Nigeria 1999

Score = 10

Governed by: Investments and Securities Decree N° 45 of 1999 (hereinafter referred to as “Securities Act”).

Category	Subcategory	Score	Comment
Scope	Extraterritoriality	0
Remedies	Fines	1	Article 108(b) says that a violation of the merger law can lead to a fine and/or imprisonment.
	Prison Sentences	1	Article 108(b) says that a violation of the merger law can lead to a fine and/or imprisonment.
	Divestitures	1	Article 100 allows for the dissolution of a company when certain mergers violate the aims of the law.
Private Enforcement	3rd Party Initiation	0
	Remedies Available to 3rd Parties	0
	3rd Party Rights in Proceedings	0
Merger Notification	Voluntary	0
	Mandatory	3	Article 105(1) of the Securities Act says that no takeover can occur without the prior Authority of the Commission.
	Pre-merger	2	Article 105(1) of the Securities Act says that no takeover can occur without the prior Authority of the Commission.
	Post-merger	0
Merger Assessment	Dominance	1	Article 99(3)(b) says that the Commission shall allow any merger that does not create a monopoly position.
	Restriction of Competition	1	Article 99(3)(a) says that the Commission shall allow any merger that does not have a substantial restriction on competition.
	Public Interest (Pro D)	0
	Public Interest (Pro Authority)	1	Article 105(6) says that the Commission must consider whether the merger will have adverse effects on the economy, manpower, and development within Nigeria.
	Other	0
	Efficiency	0
Dominance	Limits Access	0
	Abusive Acts	0
	Price Setting	0
	Discriminatory Pricing	0
	Resale Price Maintenance	0
	Obstacles to Entry	0
	Efficiency Defense	0
Restrictive Trade Practices	Price Fixing	0
	Tying	0
	Market Division	0
	Output Restraint	0
	Market Sharing	0
	Eliminating Competitors	0
	Collusive Tendering/Bid-Rigging	0
	Supply Refusal	0
	Efficiency Defense	0