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Business

Federal Government issues Merger Review Regulations 2020

The FCCPC has issued the Merger Review Regulations (MRR) 2020 with ancillary documents.

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The Federal Competition and Consumer Protection Commission (FCCPC) under the aegis of the Federal Government of Nigeria, has issued the Merger Review Regulations (MRR) 2020 with ancillary documents.

This disclosure was made by the Executive Vice Chairman of the Commission, Babatunde Irukera, in a press release issued by the Commission today and tweeted via the official handle of the Government of Nigeria.

According to the information contained in the press release, the MRR 2020 establishes a composite framework for the application of rules with respect to notification and review of mergers under Part XII of the Federal Competition and Consumer Protection Act 2018.

(READ MORE: Former Liberian President to sit on WHO review panel of COVID-19 response effort)

What you should know

In addition to the Merger Review Regulations, the ancillary instruments that have also been issued include:

  • The Merger Review Guidelines (MRG) 2020 that provides guidance framework for the procedural and substantive review of notified mergers.
  • Notice of Merger Form (Form 1) with Guidance Notes that explains filing requirements for notifications.
  • Notice of Merger Form for the Simplified Procedure (Form 2).
  • Negative Clearance Form to seek clearance for transactions where parties are uncertain about the applicability of the full review jurisdiction of the Commission.
  • Guidance Notes about gun jumping and measures to uphold standstill obligations.
  • Notice in respect of Indicative Timeframes for Merger Notification and Review Process.
  • Templates for Waiver of Confidentiality and eliciting contact information.
  • Model Power of Attorney.

What they are saying

Speaking on the development, Babatunde Irukera said,

Consequently, the Commission’s previous Guidelines on Simplified Process for Foreign-to-Foreign Mergers with Nigerian Component is now replaced by the new Merger Review Framework.”

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The Commission expresses its gratitude to all stakeholders for their valuable contributions during the process of consultation. As a first step towards implementation, the Commission is convening a virtual Stakeholders’ Seminar in conjunction with the World Bank Group to sensitise and educate the public on the provisions of MRR 2020 and ancillary instruments.

“The virtual Seminar will also include participation from other competition authorities. The Commission invites all stakeholders, including businesses, legal & financial advisers, as well as other regulators to the virtual seminar scheduled to take place at 2:00pm on Thursday, December 10, 2020.”

To register and participate in the forthcoming seminar, visit https://us02web.zoom.us/webinar/register/WN sU4LL6iR3S7-6XAmk6g-_Q

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

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Business

Reps to investigate train ticket racketeering after Nairametrics report

Lawmakers allegedly found that ticket racketeering is done by operators of the Abuja and Kaduna railway stations.

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bill, House of Reps to make Youths globally competitive, Closing of Nigerian-owned shops in Ghana must be dealt with decisively - Femi Gbajabiamila, Lagos State needs N1 trillion for reconstruction - Femi Gbajabiamila

Legislators in the House of Representatives are set to investigate alleged railway ticket racketeering after Nairametrics uncovered the menace in a special report in March.

The House of Representatives resolved to do this after they allegedly found that ticket racketeering activities were being carried out by operators of the Abuja and Kaduna railway stations.

READ: Nigerians lament over hike in train fare caused by black market racketeering

What lawmakers are saying about racketeering

Zayyad Ibrahim of APC from Kaduna at the plenary, on Tuesday, said:

“The e-Ticketing System for the Abuja-Kaduna train services enabled commuters to book tickets online, thus curbing ticket racketeering and the stress of purchasing tickets at the train stations.

“[We are] concerned that ticket racketeering, which the e-Ticketing System sought to eradicate, is still going on unabated, as tickets can no longer be adequately accessed online due to the mischievous activities of some people, who buy wholesale tickets and resell to passengers at exorbitant prices.

“Taking cognizance of the fact that if the activities of racketeers are not curbed, passengers will continue to be denied the privilege of accessing the train services as, sometimes, a train may leave the station without carrying the required number of passengers, because the tickets are not accessible or affordable to the majority of passengers.”

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READ: Sanwo-Olu says Lagos rail projects will cost over N100 billion

The House urged the management of the Nigerian Railway Corporation (NRC) to strengthen their internal mechanisms with a view to eradicating ticket racketeering.

In his ruling, the Speaker of the House, Rep. Femi Gbajabiamila, mandated the Committee on Land Transport to investigate the matter and report back within two weeks for further legislative action.

What you should know about the e-Ticketing system

The Abuja-Kaduna train services were officially commissioned by President Muhammadu Buhari on 26th July 2016, to provide an alternative to road transportation in the area.

There had been a tremendous increase in passengers at Idu and Kubwa stations in Abuja, as well as at Rigasa in Kaduna, due to increased patronage following security challenges on the Abuja and Kaduna Expressway. But it appears that that the increase in passengers led to ticket-racketeering, an ugly practice.

READ: Train 7 project: NLNG reacts after NNPC, others delay decision 

On March 16, 2021, Nairametrics published a special report where Nigerians lamented over the recent hike in train fares, which many of them said was illegal.

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Aside from the difficulties and over 100% hike in the fares, most of the victims, who spoke with Nairametrics, urged the Federal Government through the Rotimi Amaechi-led Ministry of Transportation to investigate the allegations and expose the activities of the corrupt individuals involved in the menace.

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Business

Insecurity: Lagos to roll out extensive policies in May to keep the state safe

Governor Sanwo-Olu has assurred Lagos residents of his government’s intention to tackle impending security challenges in the state.

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Lagos orders removal of all unapproved street gates in the state to ease traffic, Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts

The Lagos State Government has said that it would in the month of May roll out extensive policies to tackle impending security challenges in addition to providing far-reaching support to all security operatives to keep the state safe.

This follows the high rate of insecurity which is characterized by kidnapping, banditry, terrorism, armed robbery and so on, in different parts of the country.

This was disclosed by the Lagos State Governor, Babajide Sanwo-Olu, on Monday, while speaking at the 3rd session of the 34th Synod of the Diocese of Lagos, Church of Nigeria (Anglican Communion) held at Our Saviour’s Anglican Church, Tafawa Balewa Square, Lagos.

Sanwo-Olu assured that Lagos will be a state that everybody would be proud of, adding that his administration will deliver on all the THEMES six-pillars developmental agenda for ‘Greater Lagos.’

READ: Lagos takes steps to prevent third wave of Covid-19, facilities on high alert

What the Lagos State Governor is saying

Sanwo-Olu in his statement said, “Talking about security, we can say Lagos is relatively better but I sit on it and I know what we are doing and the things we need to do. We know we have issues to deal with as a country and Lagos will certainly be leading that conversation because we know how critical this State is to the nation.

“This is the melting pot for our nation where anybody can come in with a lot of aspirations and do well. Lagos is a state that gives hope to a lot of Nigerians. Lagos is a state that gives hope to all of Nigeria. So, we cannot afford anything to happen here. I can assure you with every sense of commitment that we will stop at nothing to make sure that Lagos remains safe and secure.

“In this month of May, you will see extensive pronouncements in that regard. You will see extensive policies and far-reaching support that would be given out to all our security operatives so that it is not just a talk show and film show; it is something we are committed to and we will continue to make sure that our Lagos remains safe, secure, prosperous and a place where all of you would truly be proud of.”

READ: Lagos announces the closure of Ikorodu Road inbound Anthony for 4 weeks

On some of the measures being taken by his administration to curb insecurity in the state, Governor Sanwo-Olu said “We will deal with the issue of motorcycle in systematic order and to have a human face to it, we would provide credible alternatives. We cannot throw the baby and the water away. The alternatives would be properly fashioned out before the end of the month of May.

Governor Sanwo-Olu also appealed to citizens who have buildings that are either not completed or abandoned to get a professional security company to take them over so that they can monitor and police them well instead of leaving them open for criminals as hideouts.

 

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