NIGERIA

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Content last updated: 20-03-2020

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  • Merger Screening

2. Establishing jurisdiction for notification of mergers

2.3 General thresholds

2.3.1 Threshold(s) for when a concentration must be notified under the general merger control regime?

The new competition act provides for thresholds to be formulated but none have been published at this point. Proposed threshold values must be published for public comment and must be finalised within two months of publication.

It will be mandatory to notify and obtain prior approval for large mergers. Small mergers will not have to be notified unless the competition authorities require so within six months of the transaction being completed.

The competition act provides that a ‘merger’ occurs when one or more undertakings directly or indirectly acquire or establish direct or indirect control over the whole or part of the business of another undertaking. Penalties for violation of the duty to notify is up to 10% of annual turnover.

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