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Antitrust law, also referred to as competition law in Nigeria, promotes fair competition and prohibits practices that restrict trade. In Onitsha, as with the rest of Nigeria, these laws are governed by the Federal Competition and Consumer Protection Act (FCCPA) of 2019. The law seeks to eliminate monopolies, prohibit abuse of a dominant market position, and penalize other unfair and restrictive business practices.
Understanding and navigating antitrust laws can be complex given the economic principles and legal doctrines involved. You may need a lawyer to prevent inadvertent violations, help you structure business practices and drafts agreements to comply with the law, advocate in case of investigations and litigation regarding alleged violations, or to guide you in merger and acquisition processes which demand strict antitrust scrutiny and compliance.
The key pillars of the FCCPA that impact antitrust issues include prohibition of agreements to restrain competition, abuse of a dominant market position, and control of mergers and acquisitions. The Act also established the Federal Competition and Consumer Protection Commission (FCCPC), which is responsible for enforcing the provisions of the act. Therefore, businesses in Onitsha must ensure they are in compliance with this law to avoid punitive measures from the regulatory body.
Any activity seen to restrain trade like fixing prices, creating a monopoly, colluding to restrict competitions, or abusing a dominant market position could be considered a violation.
Penalties can range from fines to imprisonment or both. Businesses can also be compelled to restructure operations to eliminate the violation.
Yes. The FCCPA provides for private action by any person who suffers loss or damage as a result of a violation of its competitive provisions.
Yes. Merger parties are generally advised to notify the FCCPC to determine if their proposed merger would substantially limit competition.
The FCCPC can impose sanctions and penalties on any company, national or international, operating within Nigeria and found to be in contravention of the provisions of the FCCPA.
The Federal Competition and Consumer Protection Commission (FCCPC) website contains rich resources and updated information on the regulation and administration of competition law in Nigeria. For legal advice and representation, there are several law firms in Onitsha with experts versed in competition law/antitrust matters.
If you need legal assistance in antitrust, it is advisable to engage the services of a reputable law firm in Onitsha or contact the Legal Aid Council of Nigeria for assistance. Before entering into business agreements or making significant changes to your business operation, it is also recommended to seek legal counsel on possible antitrust implications.
