Nigeria: M&A/Private Equity

Nigeria's merger approval framework has evolved from a fragmented system under CAMA 2020 and ISA 2007 to a comprehensive competition-based regime under the Federal Competition and Consumer Protection Act 2018. This analysis examines whether the Corporate Affairs Commission could have administered competition reviews, why sector regulators retain parallel jurisdiction, and what institutional reforms would resolve the resulting coordination challenges.

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.

Nigeria’s tax landscape has undergone a fundamental shift with the enactment of the Nigeria Tax Act, 2025 (“NTA”), which took effect on 1st January, 2026. For the first time, the country’s core federal tax laws have been consolidated into a single and unified framework. For dealmakers, this is more than a legislative clean-up; it also changes how transactions are structured, priced, and executed.

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.

The African fintech ecosystem opened 2026 with reports of Flutterwave's acquisition of Mono, valued by multiple media outlets at between $25 million and $40 million.

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.