Nigeria’s FCCPC fully automates merger notification process

Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has taken a significant step in transforming its operations by introducing a fully automated remote filing process for merger and acquisition notifications. This move comes as the FCCPC aims to adapt to the challenges posed by the coronavirus pandemic and align itself with global competition agencies that have already adopted similar digital processes. Babatunde Irukera, the CEO of the FCCPC, sat down with CNBC Africa to explain the details of this innovative development. The FCCPC plays a crucial role in Nigeria’s business ecosystem, focusing on both consumer protection and competition regulation. In terms of competition regulation, the commission oversees mergers and acquisitions to ensure that potential transactions do not harm market competition. Additionally, the FCCPC works to regulate monopolies, prevent cartels, and address barriers to entry in various sectors. On the consumer protection front, the commission enforces compliance measures to safeguard the rights of citizens and hold companies accountable for their actions. The introduction of the merger notification portal represents a significant milestone for the FCCPC and the business environment in Nigeria. By shifting to an online platform, the FCCPC aims to reduce costs, enhance transparency, and improve efficiency. The portal also serves as a response to public health concerns, such as the need for social distancing during the pandemic. Moreover, it enables businesses to maintain continuity by allowing them to file notifications for mergers and acquisitions seamlessly. The portal facilitates the entire process from start to finish, including managing responses, addressing deficiencies, and requesting additional evidence. Users can upload necessary documents, categorize confidential information, and access regulatory decisions online. In addition, the portal offers expedited services for those seeking faster processing times. This digital transformation not only streamlines the merger notification process but also showcases the FCCPC’s commitment to leveraging technology for effective governance. With the launch of this innovative portal, Nigeria’s FCCPC is poised to enhance regulatory transparency and support business growth in the country.