SEC to simplify merger procedures for listed firms

The Securities and Exchange Commission has announced its partnership with the Federal Competition and Consumer Protection Commission to introduce simplified measures on the processes of mergers of companies in Nigeria.

According to a statement on Monday, Mary Uduk, the acting Director-General, SEC, signed a memorandum of understanding with the FCCPCC in Abuja.

Uduk expressed the need for both organisations to work together in a bid to ensuring a stronger economy for the country.

She said, “We are happy with the work the FCCPCC 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.”

She said the commission possessed the required capacity in the area of mergers and would be willing to share knowledge with the new organisation.

Babatunde Irukera, the director-general, FCCPCC, commended Uduk for the leadership being provided and the collaboration that had helped both organisations.
He said, “We would like to commend the way you have approached your work, especially the merger review. I think it has become exemplary to everyone and the rest of the country. The mode of leadership in the commission made it possible. The work between the two organisations has created a master stroke and without SEC’s leadership, it would not have been possible.”

Irukera added that the partnership with SEC had helped the FCCPCC to begin to get its bearing correctly and helped the investment community to see the real possibilities available in the country.