SEC, FCCPCC Pledge Collaboration on Mergers

By Chioma Obinagwam

Nigeria’s Securities and Exchange Commission (SEC) and the Federal Competition and Consumer Protection Commission (FCCPCC), have agreed to continue to work together in a bid to simplify the processes of Mergers of companies in Nigeria.

This was disclosed by the Acting Director General of the SEC, Ms. Mary Uduk during the signing of a  memorandum of understanding between the SEC and FCCPCC in Abuja, weekend.

Uduk expressed  the need for both organisations to work together to ensure that there is no vacuum  in a bid to ensuring that the collaboration would lead to a more stronger economy for the country.

“We are happy with the work the FCCPCC has done so far and on our part as the SEC, we are willing to provide you with any relevant assistance you would need to hit the ground running and improve our nation’s economy” she said.

The Acting DG disclosed that the Commission presently has capacity in the area of mergers and would be willing to share knowledge with the new organisation.

In his remarks, the Director General of  FCCPCC, Mr. Babatunde Irukera Commended the DG for the leadership the SEC has provided and for the friendship and collaboration that has helped to bring both organisations this far.

According to him, “We would like to commend the way you have approached your work, especially the merger review, I think it has become examplenary to everyone and the rest of the country and both internationally and domestically, and your mode of leadership made it possible.

“The work between the two organizations has created a master stroke and without your leadership it would not have been possible.

“Not only has that helped this new institution to begin to get its bearing correctly it has also helped the investment community to see what the real possibilities are available in Nigeria”.