The Merger Review (Amended) Regulations, 2021

On the 2^nd of August 2021, the Federal Competition and Consumer Protection Commission (“the Commission”) introduced the Merger Review (Amended) Guidelines 2021 (“Amended Merger Regulations”). The Amended Merger Regulations introduced a significant amendment for computing the processing fee for notified merger transactions and made clarifications for computing the turnover for Private Investment Entities such as private equity and venture capital fund.

Processing Fee Computation

Under the Merger Review Regulations 2020 (2020 Merger Regulations) stipulated that the processing for notified mergers are calculated as follows:

• 3% for the first N500,000,000 both for consideration of the transaction and last combined annual turnover of the merging undertakings;
• 225% for the next N500,000,000 both for consideration of the transaction and last combined annual turnover of the merging undertakings;
• 15% of any consideration sum after (a) and (b) above or 0.75% of the remainder combined annual turnover after (a) and (b) above

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