The President of the Federal Republic of Nigeria on the 6th of February 2019 signed the Federal Competition and Consumer Protection Bill into law. The Bill (now an Act) is aimed at developing and promoting fair, efficient and competitive markets in the Nigerian economy with a view to eliminating anti-competitive practices, facilitating access by Nigerian citizens to safe products, as well as securing the rights of consumers in Nigeria.
The new Act introduces significant changes in the regulation of mergers and acquisitions in Nigeria and provides a comprehensive legal framework for the regulation of competition laws in Nigeria. The Act repeals the Consumer Protection Council Act, and certain sections of the Investments and Securities Act 2007.
The Act also establishes a Federal Competition and Customer Protection Commission and a Competition and Consumer Protection Tribunal, which would hear and determine competition and consumer protection related matters.
In addition, the Act applies to all undertakings and commercial activities within or having effect within Nigeria, and the scope of its application extends to conduct outside Nigeria in specific circumstances.
We await the official release of the Act for the publication of our comprehensive analysis.