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www.spnglegal.com_____________________________________________________________________________________ COMPETITION RULES/CONSUMER PROTECTIONOUTLINE1. Governing Statutes2. Regulated Sectors;a. The Securities Marketb. Communicationc. Electricityd. AviationGOVERNING STATUTESNigeria does not yet have a single competition law. However, sector specific laws to regulate competitionand protect consumers exist. These sectors are:1. The Securities Market: This is regulated by the Securities and Exchange Commission under theInvestments and Securities Act 2007. The Commission is vested with wide powers to regulatecompetition in the market as it relates to mergers, acquisitions, take-over and any other forms ofbusiness combinations, including partnerships.2. Communication: This is regulated by the Nigerian Communications Commission (“NCC”). It isempowered by the Nigerian Communications Commission Act 2003 which vests it with exclusivecompetence to determine, pronounce upon, administer, monitor and enforce compliance of allpersons with competition laws and regulations, whether of a general or specific nature, as itrelates to the Nigerian communications market.3. Power: The Electricity Power Reform Act Cap E7, Laws of the Federation of Nigeria 2004makes provisions for the development of healthy competition in the sector with the creation of theNigerian Electricity Regulatory Commission (the “NERC”).4. Aviation: The Civil Aviation Act 2006 Cap C13, Laws of the Federation 2004, creates a bodyknown as the Nigerian Civil Aviation Authority. The Body is vested with the authority toinvestigate and determine upon its own initiative or upon receipt of a complaint by any air carrier,air travel agent, consumer of air transport service or other allied aviation service provider,whether any of the aforementioned has been or is being engaged in unfair or deceptive practicesor unfair methods of competition and order a defaulter to desist from such practices._____________________________________________________________________________________Doing Business in NigeriaAn Investor’s Guide- 2013Page 25 of 36