SEC, FCCPC sign MoU on merger review

Securities and Exchange Commission (SEC) has signed a Memorandum of Understanding (MoU) with the Federal Competition and Consumer Protection Commission (FCCPC) to simplify the process of company merger.

In separate statements on Monday, both agencies said the MoU would foster “a mutually beneficial engagement and seamless operation of the mandates of both organisations.”

The MoU, according to FCCPC, came four months after the two organisations established a joint merger review desk as an interim measure to ensure continuing processing of pending and emerging transactions.

A key role of FCCPC is merger review, which was, prior to the MoU, a statutory role of SEC, it said.

Speaking at the ceremony, the Acting Director-General of SEC, Ms Mary Uduk, said the agreement would ultimately strengthen the nation’s economy.

On his part, the Chief Executive Officer of FCCPC, Mr Babatunde Irukera, said the interim arrangement had been acclaimed in the industry as exemplary of how to proffer solutions, promote confidence in the regulatory ecosystem and enable businesses.

The parties agreed to cooperate and collaborate in performing their individual duties, particularly in information sharing, consumer complaints in the capital market, investigation, enforcement and compliance, including capacity building.