The Federal Competition and Consumer Protection Commission (FCCPC) has issued a strong warning to companies, legal advisers, and transaction parties over growing non-compliance with merger and acquisition (M&A) regulations in Nigeria.
In a statement by its Director of Corporate Affairs, Ondaje Ijagwu, the Commission stressed that adherence to the Federal Competition and Consumer Protection Act 2018 is mandatory for all qualifying transactions.
The FCCPC reiterated its statutory authority to review and approve, conditionally approve, or block mergers and business combinations to protect competition and public interest. It warned that any deal meeting the prescribed thresholds must be formally notified and cleared before execution.
According to the Commission, this requirement applies broadly to share acquisitions, asset purchases, joint ventures, and other arrangements that qualify as mergers under Nigerian law. The notification process allows regulators to assess whether a transaction could distort competition or create market dominance.
The agency also urged companies to engage early through pre-notification consultations, noting that this can improve clarity, shorten approval timelines, and reduce regulatory risks.
Failure to comply, the FCCPC warned, constitutes a breach of the law and may attract penalties or enforcement actions.
The warning comes amid a surge in deal-making across Nigeria’s corporate and startup ecosystem. Recent transactions include acquisitions by Flutterwave, Paystack, Moniepoint, and Andela, as well as consolidation moves in the telecoms and banking sectors.
The Commission’s message is clear: as deal activity rises, regulatory compliance is no longer optional—it is central to maintaining a fair and competitive market.
