The Federal Competition and Consumer Protection Commission has warned companies, legal advisers, and transaction stakeholders against completing mergers and acquisitions without prior approval, even as it signed a Memorandum of Understanding with the Lagos State Consumer Protection Agency to strengthen consumer protection nationwide.
In a statement issued on Tuesday, the competition watchdog said transactions that meet prescribed thresholds under the Federal Competition and Consumer Protection Act 2018 must be notified and cleared before implementation, stressing that non-compliance would attract sanctions.
The notice, signed by the Head of the Commission’s Mergers and Acquisitions Department, Eme David-Ojugo, stated that the obligation applies to various business combinations, including acquisitions of shares and assets, joint ventures, and other arrangements that fall within the legal definition of a merger.
“A transaction is notifiable where it meets the thresholds prescribed under the FCCPA framework,” the commission said, referencing the relevant notice issued pursuant to Section 93(4) of the Act.
The FCCPC said the notification regime is central to its mandate to assess whether proposed transactions could substantially prevent or lessen competition in Nigeria’s markets or raise wider public interest concerns. It added that the process enables the regulator to maintain visibility over market structures and competitive dynamics across sectors.
The commission urged businesses and their advisers to engage early in the transaction lifecycle, including through pre-notification consultations, noting that such engagement provides regulatory certainty, shortens review timelines, and ensures compliance.
“Parties are therefore advised to take all necessary steps to ensure compliance prior to the implementation of such transactions,” the FCCPC said, warning that failure to notify a notifiable transaction constitutes a breach of the law and would attract “stiff penalties and other enforcement actions.”
The warning comes amid a steady rise in dealmaking activity in Nigeria, as companies pursue consolidation and restructuring in response to macroeconomic pressures and evolving regulatory expectations.
Meanwhile, in a move aimed at decentralising consumer protection and accelerating complaint resolution, the FCCPC signed a Memorandum of Understanding with the Lagos State Consumer Protection Agency, declaring that many consumer disputes are best handled at the state level.
Speaking at the signing ceremony in Abuja on Tuesday, the Executive Vice Chairman of the FCCPC, Tunji Bello, said the partnership was driven by the need to bring consumer protection closer to the people.
“Many consumer issues arise within states and communities. They are local in character, immediate in effect, and often require rapid intervention. State institutions are therefore indispensable partners in building a credible and accessible consumer protection framework across the federation,” Bello said.
He noted that consumer protection could no longer be managed solely from Abuja, given the growing complexity of markets and the increasing volume of complaints across sectors.
“Consumer protection is no longer a narrow subject. It now touches nearly every aspect of modern life, transportation, food, housing, healthcare, digital services, financial transactions, e-commerce, pricing, transparency, and the quality of essential services. In each of these areas, citizens expect fairness, accountability, and accessible redress where things go wrong,” he added.
Bello described the agreement as a critical step toward improving consumer welfare and promoting fair business practices, noting that it provides a framework for information sharing, complaint referral, joint consumer education and coordinated regulatory action.
He emphasised that many consumer issues originate at the grassroots, particularly in housing and urban development, making state-level intervention essential. “I recall the 2003 Supreme Court judgment in Attorney General of Lagos State versus Attorney General of the Federation, which established that urban and regional planning is a residual matter under state control. Yet, we receive numerous petitions on housing issues here in Abuja. It has become impractical for us to handle such matters centrally,” he said.
On his part, the General Manager of LASCOPA, Afolabi Solebo, described the agreement as long overdue, stressing the need for synergy between federal and state institutions.
“You cannot work in silos. We have the federal body, and in many cases, you need that federal strength to achieve results. That is why this collaboration is very important,” he said.
Solebo disclosed that the Lagos agency had recovered over N40m and more than $10,000 for consumers, particularly in the aviation sector, adding that the partnership would enhance efforts to tackle exploitation and unfair trade practices.
Bello called on other states to strengthen their consumer protection frameworks, noting that coordinated action would boost confidence in Nigeria’s markets.
“Together, we can build markets that reward enterprise, protect consumers, and inspire confidence,” he said.
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