Merger Review Regulations
Regulation · Governance
Policy date: 2026-03-04
Regulations set out the procedural rules for reviewing and approving mergers and acquisitions that may harm competition. They mandate notification thresholds for companies undertaking large joint ventures or mergers. The rules assess transactions to prevent market harm and provide clear remedies for problematic deals.
What Is This Policy?
Sets out the procedural and substantive rules for notifying, reviewing, and approving or blocking mergers and acquisitions that may harm competition in the Nigerian market.
Who Does It Target?
Companies undertaking mergers, acquisitions, and joint ventures above notification thresholds Legal advisers on M&A transactions FCCPC Merger Review Division Sector regulators involved in concurrent merger review
What Does It Aim to Achieve?
Define mandatory notification thresholds based on combined turnover/assets Establish review timelines to provide transaction certainty Assess mergers for substantial lessening of competition Provide clear remedies (divestitures, behavioural conditions) for problematic mergers
Key Features
Notification Thresholds: Mergers above prescribed combined asset/turnover thresholds require FCCPC pre-approval. Phase I & Phase II Review: Expedited Phase I (30 days) for straightforward deals; in-depth Phase II for complex cases. Remedies Framework: FCCPC may approve with conditions — typically divestitures or behavioural commitments.
Current Status
The Merger Review Regulations are in force, having been issued under the Federal Competition framework for reviewing mergers.
Legal Framework
Federal Competition and Consumer Protection Act 2018 (parent legislation); Companies and Allied Matters Act; Federal Competition and Consumer Protection Commission Regulations