Before 2019, the Securities and Exchange Commission ("SEC"), was the principal regulator monitoring and administering regulatory control over mergers in Nigeria. There were also sector-specific laws which required certain regulated entities to notify and or seek the approval of their industry-specific regulators, in the event of a proposed merger or acquisition. For example, under the Insurance Act 2003, insurance companies required the approval of the National Insurance Commission before any amalgamation or transfer of insurance businesses.' However, come 2019, the Federal Competition and Consumer Protection Commission (the "Commission")? was established under the Federal Competition and Consumer Protection Act (the "Act") repealing the relevant provisions of the Investment and Securities Act with respect to mergers. Consequently, the SEC ceased monitoring the control of mergers and acquisitions. The Act places within the purview of the Commission, the administration of and the oversight functions over mergers in Nigeria?. Additionally, the Act applies to any person in relation to the acquisition of shares or other assets outside Nigeria resulting in the change of control of a business, part of a business or any asset of a business, in Nigeria." This essentially means that a foreign merger will require the notification of the Commission where it will lead to a change in control of a Nigerian subsidiary or where such foreign merger is between entities who (though not registered in Nigeria), produce goods and services sold to Nigeria.
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