Nigeria: M&A/Private Equity

Private equity, venture capital, and private credit markets in Nigeria are evolving rapidly, with disclosed deal values surging 84% to US$810.7 million in 2025. While venture capital dominates transaction volume and value, private debt is expanding its role in working capital, acquisition finance, and infrastructure. The critical question is not whether capital can enter Nigeria at scale, but whether it can stay, perform through cycles, and ultimately return to investors as distributions.

This thought leadership piece examines whether every assignment of participating interest should be classified as a merger in upstream mergers and acquisitions transactions under the Federal Competition and Consumer Protection Act (FCCPA). The analysis explores the regulatory implications and legal interpretations surrounding participating interest assignments in the context of Nigerian competition law.

Data protection has evolved from a peripheral compliance issue to a core transaction risk factor in Nigerian M&A. With the Nigeria Data Protection Act 2023 and heightened regulatory enforcement...

The taxation of capital gains has historically played a modest but strategically important role within Nigeria's fiscal architecture. Under the pre-existing regime, the Capital Gains Tax (CGT) framework was governed primarily by the Capital Gains Tax Act (CGTA), which imposed tax on gains arising from the disposal of chargeable assets

Joint ventures have become essential structuring tools in Nigeria's commercial landscape, yet they remain among the most litigated arrangements due to inadequate legal frameworks.

Share Purchase Agreements (SPAs) serve as critical risk allocation tools in corporate transactions, governing the transfer of company shares between buyers and sellers. This article examines the key legal risks inherent in SPAs and explores the protective mechanisms—including representations and warranties, indemnities, conditions precedent, and escrow arrangements—that parties employ to safeguard their interests throughout the transaction lifecycle.

Nigeria's competition law journey is still relatively young, but its impact on market behaviour, regulatory thinking, and business strategy is already becoming evident.

Private placements have become a well-used method for raising capital in Nigeria.

As we approach the end of 2025, our team at PUNUKA Attorneys & Solicitors wishes to extend our sincere appreciation for your continued partnership.