APPRAISAL OF THE LEGALITY AND EFFICACY OF THE SEC AND FCCPCâ€™S JOINT ADVISORY ON MERGERS AND ACQUISITIONS UNDER THE FCCP ACT
Keywords:Transitional Provisions, Competition, Consumer Protection, Mergers and Acquisitions
This paper examined the status and efficacy of the statutory framework which empowered the Securities and Exchange Commission (SEC) and the Federal Competition and Consumer Protection Commission (FCCPC) to issue joint advisory on mergers and acquisitions. It was argued that since the SEC was stripped of its powers in the Federal Competition and Consumer Petition Act, 2018 (FCCPC Act), the solution lay in immediate constitution of the FCCPC and the Federal Competition and Consumer Protection Tribunal (FCCPT) for the proper implementation and enforcement of the provisions of the FCCPCAct, bearing in mind the multitude of complaints and litigations that will arise as a result of commercial activities in the course of implementation and enforcement of the FCCPC Act. The paper concluded that constituting the two important institutions established under the FCCPC Act will ensure compliance with international legal standards set by the United Nations Guidelines for Consumer Protection (UNGCP) and the Organisation of Economic Cooperation and Development (OECD).