Nigeria: Current Legal Developments in the Investment Landscape
The President of the Federal Republic of Nigeria signed the Federal Competition and Consumer Protection Act into law in the first quarter of 2019 to promote competitive markets in the Nigerian economy and ensure welfare of consumers.
This legislation repeals Consumer Protection Act Cap C25, Laws of the Federation of Nigeria 2004 and Sections 118 – 128 of the Investments and Securities Act Cap I24, Laws of the Federation of Nigeria 2014 (pro-visions relating to mergers, takeovers and acquisitions).
The Act introduces a new consumer protection and merger control regime into Nigeria. Importantly, the Securities and Exchange Commission will no longer be responsible for review and approval of acquisition and merger transactions. It is envisaged that with the new competition regime, competition rules in Nigeria will be similar to that which is obtainable globally.
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