AN APPRAISAL OF THE PROCEDURES FOR THE REGULATION OF MERGER TRANSACTIONS UNDER THE INVESTMENTS AND SECURITIES ACT (ISA) 2007
AN APPRAISAL OF THE PROCEDURES FOR THE REGULATION OF MERGER TRANSACTIONS UNDER THE INVESTMENTS AND SECURITIES ACT (ISA) 2007
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Date
2011-08
Authors
OKAFOR, Francis Uzoma
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Abstract
Merger transactions came into the front burner in Nigerian economy during the
banking consolidation of 2005. The Insurance Industry was thereafter consolidated.
The existing procedure for the approval of merger was reviewed and revised. These
interests in merger culminated in the documentation of the procedures for the
approval of merger as provided in the Investments and Securities Act, 2007.
This thesis reviewed the provisions of merger in the law. The problem it set out to
review is the adequacy or otherwise of the procedures contained in the Investments
and Securities Act 2007 relied upon in order to obtain approval for merger
transactions.
The methodology used is the combination of doctrinal and teleological methodology.
Doctrinal in the sense that the researcher made use of primary sources such as the
Investments and Securities Act No. 29 of 2007, the Companies and Allied matters
Act Cap C24 2004,SEC Rules and Regulations, Judicial authorities and secondary
sources such as volumes of books, on merger transactions and scheme documents of
approved merger transactions, writ of summons; Court ordered meetings, proxy forms
and gazette copies of concluded merger transactions.
The researcher also utilized teleological methodology from the author’s experiences
in more than eight years working at the Securities and Exchange Commission.
The research find that there is a need to amend some Sections of the I.S.A 2007
relating to the procedure to approve merger, To update and upgrade of Information,
Communication and Technology (ICT) of the Securities and Exchange Commission,
It is also our finding that there is need for Linkage and Co-ordination among
Regulators: SEC, CBN, CAC, NAICOM, NSE, We find that the cost of transaction in
merger in Nigeria is high also the researcher find that Staff of SEC need adequate
Capacity building in the merger transactions, It was our finding that there is a need to
establish Anti Trust or Anti Competition Commission.
Description
BEING AN LLM THESIS SUBMITTED TO THE
POSTGRADUATE SCHOOL AHMADU BELLO UNIVERSITY
ZARIA, IN PARTIAL FULFILLMENT OF THE REQUIREMENTS
FOR THE AWARD OF MASTER OF LAWS DEGREE – LL.M
Department of Commercial Law,
Ahmadu Bello University,
Zaria.
AUGUST, 2011
Keywords
APPRAISAL,, PROCEDURES,, REGULATION,, OF MERGER,, TRANSACTIONS., UNDER,, INVESTMENTS,, SECURITIES ACT,, (ISA) 2007