The National Assembly recently passed the Federal Competition and Consumer Protection Bill which is aimed at promoting a competitive market and protecting consumer rights.
The Bill applies to all businesses and all commercial activities within, or having effect within Nigeria and extends to undertakings in which the Federal, State or Local Government or any of their agencies have a controlling stake. The Bill prescribes very stringent fines for non-compliance.
A general fine imposed by this Bill for offences committed by companies is an amount up to 10% of the company’s annual turnover in the preceding business year. There are also indications that the updated version of the Bill imposes a tax of 0.5% of after-tax profits on all companies in Nigeria payable to the Competition Commission.
Read our alert for details:
Download PwC Regulatory Alert_Competition Bill_Feb 2018