Analysis of performance pre and post consolidation of thirteen mega banks in order to consider if there had been improvements. Merger and acquisition regulations english translation of the official arabic text issued by the board of the capital market authority pursuant to its resolution number 1502007 dated 2191428 h corresponding to 3102007 g based on the capital market law issued by royal decree no. As an electronic pdf softcopy, it will be delivered to you by email. Iclg merger control laws and regulations india covers common issues in merger control laws and regulations including relevant authorities and legislation, notification and its impact on the transaction timetable, remedies, appeals and enforcement and substantive assessment in 55 jurisdictions. Alteration of the constitution of the federal republic of nigeria, 1999. Review of the 1999 constitution and nigerian democracy 4. If the merger effectively removes the acquiring firm from the edge of the market, it could have either of the following. Types, regulation, and patterns of practice john c. British influence in the region began with the prohibition of slave trade to british subjects in 1807.
Largest mergers and acquisitions by corporations in 2005. Amending the constitution of the federal republic of nigeria 1999. You will need to provide your email address, where you want the constitution to be sent to. The importance of a constitution in any given society cannot be overemphasized. A recent study uncovers what drives successful mergers and suggests that more nonprofits should consider mergers as a useful tool to increase impact. Nigerias constitution and press freedom the tide news. Currently, only the 36 states of the federation are given at least one. All corporate transactions, be it mergers, primarysecondary acquisitions or private equity funding, have to be implemented in accordance with the provisions of the companies act, 20, read with the rules framed thereunder. Outline of legal aspects of mergers and acquisitions in. The purpose of a merger is usually to create a bigger entity, which accelerates growth and leads to economies of scale. The merger took place in mid 1999s and the effect was the alpha bank. Olakanmi, the nigerian constitution, 1963, 1979, 1999, a compendium, 2nd. The merger guidelines spell out the rules of antitrust enforcement, so a new issue of the guidelines is a reliable signal of changes in policy.
When we went to nigeria in october, we found a totally different pic. The most evil document in circulation in the world today, i am told, is the 1999 constitution of the federal republic of nigeria amended or not. The differences between these two types of constitutions relate to the nature and purposes of the document itself. Download the constitution of the federal republic of nigeria 1999.
Mar 17, 2016 history of nigerian constitutional development introduction. The european commissions extraterritorial jurisdiction. Flowchart summarizing the procedure under the ec merger regulation. This decree may be cited as the constitution of the federal republic of nigeria certain consequential repeals decree 1999 and shall come into force on 29th may 1999. The constitution of the federal republic of nigeria 1999 in this act referred to as the principal act is altered as set out in this act. A reorganizationsstatutory mergers and consolidations. An obligation is extinguished if the debtor also becomes the creditor since one cannot claim. The constitution, in nigerias situation, is the supreme law of the land which all acts of individuals and of parliament must not contravene. Constitution of the federal republic of nigeria, 1999 2. It is enforced by the office for the protection of competition the office. Yet more content was added in 1999 when a number of amendments were also made that year. The only case that did not require a showing of barriers was r.
The premerger planning is the phase where the whole merger strategy is being planned and formulated at the most comprehensive and practical manner. As scheduled, the report of the committee on citizenship, immigration and related matters was debated and considered after 32 delegates commented with some proposing amendments to some. With the merger in the forefront of peoples minds, thats where theyll lay the blame. It is the fundamental and organic law of a nation or state that establishes. All merger notifications as well as infringement proceedings in merger matters are dealt with by the same department. Mergers and acquisitions edinburgh business school ix preface an understanding of mergers and acquisitions as a discipline is increasingly important in modern business.
In this merger, the appeals court ruled an 84 percent postmerger market share was sufficient to create a genuine issue for trial, even. Colonial nigeria was the era in the history of nigeria when the region of west africa was ruled by great britain in from the midnineteenth century until 1960, when nigeria achieved independence. However it deals with schemes of merger acquisition which are stipulated under section 391 to 394. The amendment of the constitution of the federal republic of nigeria 1999 has not been free of controversies. Schedule decrees ceasing to have effect on the coming into force of the constitution of the federal republic of nigeria 1999. This study investigates the merger effects of two banks. Article 3 the republic of niger is a unitary state. The companies act, 1956 does not define the term merger or amalgamation. Where a greater and lesser thing meet, and the latter loses its separate existence and sinks into the former. Full list of 1999 constitution amendment channels television. Exploring the missing gaps in the 1999 constitution of nigeria. The effect of mergers and acquisitions on the performance. Mergers and acquisitions edinburgh business school.
The significance of this research is to provide local and foreign investors with the whither knowhow of the practice of merger and acquisition in nigeria. The 1999 constitution of the federal republic of nigeria authorises the receipts and payments of government, spelts out the revenue allocation formula between the federal, state and local governments and stipulates the duties and responsibilities of the auditorgeneral. Download the 1999 constitution of the federal republic of nigeria, as amended, free pdf copy for desktop and mobile. Merger, corporate combination of two or more independent business corporations into a single enterprise, usually the absorption of one or more firms by a dominant one. Law and practice of mergers and acquisition in nigeria by. The first part investigates the merger in the shortterm, while the second part investigates the longterm effects of the merger exploring the relative. The local government system and federalstate legislative competence under the 1999 constitution nigerian education law journal 2003 vol. Senators approved constitutional amendment to give a slot to the federal capital territory in the federal executive council. This post contains the full list of parts and sections of the constitution that were amended by nigeria s national assembly. Merger control 2020 laws and regulations india iclg. Two broad constitutional archetypes can be identified. Feb 23, 2016 so far there have been three 3 sets of amendments to the 1999 constitution of the federal republic of nigeria.
The seeds of the harvardradcliffe merger can be traced to the 1882 charter of radcliffes predecessor, the society for the collegiate instruction of women, founded in 1879. The surviving corporation acquires all the assets and liabilities of the corporation getting absorbed. Promulgation of the constitution of the federal republic of nigeria 1999. Features of nigeria constitutional law and development hubpages. The development actually stated from 1922 and a substantial content was added in 1979. However, a merger may lead to unwanted socio economic implications that are often frowned upon. Summary of legal aspects of mergers, consolidations, and transfers of assets the duty that is most pertinent to the approval of mergers and consolidations, however, is the duty of care. Effect of compitition law on mergers and acquisition. Article 2 the attributes of the republic, such as defined in the first article, are reserved for the use of the public powers. Free download 1999 nigeria constitution as amended pdf. The 1999 constitution of the federal republic of nigeria.
The constitution of 1999 divided nigeria into 36 states and one federal capital. This standard document has integrated notes with important explanations and drafting tips. Constitution of the federal republic of nigeria pdf download. Vicarious liability raises an additional challenging twist with respect to the doctrine of merger since the parties are different but the underlying cause of action is the same. Nigeria s constitution of 1999 with amendments through 2011. Review of the 1999 constitution, nigerian democracy 1. Summary of legal aspects of mergers, consolidations, and. It is important to know that these features can be further divided depending on the area the author of any book wants to elaborate on. Pursuant to the provisions of the isa, the key regulator for merger and acquisition is the securities and exchange commission sec rules. That has been the journey so far of nigeria s constitution development, from the colonial era to the current 1999 edition, as amended. The 1999 constitution of federal republic of nigeria clearly took a cue from the united states model going by the.
A merger may be accomplished by one firm purchasing the others assets with cash or its securities or by purchasing the others shares or stock or by issuing its stock to the other firms stockholders in. This charter declared the societys purpose, to promote the education of women, and empowered its officials to transfer the whole or any part of. The commentary on the horizontal merger guidelines explained that the agencies apply the guidelines framework flexibly, 10 and those practicing before the agencies have been aware for some time that market concentration is more important in some cases than others. Merger and acquisition is a unique field in the nigeria legal system, and this is connected to the limited expertise in this area. Abstract excerpt mergers and acquisitions activity increased in 2004 over 2003 and 2005 looks to be an even. In 1886, the colony of lagos merged with the nigeria coast protectorate of. Merger control 2020 laws and regulations nigeria iclg.
It provides a composite code for facilitating mergers and amalgamations which obviates the need for. The confusion or merger of the rights is a mode of extinguishment of obligation wherein the charactersqualities of creditor and debtor are merged in the same person. Since the inception of the current democratic dispensation in 1999, each successive session of the national assembly has embarked on constitution amendment exercise. Moreover, although the buying firm may be a considerably different organization after the merger, it retains. International journal of economics, commerce and management, united kingdom licensed under creative common page 187. In some circumstances, the nonhorizontal merger 25 of a firm already in a market the acquired firm with a potential entrant to that market the acquiring firm 26 may adversely affect competition in the market. The merger implementation is the process where merger negotiation proceeds until the deal is concluded. Mar 17, 2016 from the foregoing, it can be seen that constitutional supremacy is the position of the constitution having the superior or greatest power or authority. Merger analysis, industrial organization theory, and. For instance, a merger involving a new, disruptive entrant may well impact. The first alteration bill was passed by the national assembly on 3rd of june 2010 and among other things it sought to provide for the. History of nigerian constitutional development the jet lawyer.
Constitutional conferences in the uk 195758 the preparation of a new federal constitution for an independent nigeria was carried out at conferences held at lancaster house in london in 1957 and 1958, which were presided over by the rt. Britain annexed lagos in 1861 and established the oil river protectorate in 1884. Laws that govern merger and acquisition in nigeria. The principal law that governs the merger and acquisition in nigeria is the investment and securities act isa 2007. Two constitutional archetypes constitutions balance and reconcile these legal, political and social functions in different ways. The 1999 constitution is the exact document being used by the nigeria of today.
The original merger regulation was adopted in 1989. Historical development of the nigerian constitution. Aug 03, 2019 the fundamental features of nigeria constitutional law are. The assets and liabilities of the transferor company become the assets and liabilities of the transferee company after the merger. Get a fullyhyperlinked free pdf softcopy of the 1999 nigerian constitution, as amended. Willig department of justice merger analysis, industrial organization theory, and merger guidelines the leadership of the antitrust. It is the authors hope that this guide will foster understanding of the ec merger regulation that. The current constitution of the federal republic of nigeria is military inspired and has a chaotic history. Constitution of the federal republic of nigeria, fourth alteration bill, no. This scheme is known as single window clearance scheme. How many times has the 1999 nigerian constitution been. It is important for the constitution making process to be.
The joining of noncorporate entities such as associations may sometimes be called a merger as well 2. Pdf the constitution of the federal republic of nigeria 1999 as. The importance of mergers and acquisitions in todays. The 5th and 6th sessions of the national assembly effected some amendments of the constitution of the federal republic of nigeria 1999. A state is defined largely by territory and government. In criminal law, if a defendant commits a single act that simultaneously fulfills the definition of two separate offenses, merger will occur. Full list of 1999 constitution amendment 1999 constitution. It is applied to estates, rights, crimes, and torts. Nigeria national conference moves to amend 1999 constitution. A dissestion of section 308 of the constitution of the.
A confirmation email will be sent to the email address you provided. Introduction section 308 of the 1999 constitution as amended, has in crystal clear terms restricted legal proceedings against the president and vicepresident of nigeria and the governors and deputy governors, respectively, of the various states. Provisions of the treaty on the functioning of the european union tfeu b. Thus, in the colonial era, the constitution, where it existed, rather than being an instrument of empowerment was an instrument of domination. May 28, 2014 the national conference yesterday begins a journey on the path of constitution amendment when delegates commenced the consideration of one of the reports of the 20 standing committees of the conference. Pdf there has been repeated calls for restructuring in nigeria, largely due to. Constitution of the federal republic of nigeria 1999 chapter i. Eu merger control in the pharmaceutical sector 34 drug23 i.
Merger of smithkline beecham and glaxo wellcome, the two largest uk pharmaceutical companies is a good example in parallel with above definition, where smithkline beecham and. In a merger, the acquiring company assumes the assets and liabilities of the merged company. Constitution of the federal republic of nigeria 1999 as emended, cap. The purpose of the course is to give the user a solid understanding of how mergers and acquisitions work. Constitutional conference charts the future of nigeria by lawrence freeman and uwe friesecke all one reads or hears in the western media about nigeria, is that it is a nation led by an oppressive military junta and that it is constantly accused of human rights violations. The constitution provides that an amendment may be proposed with a twothirds majority vote in both the senate and the house of representatives. Coates iv1 the core goal of corporate law and governance is to improve outcomes for participants in businesses organized as corporations, and for. The legal framework of merger and acquisition in nigeria. The 1999 nigeria constitution as amended is free for download for your use any time either in word doc or in pdf. Business purpose all reorganizations, including mergers, must have a valid busi ness purpose. Legislative list, with some items merged, it moved some items currently in exclusive. The current constitution was enacted on 29 may 1999, inaugurating the nigerian fourth republic. This prevents double jeopardy problems from arising.
Umoren and olokoyo 2007 studied merger and acquisition in nigeria. The inscription republique du niger republic of niger is placed below. The companies act is the primary legislation governing all companies in india. Jun 09, 2014 nigerian journalists on may 3, 2014 joined their counterparts worldwide to celebrate the world press freedom day, a date set aside by the united nations general assembly in 1993, to apart from inform the general public on events and issues that affect them but to also let the people know that the media is a.
Evans, cpa, cma, cfm this course part 1 provides a concise overview of the merger and acquisition process, including the legal process, federal regulations and due diligence. In corporate law, the absorption of one corporation into another. Iclg merger control laws and regulations nigeria covers common issues in merger control laws and regulations including relevant authorities and legislation, notification and its impact on the transaction timetable, remedies, appeals and enforcement and substantive assessment in 55 jurisdictions. This means that the lesser of the two offences will drop out, and the defendant will only be charged with the greater offense. All illegal use and all profanation of these attributes are punished by the law. Oct 03, 2014 journal of law, policy and globalization issn 22243240 paper issn 22243259 online vol. Nigerias constitution of 1999 with amendments through 2011.
Constitution, he took the oath of allegiance and the oath of office. On the whole, looking at the supremacy of the constitution and governance in nigeria, it is instructive to note that there has been poor culture of constitutionalism in nigeria. The federal republic of nigeria shall not be governed, nor shall person or group of persons take control of the government of nigeria or any part thereof except in accordance with the provision of this constitution. Constitutional conference charts the future of nigeria. In the united states, antitrust law is a collection of federal and state government laws that regulates the conduct and organization of business corporations, generally to promote competition for the benefit of consumers. The constitution of the federal republic of nigeria 1999. The 1999 constitution is regarded as a colonial constitution b pre independence constitution c independence constitution d post independence constitution. A glance at any business newspaper or business news web page will indicate that mergers and acquisitions are big business and are taking place all the time. In the particular nigerian context the 1999 constitution has been largely. The most fundamental document in nigeria is the current 1999 constitution. When a greater estate and less coincide and meet in one and the same person, without any intermediate estate, the less is immediately merged, that is, sunk or. Mergers and acquisitions and corporate governance 199 arise in the case of the target e. The main statutes are the sherman act of 1890, the clayton act of 1914 and the federal trade commission act of 1914. The latest controversy dogging the amendment relates to whether or not it is necessary for the president to assent to the bill of the national assembly amending the constitution, even after the amendment has been ratified by at least twothirds of the houses of assembly of.