By Miriam Humbe, Abuja
The Federal Competition and Consumer Protection Commission (the Commission) has said that previous Guidelines on Simplified Process for Foreign-to-Foreign Mergers with Nigerian Component is now replaced by the new Merger Review Framework.
On Monday, November 23rd, 2020, the Commission issued the Merger Review Regulations (MRR) 2020 with ancillary instruments.
The Merger Review Regulations 2020 establishes a composite framework for the application of rules with respect to notification and review of mergers under Part XII of the Federal Competition and Consumer Protection Act 2018.
Executive Vice Chairman/ CEO of the Commission, Mr. Babatunde Irukera, expressed its gratitude to all stakeholders for their valuable contributions during the process of consultation.
Mr Irukera said: “As a first step towards implementation, the Commission is convening a virtual Stakeholders’ Seminar in conjunction with the World Bank Group to sensitise and educate the public on the provisions of MRR 2020 and ancillary instruments”.
The virtual Seminar will also include participation from other competition authorities.
“The Commission invites all stakeholders, including businesses, legal & financial advisers, as well as other regulators to the virtual seminar scheduled to take place at 2:00pm on Thursday, December 10, 2020.