In a bid to make the process of merging easy for quoted companies, the Securities and Exchange Commission (SEC) is partnering with the Federal Competition and Consumer Protection Commission (FCCPC) to introduce new measures.
A statement made available to the public has confirmed that the acting Director-General, SEC, Mary Uduk, signed a Memorandum of Understanding (MoU) with the FCCPCC, to effect the simplified measures.
“We are happy with the work the FCCPC has done so far. On our part, as apex regulator of the capital market, we are willing to provide them with any relevant assistance they will need to hit the ground running and improve our nation’s economy,” the statement quoted the SEC boss.
On his part, the Director-General, FCCPC, Babatunde Irukera, said the partnership with SEC had helped the FCCPC to begin to get its bearing correctly and helped the investment community to see the real possibilities available in the country.
What this means: The capital market regulator seeks to adopt new measures with the FCCPC to simplify the procedures for companies to merge. The collaboration between the two organisations will extend the scope of the simplified merger procedure, reduce the information required in the merger filing, and at the same time, streamline the process for pre-notification discussions.
Why this matters: Corporate mergers can have a profound impact on the business world. Mergers occur when two or more businesses combine to create a new and larger business entity that combines the resources of the original companies. This process can go off without a hitch but this is not always the case. Businesses looking to combine their efforts may run into certain problems along the way.
What you should know: In accordance with the Federal Competition and Consumer Protection Act (FCCPA), which was signed into law on Wednesday, January 30, 2019, the SEC and FCCPC recently issued joint guidance on the submission of notifications for proposed mergers, acquisitions and other business combination notifications.
FCCPC, which replaced the Consumer Protection Council, is saddled with the responsibility of reviewing all mergers and business combinations in order to ensure that they do not impede or distort the market. Prior to the creation of FCCPC, the responsibility to review these transactions rested with SEC but was removed by FCCPA.
#EndSARS: Access Bank debunks aiding military onslaught against Lekki protesters
Access Bank has dismissed rumours on social media suggesting it aided military onslaught against protesters.
Access Bank Nigeria Plc has vehemently debunked rumour making the rounds that it aided the military onslaught against peaceful #EndSARS protesters at Lekki, by allowing military snippers access its head office tower for operations.
Backstory: Recall that Nairametrics had earlier reported on how soldiers allegedly fired gunshots to disperse #EndSARS protesters in Lekki yesterday.
In view of this development, there have been public outcries and ensuing allegations, one of which is that Access Bank Nigeria Plc aided the military onslaught.
What they are saying
In response to the allegations, the bank first reacted to the development by expressing condolence. A verified tweet by the bank read thus: “We are deeply saddened to hear about the unfortunate loss of innocent lives yesterday at the Lekki Toll. We pray that the souls of the innocent rest in peace”.
In addition, the bank stated: “We wish to address the statement by Arise TV alleging that Military Snipers were allowed access to our Head Office Tower for operations at the Lekki Toll Gate area. This is absolutely untrue. The video shared on Arise TV featured an employee of the bank conducting routine maintenance at the Tower location. It is unfortunate that this was reported as a sniper without any proof. As a corporate citizen with the purpose of impacting lives positively, we will never endanger the lives of Nigerians.”
We wish to address the statement by Arise TV alleging that Military Snipers were allowed access to our Head Office Tower for operations at the Lekki Toll Gate area. This is absolutely untrue.
— Access Bank Plc (@myaccessbank) October 21, 2020
Just in: UK High Commission shuts down visa centres in Nigeria due to #EndSARS protests
The UK High Commission in Nigeria has announced the shutdown of its VISA application centers in Nigeria.
The United Kingdom High Commission in Nigeria on Wednesday, October 21, 2020, announced the shutdown of its VISA application centers in Nigeria for the next 48 hours, with effect from today (Wednesday), due to the ongoing #EndSARS protests in the country.
This comes barely a day after the US shut down its Lagos consulate, following the outbreak of violence from the #EndSARS protests in major parts of the country including Lagos State and the FCT.
The disclosure was contained in a statement issued by the UK High Commission in Nigeria on Wednesday, October 21, 2020.
The High Commission in a brief statement, also asked applicants with appointments for Wednesday and Thursday, to reschedule their appointments from Monday, October 26th.
“Due to the ongoing protest in Nigeria and for the safety of both staff and applicants, our Nigeria centres will be closed for 48 hours at a minimum. For applicants with booked appointments within this period, please you will need to reschedule your appointment for next week, from 26th October 2020.
“We will continue to post regular updates on this page, so please keep checking back for the latest information on reopening. We sincerely apologize for the inconvenience and thank you for your understanding.”
Update on UK Visa Application Centres:
Our TLS contact Visa Application Centres in Nigeria are currently closed.
For further updates on the closures please visit:
Victoria Island: https://t.co/B17AtE4kqv
— UK in Nigeria🇬🇧 (@UKinNigeria) October 21, 2020
#EndSARS: Archbishop of Canterbury condemns Lekki shootings
The Archbishop of Canterbury has joined his voice to the condemnation of the shooting of protesters in Lagos.
The Archbishop of Canterbury, Justin Welby says he condemns the shooting of unarmed protesters in Lekki and urges President Muhammadu Buhari to ensure that lives are protected.
The Archbishop, who is the Chief of the Anglican Church globally disclosed this on Wednesday morning, as the International Community reacted to videos of protesters getting shot at the Lekki tollgate.
I have urged President @MBuhari directly to ensure that lives are protected – and I say that again now.
I mourn for Nigeria. May God save Nigeria.
— Archbishop of Canterbury (@JustinWelby) October 21, 2020
Recall Nairametrics reported that several social media accounts revealed peaceful protesters were being shot at by the military at the Lekki toll gate holdout for the #EndSars protest.
The Nigerian Army, however, denied deploying soldiers to attack #EndSARS protesters who assembled at the Lekki Toll Plaza.
The Archbishop earlier said in his statement, “I condemn in the strongest terms the reported deliberate shooting of unarmed protesters in Lagos and other parts of Nigeria.
“I have urged President Muhammadu Buhari directly to ensure that lives are protected – and I say that again now.
“I mourn for Nigeria. May God save Nigeria.