The Federal Competition and Consumer Protection Commission (FCCPC) has warned companies, legal advisers, and transaction stakeholders against completing mergers and acquisitions without prior regulatory approval.
In a statement issued on Tuesday, the commission said transactions that meet the prescribed thresholds under the Federal Competition and Consumer Protection Act 2018 must be notified and cleared before implementation.
The notice, signed by the Head of the Commission’s Mergers and Acquisitions Department, Eme David-Ojugo, stressed that non-compliance with the notification requirement would attract sanctions.
According to the commission, the obligation applies to several forms of business combinations, including acquisitions of shares or assets, joint ventures, and other arrangements that fall within the legal definition of a merger.
“A transaction is notifiable where it meets the thresholds prescribed under the FCCPA framework,” the commission said, referencing the relevant notice issued pursuant to Section 93(4) of the Act.
The regulator explained that the notification regime allows it to assess whether proposed deals could substantially prevent or lessen competition in Nigeria’s markets or raise broader public interest concerns.
It added that the process also enables the commission to maintain visibility over market structures and competitive dynamics across sectors.
The FCCPC therefore urged businesses and their advisers to engage with the commission early in the transaction process, including through pre-notification consultations.
According to the commission, early engagement provides regulatory certainty, shortens review timelines, and ensures compliance with the law.
“Parties are therefore advised to take all necessary steps to ensure compliance prior to the implementation of such transactions,” the FCCPC said.
It warned that failure to notify a notifiable transaction constitutes a breach of the law and would attract stiff penalties and other enforcement actions.
The warning comes amid increasing deal-making activity in Nigeria, as companies pursue consolidation and restructuring in response to macroeconomic pressures and evolving regulatory requirements.
Meanwhile, the FCCPC has signed a Memorandum of Understanding with the Lagos State Consumer Protection Agency to strengthen consumer protection and improve dispute resolution across the country.
Speaking at the signing ceremony in Abuja on Tuesday, the Executive Vice Chairman of the FCCPC, Tunji Bello, said the partnership was designed to bring consumer protection closer to citizens.
He noted that many consumer complaints arise at the local level and require quick intervention by state institutions.
“Many consumer issues arise within states and communities. They are local in character, immediate in effect, and often require rapid intervention. State institutions are therefore indispensable partners in building a credible and accessible consumer protection framework across the federation,” Bello said.
He added that the growing complexity of modern markets makes it increasingly difficult to manage consumer protection solely from the federal level.
According to Bello, consumer protection now extends to several aspects of daily life, including transportation, food, housing, healthcare, digital services, financial transactions, e-commerce, pricing transparency, and the quality of essential services.
He described the agreement with the Lagos agency as a significant step toward improving consumer welfare and promoting fair business practices.
The pact provides a framework for information sharing, complaint referrals, joint consumer education campaigns, and coordinated regulatory actions between both institutions.
Bello also highlighted that many complaints received by the commission relate to housing and urban development, areas that largely fall under the jurisdiction of state governments.
On his part, the General Manager of the Lagos State Consumer Protection Agency, Afolabi Solebo, described the partnership as long overdue.
“You cannot work in silos. We have the federal body, and in many cases, you need that federal strength to achieve results. That is why this collaboration is very important,” he said.
Solebo revealed that the Lagos agency had recovered more than N40m and over $10,000 for consumers, particularly in the aviation sector.
He added that the new partnership would strengthen efforts to address consumer exploitation and unfair trade practices.
Bello also called on other states to strengthen their consumer protection frameworks, noting that coordinated regulatory action would help build confidence in Nigeria’s markets.
“Together, we can build markets that reward enterprise, protect consumers, and inspire confidence,” he said.
