FCCPC, SEC Sign MoU On Regulatory Collaboration

The 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 company mergers in Nigeria.

The SEC acting Director General, Ms. Mary Uduk, made the disclosure during the signing of a memorandum of understanding between the SEC and FCCPCC in Abuja weekend.

A statement issued by the commission’s spokesperson, Efe Ebelo, quoted Uduk as expressing 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.

She 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.

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 and both internationally and domestically, and your mode of leadership made it possible.

“The work between the two organisations 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 that the real possibilities are available in Nigeria.”