ABUJA, Nigeria — 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, according to a statement issued on April 22, 2026.
Okay News reports that Ondaje Ijagwu, Director of Corporate Affairs at the FCCPC, said the warning was necessary to ensure adherence to the Federal Competition and Consumer Protection Act, 2018.
The FCCPC reiterated its legal authority to review, approve, approve with conditions, or prohibit mergers and qualifying business combinations once notified. The Commission explained that the framework is designed to preserve fair competition, prevent harmful market concentration, and protect the public interest.
“It explained that this framework is designed to preserve fair competition, prevent harmful market concentration, and protect the public interest in the Nigerian economy,” the statement read.
The Commission noted that any transaction meeting the thresholds set out in the applicable Notice of Threshold for Merger Notification, issued pursuant to Section 93(4) of the FCCPA, 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.
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. Flutterwave acquired Mono in an all-stock transaction valued between $25 million and $40 million, while Paystack moved to acquire Ladder Microfinance Bank. Moniepoint acquired Orda, and Trove Finance acquired UCML Securities Limited. Andela acquired Woven, while Legend Internet Plc and Spectranet Limited announced plans to merge, aiming to create a broadband provider with an estimated N80 billion capital base. Zenith Bank completed the acquisition of Kenya’s Paramount Bank, securing full ownership after regulatory approvals.
