The Federal Competition and Consumer Protection Commission (FCCPC) has cautioned companies, legal advisers, and other stakeholders involved in corporate transactions against concluding mergers and acquisitions without first obtaining regulatory clearance, warning that violations of statutory notification requirements will attract sanctions.
In a statement released on Tuesday, the competition watchdog said that any transaction meeting the prescribed thresholds under the Federal Competition and Consumer Protection Act (2018) must be formally notified and approved before being carried out.
The notice, signed by Eme David-Ojugo, Head of the Commission’s Mergers and Acquisitions Department, explained that the requirement applies to a wide range of business combinations, including acquisitions of shares and assets, joint ventures, and other arrangements classified as mergers under the law.
The Commission stated that “a transaction is notifiable where it meets the thresholds prescribed under the FCCPC framework,” referencing Section 93(4) of the Act.
According to the FCCPC, the notification regime is a key tool for assessing whether proposed mergers could substantially lessen competition or raise public interest concerns in the market. It also enables the regulator to monitor market structure and competitive activity across sectors.
The warning comes amid increasing merger and acquisition activity in Nigeria, as companies pursue consolidation, partnerships, and restructuring in response to economic pressures and evolving regulatory conditions.
The Commission advised businesses and their advisers to engage early in the transaction process, including through pre-notification consultations where necessary, noting that this helps ensure regulatory clarity, speeds up review processes, and supports compliance.
It further cautioned that failure to notify a qualifying transaction constitutes a breach of the law and would result in “stiff penalties and enforcement actions.”
The FCCPC reaffirmed its commitment to promoting fair competition, protecting consumers, and maintaining a transparent business environment, while encouraging stakeholders to seek clarification through its official channels when needed.
