FCCPC tightens merger rules, signs consumer protection pact with Lagos

The Federal Competition and Consumer Protection Commission (FCCPC) has warned businesses and transaction advisers against concluding mergers and acquisitions without prior regulatory approval, stressing that violators risk stiff penalties.

In a statement issued on Tuesday, the commission said any transaction that meets the notification thresholds under the Federal Competition and Consumer Protection Act (FCCPA) 2018 must be cleared before implementation.

The notice, signed by the Head of the Commission’s Mergers and Acquisitions Department, Eme David-Ojugo, stated that the requirement applies to share and asset acquisitions, joint ventures, and other arrangements classified as mergers under the law.

According to the FCCPC, the notification process enables it to assess whether proposed deals could substantially reduce competition or raise broader public interest concerns, while also maintaining oversight of market dynamics across sectors.

The commission urged companies to engage early with regulators through pre-notification consultations to ensure compliance and avoid delays, warning that failure to notify qualifying transactions constitutes a breach of the law.

The directive comes amid rising deal activity in Nigeria as firms pursue consolidation and restructuring in response to economic pressures.

Meanwhile, the FCCPC has signed a Memorandum of Understanding with the Lagos State Consumer Protection Agency to strengthen consumer protection and improve dispute resolution at the state level.

Speaking at the signing ceremony in Abuja, the Executive Vice Chairman of the FCCPC, Tunji Bello, said the partnership aims to decentralise consumer protection by bringing services closer to the people.

He noted that many consumer issues are local in nature and require swift intervention, making collaboration with state institutions essential.

Bello described the agreement as a step toward enhancing consumer welfare through information sharing, complaint referrals, joint public education, and coordinated regulatory actions.

On his part, the General Manager of LASCOPA, Afolabi Solebo, said the collaboration would strengthen efforts to tackle exploitation and unfair business practices, adding that the Lagos agency has already recovered significant sums for affected consumers.

The FCCPC also called on other states to establish and strengthen their consumer protection frameworks, noting that coordinated efforts across the federation would boost confidence in Nigeria’s markets.