amended regulations were entered into the Federal Government Gazette (No. 129, Vol. 108) on August 6th, 2021 and the implementation takes immediate effect.
