FEDERAL COMPETITION BILL

(Draft)

PART I THE FEDERAL COMPETITION COMMISSION ………….………... 5

PART II GENERAL PROVISIONS ………..……………………………………. 13

PART III CONTRACTS, ARRANGEMENTS AND RESTRICTIVE

PRACTICES SUBSTANTIALLY LESSENING

COMPETITION ………………………………….…………….. 14

PART IV ABUSE OF DOMINANT POSITION OF MARKET POWER ….………. 18

PART V MERGERS, TAKEOVERS AND ACQUISITIONS ……………………. 20

PART VI REGULATION OF PRICES …………………………………………….. 22

PART VII AUTHORISATIONS, CLEARANCES AND EXEMPTIONS …………. 25

PART VIII PROVISIONS RELATING TO REGULATED INDUSTRIES ………… 36

PART IX ENFORCEMENT, REMEDIES, AND APPEALS …………………... 37

PART X MISCELLANEOUS PROVISIONS ……………………………………. 41

SCHEDULES …………………………………………………………………… 54

PART I

THE FEDERAL COMPETITION COMMISSION

Section 1: Establishment of the Federal Competition Commission

Section 2: Membership of the Commission

Section 3: Tenure of office

Section 4: Proceedings of the Commission

Section 5: Termination of appointment of members

Section 6: Disclosure of interest

Section 7: Functions of the Commission

Section 8: Officers and employees

Section 9: Remuneration and expenses of members of the Commission

Section 10: Funds of the Commission

Section 11: Expenditures of the Commission

Section 12: Accounts, audits and estimates

Section 13: Commission to have regard to economic policies of the Federal Government.

Section 14: Regulations

PART II

GENERAL PROVISIONS

Section 15: Territorial Scope of the Bill

Section 16: Application of the Bill to State-owned Enterprises and Transitional Provisions

Section 17: Laws relating to restraint of trade, operation of companies and business name, intellectual property rights and transactions not affected

PART III

CONTRACTS, ARRANGEMENTS AND RESTRICTIVE PRACTICES SUBSTANTIALLY LESSENING COMPETITION

Section 18: Prohibition of Contracts, Agreements, etc., deemed to be in restraint of trade or substantially lessen competition

Section 19: Certain contracts, etc., with respect to exclusionary provisions

Section 20: Prohibition of certain provisions of contracts, etc., with respect to prices deemed to be in restraint of trade or substantially lessen competition

Section 21: Exemptions in respect of certain contracts

Section 22: Exemptions in respect of transactions on assets of a business or shares of a company

Section 23: Exemptions in respect of pre-existing contracts

Section 24: Offences relating to Parts III

PART IV

ABUSE OF DOMINANT POSITION OF MARKET POWER

Section 25: Abuse of Dominant position in a market prohibited

Section 26: Resale price maintenance Prohibited

Section 27: Prohibition of Withholding or preventing the supply of goods

Section 28: Offences relating to Parts IV

PART V

MERGERS, TAKEOVERS AND ACQUISITIONS

Section 29: Prohibition of certain mergers, takeovers and acquisitions

Section 30: Offences relating to Part V

Section 31: Control of mergers, takeovers and acquisitions

Section 32: The Commission may report to the President as to control of mergers, takeovers and acquisitions

Section 33: Mere transfer of market dominance excluded

PART VI

REGULATION OF PRICES

Section 34: Declaration of price regulation

Section 35: The Commission may report to the President as to price regulation

Section 36: Regulated goods or services not to be supplied except in accordance with authorised price

Section 37: Records to be kept for pricing purposes

PART VII

AUTHORISATIONS AND CLEARANCES

Section 38: Authorisation with respect to contracts, arrangements and restrictive practices substantially lessening competition

Section 39: Effect of Authorization

Section 40: Authorization not to be granted in relation to contracts, etc. made before determination by the Commission

Section 41: Procedure for application for Authorisation of contracts, arrangements and restrictive practices substantially lessening competition

Section 42: Determination of applications for authorisation of contracts, arrangements and restrictive practices substantially lessening competition

Section 43: The Commission to prepare proposed determination in relation to contracts, arrangements and restrictive practices substantially lessening competition

Section 44: Procedure for holding a conference

Section 45: The Commission may vary or revoke authorisations

Section 46: The Commission may give clearances for mergers, takeovers and acquisitions

Section 47: The Commission may grant authorisation for mergers, takeovers and acquisitions

Section 48: Provisions applying to applications for clearance and authorisation for mergers, takeovers and acquisitions

Section 49: Effect of Clearance or authorisation

Section 50: The Commission may accept undertakings

Section 51: Conferences in relation to mergers, takeovers and acquisitions

Section 52: Authorised prices for regulated goods or services to be determined by the Commission

Section 53: The Commission may authorise provisional prices

Section 54: Alternative undertakings as to prices of regulated goods or services

Section 55: Considerations to be observed by the Commission

Section 56: Conferences in relation to authorisation of prices for regulated goods and services

PART VIII

PROVISIONS RELATING TO REGULATED INDUSTRIES

Section 57: Designation of Regulated Industries

Section 58: Exemption of Regulated Industries

PART IX

ENFORCEMENT, REMEDIES, AND APPEALS

Section 59: The Commission may hear complaint of persons

Section 60: Procedure for administrative hearing

Section 61: Persons entitled to file applications for review

Section 62: Court may order divestiture of assets or shares of a company in certain cases

Section 63: Prosecution for offences

PART X

MISCELLANEOUS PROVISIONS

Section 64: The Commission may require person to supply information or documents or give evidence

Section 65: Power to Search

Section 66: Powers conferred by warrant

Section 67: Warrant to be produced

Section 68: Other duties of the person who executes a warrant

Section 69: Power of the Commission to take evidence

Section 70: Power of the Commission to prohibit disclosure of information, documents and evidence

Section 71: Notices

Section 72: Service of Notices

Section 73: Offences

Section 74: Determinations of the Commission

Section 75: Delegation by the Commission

Section 76: Proceedings of the Commission privileged

Section 77: Repeals and Savings

Section 78: Interpretation

Section 79: Short Title

SCHEDULES

Schedule 1: Professional Associations, (pursuant to section 16(2) of this Bill)

FEDERAL COMPETITION BILL

A Bill to provide the necessary conditions for market competition and to stimulate creative business activities, protect consumers, and promote the balanced development of the national economy; by prohibiting restrictive contracts and business practices that substantially lessen competition and preventing the abuse of dominant positions of market power and anticompetitive business combines, and to establish the Federal Competition Commission for the effective implementation and enforcement of this Bill and for matters connected therewith.

PART I - THE FEDERAL COMPETITION COMMISSION

Section 1: Establishment of the Federal Competition Commission

1(1) There is hereby established, a body to be known as the Federal Competition Commission (in this Bill referred to as the “Commission”).

1(2) The Commission shall be a body corporate with perpetual succession and a common seal.

1(3) The Commission shall be capable of suing and being sued, and, in the exercise of its functions and powers under this Bill, it may acquire, hold, and dispose of real and personal property and do and suffer all such acts and things as bodies corporate may do and suffer.

1(4) The Commission shall have power to borrow money for the purposes of its functions under this Bill.

1(5) For the purpose of carrying out its functions under this Bill, the Commission shall have power to enter into agreements, understandings, arrangements or other forms of co-operation with similar bodies in other countries and/or international agencies or bodies.

1(6) The headquarters of the Commission shall be situated in the Federal Capital Territory, and there shall be established one or more additional offices as the Commission shall from time to time determine.

Section 2: Membership of the Commission

2(1) The Commission shall consist of nine members, of whom:

(a) Three shall be full-time members; and

(b) Six shall be part-time members.

2(2) The full-time members shall comprise of an economist, a lawyer and a professional in the field of management.

2(3) A person shall not be appointed a full time member of the Commission unless he has at least ten years cognate experience as an economist, legal practitioner or professional in the management field as the case may be.

2(4) The members of the Commission shall be appointed by the President subject to confirmation by the Senate: Provided that confirmation by the Senate shall not be required when a member of the Commission is being reappointed for another term. Each appointment shall indicate whether the member appointed is a full-time or a part-time member.

2(5) The President shall appoint the Executive Chairman of the Commission from amongst the full-time members.

2(6) The President shall not appoint a person a member of the Commission unless, in the opinion of the President, such person is qualified for appointment, having regard to the functions and powers of the Commission, by virtue of that person's knowledge of or experience in industry, commerce, economics, law, accountancy, public administration, or consumer affairs.

2(7) The powers of the Commission shall not be affected by any vacancy in its membership, or by any deficiency in the appointment of any member.

2(8) The Commission may co-opt representatives of sector regulatory agencies to participate in its proceedings as it deems fit. Such co-opted representatives shall participate in the Commission’s proceedings on terms to be specified in the instrument co-opting them.

2(9) The Executive Chairman and the other full time members shall be responsible for the day to day administration of the Commission subject to oversight by the Commission, and in this respect the Executive Chairman and the other full time members shall report to the Commission in monthly and other meetings.

Section 3: Tenure of office

3(1) Subject to section 5 of this Bill, a person appointed a full-time member of the Commission shall hold office for a term of four years but may be reappointed for two more terms of four years each.

3(2) Subject to section 5 of this Bill, a person appointed a part-time member of the Commission shall hold office for a term of three years but may be reappointed for two more terms of three years each.

Section 4: Proceedings of the Commission

4(1) The Executive Chairman shall preside at every meeting of the Commission. Where the Executive Chairman becomes incapable of acting, by reason of illness, absence, or other sufficient cause or during any vacancy in the office of the Executive Chairman, or if the Executive Chairman considers it proper or desirable for him not to preside personally over any specified matter, the Executive Chairman may designate any member of the Commission to have and exercise any or all the powers, functions, and duties of the Executive Chairman, and where no such designation has been made, the members of the Commission present in any given deliberation may appoint one of their members to have and exercise any or all the powers, functions, and duties of the Executive Chairman.

4(2) At any meeting of the Commission, a quorum shall be five; provided that at least two full-time members and three part-time members are present.

4(3) Subject to this section, the Executive Chairman shall convene such meetings of the Commission as the Executive Chairman may consider necessary for the efficient performance of the functions of the Commission under this Bill.

4(4) Any three members of the Commission may request the Executive Chairman to call a meeting of the Commission.

4(5) If after ten days from the date of the request referred to in subsection (4) the Executive Chairman has not called a meeting of the Commission, any three members may call such meeting by jointly issuing notice of the meeting to the members.

4(6) Meetings of the Commission shall be held at such times and places as the Executive Chairman may from time to time determine; Provided that the Commission shall meet at least once every month.

4(7) All questions arising at any meeting of the Commission shall be determined by a majority of votes of the members present and voting.

4(8) The Executive Chairman shall have a deliberative vote and, in the event of a tie of votes, shall also have a casting vote.

4(9) Subject to the provisions of this Bill, the Executive Chairman may give directions regarding the procedure to be followed at or in connection with any meeting of the Commission.

4(10) For the purposes of this section, the term “deliberative vote” means the ordinary vote of the Executive Chairman of the Commission cast in any proceeding of the Commission in his capacity as a voting member of the Commission; and the term “casting vote” means a second vote by the Executive Chairman which is necessary to break a tie in the number of votes cast on both sides of an issue.

4(11) A determination in writing signed, or assented to by letter, telegram, cable, telex, facsimile message or electronic mail, by all the members of the Commission shall be as valid and effectual as if it had been made at a meeting of the Commission duly called and constituted by those members.

Section 5: Termination of appointment of members

5(1) The President may, subject to approval by the Senate, terminate the appointment of a member of the Commission for disability, bankruptcy, neglect of duty, misconduct, incompetence, conviction for a crime involving dishonesty or moral turpitude or failure to comply with section 6 of this Bill, and in the case of a member possessed of professional qualifications, for the disqualification of such a member by any competent authority from the practice of his or her profession in any part of Nigeria.

(2) The President may, pending the approval by the Senate of the termination of a member of the Commission, suspend such member from office.

(3) Nothing in subsection (1) shall permit the termination of the membership of any person in the Commission solely on the ground that such person voluntarily withdrew from his profession.

Section 6: Disclosure of interest

6(1) A member of the Commission who is directly or indirectly interested in any person or enterprise, the affairs of whom, or which, are being deliberated upon or being considered preparatory for a determination by the Commission, or is interested in any contract made or proposed to be made by the Commission shall, immediately the relevant facts come to his knowledge, in writing, disclose the nature of his interest to all the members of the Commission.

6(2) A disclosure under subsection (1) of this Section shall be discussed in the first meeting of the Commission following such disclosure. The fact of the disclosure and the deliberations thereon shall be recorded in the minutes of the Commission, and the interested member shall:

(a) Not take part, and, in the case of an ongoing matter, shall discontinue from participating, in any deliberation or decision of the Commission with regard to the matter in respect of which such member has disclosed an interest; and

(b) Be excluded for the purpose of constituting a quorum of the Commission for any such deliberation or decision.

6(3) If the interested member is the Executive Chairman, the members shall nominate one of their number to preside at the meeting referred to in subsection (2).

Section 7: Functions of the Commission

7(1) In addition to the functions conferred on it by any other provision of this Bill, the Commission shall:

(a) Periodically initiate policy review on competition and related issues with a view to safeguarding and protecting public interest.

(b) Protect consumers by nurturing a free and fair competitive business environment.

(c) Monitor the abuse of market dominance and mergers, takeovers, acquisitions and any other form of business combination in order to prevent undue collaborative or unwholesome practices in the business environment.

(d) Advise the government on sectors of the economy that should be protected from adverse or predatory activities of competitors and the appropriate intervention methods to be used by government.

(e) Coordinate the activities of sectoral regulators as they relate to, or may impact on, competition with a view to maintaining coherence in policy implementation on competition and matters related thereto.

(f) Subject to the provisions of Section 63 of this Bill, investigate violations of this Bill and initiate criminal prosecutions for such violations.

(g) Initiate the resolution of disputes or complaints by issuing clear directives to violators and applying sanctions in form of fines where necessary.

(h) Make, or co-operate in making, information available to the public with respect to the carrying out of the functions and the exercise of the powers of the Commission under this Bill.

7(2) Where the Commission is required under this Bill to determine whether or not, or the extent to which, a conduct, activity or practice will result, or will likely result, in a benefit to the public, the Commission shall have regard to any economic efficiencies that the Commission considers will result, or will likely result, from that conduct.

Section 8: Officers and employees

8(1) The Commission may from time to time appoint such officers and employees (including employees on secondment from other agencies of the Federal Government) as it deems necessary for the efficient performance and exercise of its functions and powers, and, subject to the provisions of this section, may at any time remove any employee from such employment.

8(2) Subject to the terms and conditions of employment, the Commission may at any time terminate or suspend the employment of any employee.

8(3) Service in the Commission shall be approved service for the purpose of the Pensions Act and accordingly, officers and other persons employed in the Commission shall, in respect of their service in the Commission, be entitled to pensions, gratuities and other retirement benefits enjoyed by persons holding equivalent grades in the public service of the Federation; Provided that where the Commission deems it proper, nothing in this Bill shall prevent the appointment of a person to any office on terms which preclude the grant of a pension and gratuity in respect of that office.

Section 9: Remuneration and expenses of members of the Commission:

9(1) Members of the Commission shall be paid from the funds of the Commission:

(a) Such remuneration, if any, as the Commission may from time to time determine, having regard to the recommendations of the National Salaries, Incomes and Wages Commission; and

(b) Such allowances, if any, as the Commission, may from time to time determine, having regard to the recommendations of the National Salaries, Incomes and Wages Commission, to meet any reasonable expenses incurred by such members in connection with the business of the Commission.

9(2) While making recommendations, the National Salaries, Incomes and Wages Commission shall have due regard to the following principles:

(a) The specialised nature of work to be performed by the Commission;

(b) The need to ensure the financial self-sufficiency of the members;

(d) The nature of the expenses incurred by the members, including national and international travel expenses.

Section 10: Funds of the Commission

10. The Commission shall be financed and provided with funding for recurrent and capital expenditure from:

(b) Monies that the President, may allocate to the Commission, from public funds, as a take-off grant at the commencement of this Bill.

(d) Grants-in-aid, development loans or other financial support as may be obtained from such domestic or international agencies as may be approved by the President; Provided that the condition for such grant shall not contradict or undermine the implementation of this Bill or the independence of the Commission.

(e) Income derived by the Commission from its investment and deposit of surplus monies as provided herein; and

(f) Such fees, fines and other financial impositions as may from time to time be payable to the Commission under this Bill.

Section 11: Expenditures of the Commission

11. The Commission may, from time to time, apply the proceeds of the fund established pursuant to section 10 of this Bill, as follows:

(a) To the cost of administration of the Commission;

(b) For reimbursing members of the Commission for such expenses as may be authorized or approved by the Commission;

(d) For or in connection with all or any of the functions of the Commission under this Bill.

Section 12: Accounts, audits and estimates

12(1) The Commission shall open at any bank or banks in Nigeria such accounts as are necessary for the exercise of its functions and powers.

12(2) All monies received by the Commission, or by any officer or employee of the Commission on behalf of the Commission, shall, as soon as practicable after it has been received, be paid into such bank account of the Commission as it may from time to time determine.

12(3) The withdrawal or payment of money from any such account shall be authorised by a prior resolution of the Commission, or shall be submitted to the Commission for confirmation at its first ordinary meeting after the date of payment.

12(4) The withdrawal or payment of money from any such account shall be by cheque signed by such person or persons as the Commission may from time to time authorise.

12(5) The Commission shall keep proper accounts and records in relation to its revenues and expenditures and shall prepare in respect of each year a statement of accounts.

12(6) The accounts of the Commission shall be audited not later than three months after the end of the year by auditors appointed by the Commission from a list and in accordance with guidelines supplied by the Auditor-General of the Federation; and the fees of the auditors and the expenses relating to the audit shall be paid from the funds of the Commission.

12(7) The Commission shall prepare an estimate of the expenditure and income of the Commission for the ensuing year and, when prepared, such estimate of expenditure and income shall be submitted to the President.

12(8) The Commission shall, not later than 6 months from the end of each year, submit to the President, a report on the activities of the Commission during the immediately preceding year and shall include in such report, the audited accounts of the Commission.

Section 13: Commission to have regard to economic policies of the Federal Government

13(1) In the exercise of its powers under this Bill, the Commission shall have regard to the economic policies of the Government as the President may from time to time transmit in writing to the Commission.

13(2) The President shall cause every statement of economic policy transmitted to the Commission under subsection (1) of this section to be published in the Gazette.

Section 14: Regulations

14(1) The Commission may, from time to time, make regulations for all or any of the following purposes:

(a) Prescribing the procedure to be followed under this Bill to, and in respect of applications and notices to, and proceedings of, the Commission;

(b) Prescribing forms of applications, notices, and other documents required for the purposes of this Bill, and requiring the use of such forms;

(c) Providing for such other matters as are contemplated by or necessary for giving full effect to the provisions of this Bill and for its due administration.

(d) Prescribing fees to be paid for the purposes of this Bill.

14(2) The Executive Chairman of the Commission shall, within 6 months of its take off, submit for approval by the Commission some rules of procedure to govern matters such as the forms and methods of filing a complaint and any other process with the Commission.

PART II – GENERAL PROVISIONS

Section 15: Territorial Scope of the Bill

15(1) This Bill shall apply to all conducts within and outside the territories of the Federal Republic of Nigeria by any person resident or carrying on business in Nigeria, to the extent that such conduct substantially affects a market in Nigeria.

15(2) Section 29 of this Bill shall apply to the acquisition outside Nigeria by a person (whether or not the person is resident or carries on business in Nigeria) of the assets or shares of a business to the extent that such acquisition substantially affects a market in Nigeria.

Section 16: Application of the Bill to State-owned Enterprises and Transitional Provisions

16(1) This Bill shall be binding on and applicable to all persons mentioned in this Bill, including:

(a) The Federal Government, the government of each of the States of the Federation and each of the Local Governments, in so far as the said governments engage in trade or commercial activity;

(b) Every body corporate or other agency of the Federal Government or of any State of the Federation or of any Local Government, in so far as such corporation or other agency engages in trade or commercial activity;

(c) Every body corporate in which the Federal Government, the government of any State of the Federation, any Local Government or a body corporate referred to in paragraph (b) of this section has a controlling interest in so far as it engages in trade or commercial activity.

16(2) With respect to professional services provided by professional associations listed in Schedule 1 of this Bill, the Commission may establish guidelines for the application of certain provisions of this Bill to the supply of services or conduct of business by members of such professional associations.

16(3) For the purposes of subsection (2) of this section, the Commission, shall from time to time review the list of professional groups to be included in the list in Schedule 1 of this Bill with a view to determining which such groups are eligible to be accorded any privileges and exemption with respect to the application of any provision of this Bill.

16(4) On the advice of the National Economic Council and upon consultation with the Commission, the President may determine if deemed reasonable or desirable for the development and growth of the Nigerian economy, special exemptions from the provisions of this Act for any sector or enterprises in specific sectors of the economy. Such exemptions shall be published in the Gazette.

Section 17: Laws relating to restraint of trade, operation of companies and business name, intellectual property rights and transactions not affected

17(1) Nothing in this Bill shall limit or affect any rule of law relating to restraint of trade not inconsistent with any of the provisions of this Bill.

17(2) Nothing in this Bill shall limit or affect any rule of law relating to the operation and management of companies or registration and ownership of business names not inconsistent with any of the provisions of this Bill.

17(3) Nothing in this Bill shall limit or affect any rule of law relating to intellectual property rights and transactions not inconsistent with any of the provisions of this Bill.

17(4) No rule of law referred to in subsections (1), (2) or (3) of this section shall affect the interpretation of any of the provisions of this Bill.

PART III – CONTRACTS, ARRANGEMENTS AND RESTRICTIVE PRACTICES SUBSTANTIALLY LESSENING COMPETITION

Section 18: Prohibition of Contracts, Agreements, etc., deemed to be in restraint of trade or substantially lessening competition

18(1) Save as otherwise provided in this Bill, no person shall:

(a) Enter into a contract or arrangement, or arrive at an understanding, containing a provision that has the purpose, or has or is likely to have the effect, of restricting trade or otherwise substantially lessening competition in a market; or

(b) Give effect to a provision of a contract, arrangement, or understanding that has the purpose, or has or is likely to have the effect, of restraining trade or otherwise substantially lessening competition in a market.

18(2) Subject to section 23 of this Bill, subsection (1)(b) of this section shall apply in respect of a contract or arrangement entered into, or an understanding arrived at, whether before or after the commencement of this Bill.

18(3) No provision of a contract, whether made before or after the commencement of this Bill, that has the purpose, or has or is likely to have the effect, of substantially lessening competition in a market shall be enforceable.

18(4) Without limitation to the generality of subsection (1) of this Bill, a contract or an arrangement or a provision thereof substantially lessens competition in a market if such contract or arrangement or understanding, or provision thereof, is aimed at or have or is likely to have the following effect in the market:

(a) Restricting output or production;

(b) Price fixing

(d) Collusive tendering; or

(e) Denial of access to market, in general, and to a factor of production or raw material, in particular.

18(5) For the purposes of this section, a provision of a contract, arrangement, or understanding shall be deemed to have or to be likely to have the effect of substantially lessening competition in a market if that provision and the other provisions of such contract or arrangement; or the provisions of any other contract or arrangement to which a person or any affiliated body corporate is a party taken together, have or are likely to have the effect of hindering or preventing competition in that market.

Section 19: Certain contracts, etc., with respect to exclusionary provisions

19(1) Without limitation to the generality of section 18 of this Bill, no person shall:

(a) Enter into a contract, or arrangement, or arrive at an understanding, that contains an exclusionary provision; or

(b) Give effect to an exclusionary provision of a contract, arrangement, or understanding.

19(2) For the purposes of this section, a provision of a contract or an arrangement is an exclusionary provision if:

(a) It has the purpose of preventing, restricting, or limiting the supply of goods or services to, or the acquisition of goods or services from, any particular person or class of persons, either generally or in particular circumstances or on particular conditions, by all or any of the parties to the contract or arrangement, or if a party is a body corporate, by a body corporate that is affiliated with that party; and

(b) The particular person or the class of persons to which the provision relates is in competition with one or more of the parties to the contract, arrangement or understanding in relation to the supply or acquisition of those goods or services.

19(3) For the purposes of subsection (2)(b) of this section, a person is in competition with another person if that person or any affiliated enterprise or body corporate is, or is likely to be, or, but for the relevant provision, would be or would likely be, in competition with the other person, or with an affiliated enterprise or body corporate, in relation to the supply or acquisition of all or any of the goods or services to which that relevant provision relates.

19(4) Subsection (2) of this section applies to an exclusionary provision of a contract or arrangement made, or understanding arrived at, whether before or after the commencement of this Bill.

19(5) No exclusionary provision of a contract, whether made before or after the enactment (commencement) of this Bill, shall be enforceable.

Section 20: Prohibition of certain provisions of contracts, etc., with respect to prices deemed to be in restraint of trade or substantially lessen competition

20 Without limitation to the generality of section 19 of this Bill, a provision of a contract, arrangement, or understanding shall be deemed for the purposes of that section to have the purpose, or to have or to be likely to have the effect, of restraining trade or substantially lessening competition in a market if the provision has the purpose, or has or is likely to have the effect of fixing, controlling, or maintaining, or providing for the fixing, controlling, or maintaining, of the price for goods or services, or any discount, allowance, rebate, subsidy or credit in relation to goods or services, that are:

(a) Supplied or acquired by the parties to the contract, arrangement, or understanding, or by any of them, or by any affiliated enterprise or body corporate, in competition with each other; or

(b) Re-supplied by persons to whom the goods are supplied by the parties to the contract, arrangement, or understanding, or by any of them, or by any affiliated enterprise or body corporate in competition with each other.

Section 21: Exemptions in respect of certain contracts

21 Nothing in this Part shall prohibit:

(a) A contract or an arrangement between partners none of whom is a body corporate in so far as it contains a provision in relation to the terms of the partnership or the conduct of the partnership business or in relation to competition between the partnership and a party to the contract, arrangement, or understanding while that party is, or after that party ceases to be, a partner;

(b) A contract or an arrangement where the only parties are or will be affiliated firms or enterprises;

(c) A contract of service or a contract for the provision of services in so far as it contains a provision by which a person, not being a body corporate, agrees to accept restrictions as to the work, whether as an employee or otherwise, in which that person may engage during, or after the termination of, the contract;

(d) A contract for the sale of a business or shares in the capital of a company carrying on a business in so far as it contains a provision that is solely for the protection of the purchaser in respect of the goodwill of the business;

(e) A contract or an arrangement in as much as it contains a provision that relates to the remuneration, conditions of employment, hours of work, or working conditions of employees;

(f) Any act done, otherwise than in trade, in concert by users of goods or services against the suppliers of those goods or services;

(g) Any act done to give effect to a provision of a contract or an arrangement referred to in paragraphs (a) to (f) of this section;

(i) Any act done to give effect to any intellectual property right, which shall mean a right, privilege, or entitlement, that is conferred or acknowledged as valid by or under:

(i) The Copyright Act CAP.68 LFN 1990

(ii) Patent and Designs Act CAP. 344 LFN 1990

(iii) Trademarks Act CAP.436 LFN 1990

Section 22: Exemptions in respect of transactions on assets of a business or shares of a company

22. Save as otherwise provided in Parts IV and V of this Bill, nothing in this Part shall apply to:

(a) A contract or an arrangement in as much as the contract or arrangement contains a provision for the acquisition or disposition of assets of a business or shares of a company; or

(a) Any act done to give effect to a provision of a contract, arrangement, or understanding that provides for the acquisition or disposition of assets of a business or shares.

Section 23: Exemptions in respect of pre-existing contracts

23(1) Nothing in this Bill shall affect the validity or enforcement of any contract, arrangement or understanding, executed, reached or arrived at before the commencement date of this Bill; Provided that the exemption granted by this section shall expire eighteen months after the said commencement date.

23(2) For the avoidance of doubt, nothing in this section shall be construed as extending the exemption to any contract, arrangement or understanding executed, reached or arrived at after the commencement of this Bill.

Section 24: Offences relating to Parts III

24(1) Any person who violates any provision of this Part shall be guilty of an offence and liable upon conviction, in the case of an individual, to imprisonment for one year or a fine of not less than N1,000,000.00 or to both such imprisonment and fine; and, in the case of an enterprise, to a fine not exceeding 20 per cent of average sales turnover of the enterprise for the three financial years immediately preceding the date of the commission of the offence.

24(2) Where an offence against any provision of this Bill has been committed by a body corporate or firm, any person who was a Director, Manager, Secretary or other similar officer of the body Corporate or firm purporting to act in such capacity shall, in addition to the body corporate or firm, be deemed to be guilty of that offence unless he proves that the offence was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised having regard to the nature of his functions in that capacity and to all the circumstances.

PART IV -- ABUSE OF DOMINANT POSITION OR MARKET POWER

Section 25: Abuse of Dominant position in a market prohibited

25(1) Save as otherwise provided in this Bill, no person in a dominant position in a market shall abuse that position.

25(2) For the purpose of subsection (1) of this section, any of the following acts or practices, if undertaken by a person who has a dominant position in a market, constitutes an abuse of dominant position in respect of the relevant market:

(a) Restricting the entry of any person into that market;

(b) Restricting the entry of any person in competition with the dominant firm into any other market;

(d) Eliminating any person from that market.

Section 26: Resale price maintenance Prohibited

26(1) No person shall engage in the practice of resale price maintenance.

26(2) For the purposes of this section a person (in this section referred to as the “Supplier”) engages in the practice of resale price maintenance if that person, by himself or through a third party, does any of the following acts:

(a) The supplier makes it known to another person, directly or by reasonable implication, that the supplier will not supply goods to the other person unless the other person agrees not to sell those goods at a price less than that specified by the supplier; or

(b) The supplier withholds the supply of goods to another person for the reason that the other person has sold, or is likely to sell, goods supplied to him by the supplier, or goods supplied to him by a third person who, directly or indirectly, has obtained the goods from the supplier, at a price less than the minimum price specified by the supplier.

26(3) For the purpose of this section, a supplier of any goods, by himself or a third party, is not to be taken as inducing, or attempting to induce, another person not to sell those goods at a price less than a price specified by the supplier merely because a statement of a price is applied or used in relation to the goods or is applied to a covering, label, reel, or thing and there is no obligation on the part of the recipient of the goods to comply with the recommendation or suggestion of price.

Section 27: Prohibition Against Withholding or preventing the supply of goods

27(1). No supplier of good shall withhold or prevent the supply of goods to another person if the purpose or effect of such withholding or prevention is a lessening of competition in a market.

27(2). For the purpose of this section, the supplier shall be deemed to withhold or prevent the supply of goods to another person if:

(a) The supplier refuses or fails to supply those goods to, or as requested by, the other person; or

(b) The supplier refuses to supply those goods except on terms that are disadvantageous to the other person; or

(c) In supplying those goods to the other person, the supplier treats that person less favourably, whether in respect of time, method, or place of delivery, or otherwise, than the supplier treats other persons to whom the supplier supplies the same or similar goods; or

(d) The supplier causes or procures a person to act in relation to the supply of goods in the manner specified in paragraphs (a), (b), or (c), as the case may be, of this section.

27(3) Nothing in this Part of this Bill shall apply in respect of any act, matter, or thing that is, or is of a kind, specifically authorised by any law.

27(4) For the purposes of Part IV of this Bill, a dominant position in a market is one in which a person as a producer, supplier or seller of goods or services either alone or together with any interconnected body corporate is in a position to exercise a dominant influence over the production, acquisition, supply, or price of goods or services in that market and for the purposes of determining whether a person is in a position to exercise a dominant influence over the production, acquisition, supply, or price of goods or services in a market regard shall be had to:

(a) The share of the market, the technical knowledge, the access to materials or Capital of that person or that person together with any interconnected body corporate;

(b) The extent to which that person is constrained by the conduct of competitors or potential competitors in that market;

Section 28: Offences relating to Parts IV

28(1) Any person who violates any provision of Part IV of this Bill shall be guilty of an offence and liable upon conviction, in the case of an individual, to imprisonment for two years or a fine of N2,000,000, or to both such imprisonment and fine; and, in the case of an enterprise, to a fine not exceeding twenty per cent of the average sales turnover of the enterprise for the three financial years immediately preceding the date of the commission of the offence.

28(2) Where an offence against any provision of this Bill has been committed by a body corporate or firm, any person who was a Director, Manager, Secretary or other similar officer of the body Corporate or firm purporting to act in such capacity shall, in addition to the body corporate or firm, be deemed to be guilty of that offence unless he proves that the offence was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised having regard to the nature of his functions in that capacity and to all the circumstances.

PART V – MERGERS, TAKEOVERS AND ACQUISITIONS

Section 29: Prohibition of certain mergers, takeovers and acquisitions

29(1) No person shall acquire assets of a business or shares of a company or any of a company’s undertakings if, as a result of the acquisition:

(a) That person, or another person associated or affiliated with that person, will likely be in a dominant position in a market; or

(b) That person's or an associated person's dominant position in a market will likely be strengthened.

29(2) For the purpose of this section, where two or more persons are affiliated or associated and jointly are in a dominant position in a market, each of them is deemed to be in a dominant position in that market.

29(3) For the purpose of this section, a person is associated or affiliated with another person if that person is able, whether directly or indirectly, to exert a substantial degree of influence over the activities of the other and vice versa.

29(4) For the purpose of the provisions of this Bill relating to mergers, takeovers and acquisition, a person has, or two or more affiliated or associated persons have, as the case may be, a dominant position in a market if that person as a producer, supplier or a seller, or those persons as producers or suppliers or sellers, of goods or services, is or are in a position to exercise a dominant influence over the production, acquisition, supply, or price of goods or services in that market and for the purpose of determining whether a person is, or two or more affiliated or associated persons are in a position to exercise a dominant influence over the production, acquisition, supply, or price of goods or services in a market regard shall be had to:

(a) The share of the market, the technical knowledge, the access to materials or capital of that person or those persons;

(b) The extent to which that person is, or those persons are, constrained by the conduct of competitors or potential competitors in that market; and

(c) The extent to which that person is, or those persons are, constrained by the conduct of producers, suppliers or sellers of goods or services in that market.

Section 30: Offences relating to Part V

30(1) Any person who violates any provision this Part of this Bill shall be guilty of an offence and liable upon conviction, in the case of an individual, to imprisonment for three years or a fine of N3,000,000, or to both such imprisonment and fine; and, in the case of an enterprise, to a fine not exceeding twenty per cent of the average sales turnover of the enterprise for the three financial years immediately preceding the date of the commission of the offence.

30(2) Where an offence against any provision of this Bill has been committed by a body corporate or firm, any person who was a Director, Manager, Secretary or other similar officer of the body Corporate or firm purporting to act in such capacity shall, in addition to the body corporate or firm, be deemed to be guilty of that offence unless he proves that the offence was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised having regard to the nature of his functions in that capacity and to all the circumstances.

Section 31: Control of mergers, takeovers and acquisitions

31(1) Subject to Part V of this Bill, the Commission may, from time to time, establish a guideline under which mergers, takeovers and acquisitions shall be controlled in accordance with this Bill.

31(2) The Commission shall not establish a guideline under subsection (1) of this section unless the Commission is satisfied that such guideline is necessary and desirable for ensuring that any merger or acquisition to which it pertains does not lessen competition or otherwise tend to create a monopoly in the market.

31(3) Any guideline made under this section shall identify the circumstances and conditions of mergers, takeovers and acquisitions to which it pertains, and the procedures to govern the approval by the Commission of such merger, takeover or acquisition.

Section 32: The Commission may report to the President as to control of mergers, takeovers and acquisitions

32(1) The President may, by notice in writing to the Commission, require it to report to him, by such date as the President shall specify in the said writing, on circumstances and conditions of mergers, takeovers and acquisitions to which the notice pertains, and the procedures to govern the approval by the Commission of such merger, takeovers and acquisition.

32(2) Where the Commission has provided a report to the President pursuant to subsection (1) of this section, the President shall cause such report to be published, in the Gazette and in such other manner as the President may consider appropriate.

Section 33: Mere transfer of market dominance excluded

33. Nothing in section 29 and section 31 of this Bill shall apply to the acquisition of assets of a business or shares of a company if:

(a) Before the acquisition, either the person acquiring the assets or shares, or the business the assets of which are acquired or the company in which the shares are acquired, as the case may be, already had a dominant position in a market; and

(b) The acquisition has not resulted or will not result in the strengthening of that dominant position.

PART VI - REGULATION OF PRICES

Section 34: Declaration of price regulation

34(1) For the purpose of regulating and facilitating competition only, the President may, from time to time, by order published in a Gazette, declare that the prices for goods or services specified in the order shall be controlled in accordance with this Bill.

34(2) The President shall not make an order under subsection (1) of this section unless the President is satisfied that:

(a) Goods or services to which the order relates are or will be supplied or acquired in a market in which competition is limited or is likely to be lessened;

(b) It is necessary or desirable for the prices of those goods or services to be controlled in accordance with this Bill in the interest of users, consumers, or, as the case may be, suppliers; and

(c) Any such declaration of price regulation is narrowly designed both in terms of duration and the list of goods and services affected, as is necessary to remedy the effects of the absence of competition in the market affected.

34(3) Any order made under this section shall identify the goods or services to which it pertains, as follows:

(a) By a description of the goods or services;

(b) By a description of the kind or class to which the goods or services belong;

(d) By a specification of the sector of the economy affected or likely to be affected;

34(4) An order made under this section may apply to goods and, with all necessary modifications, to services.

34(5) Every order made under this section shall specify the date on which it shall expire.

Section 35: The Commission to report to the President as to price regulation

35(1) The President may, by notice in writing to the Commission, require it to report to him, by such date as the President shall specify in the said writing, on whether he should make, amend, vary or revoke an order under section 34 of this Bill.

35(2) Where the President requires the Commission to report to him under subsection (1) of this section:

(a) The Commission shall cause to be published, in the Gazette and in such other manner, including the mass media, as the Commission may consider appropriate, a notice:

(i) Stating that the requirement has been made and specifying the matter to which it pertains; and

(ii) Inviting interested persons to present their views on that matter to the Commission, and specifying the time and manner within which they may do so.

(b) The Commission shall not submit a report to the President until it has given a reasonable opportunity to interested persons to furnish their views in accordance with paragraph (a)(ii) of this subsection.

35(3) The Commission may, of its own motion, recommend to the President that he make, amend, vary or revoke an order under Section 34 of this Bill.

35(4) The President shall cause a copy of every report submitted to him by the Commission under this section to be published in such manner as he may consider appropriate.

Section 36: Regulated goods or services not to be supplied except in accordance with authorised price

36(1) For the purpose of this section, “Regulated goods or services”, means goods or services in respect of which there is for the time being in force an order made under Section 34 of this Bill;

36(2) No person shall supply any regulated goods or services unless a price for those goods or services has been authorised by the Commission or an undertaking has been given in relation to those goods or services in accordance with the provisions of this Bill, and the goods or services are supplied in compliance with all the provisions of the authorisation or undertaking.

36(3) No provision of a contract in violation of subsection (2) of this section is enforceable.

36(4) Any person who violates any provision of this Part shall be guilty of an offence and liable upon conviction, in the case of an individual, to imprisonment for one year or a fine of N1,000,000, or to both such imprisonment and fine; and, in the case of an enterprise, to a fine not exceeding twenty per cent of the average sales turnover of the enterprise for the three financial years immediately preceding the date of the commission of the offence.

36(5) Where an offence against any provision of this Bill has been committed by a body corporate or firm, any person who was a Director, Manager, Secretary or other similar officer of the body Corporate or firm purporting to act in such capacity shall, in addition to the body corporate or firm, be deemed to be guilty of that offence unless he proves that the offence was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised having regard to the nature of his functions in that capacity and to all the circumstances.

Section 37: Records to be kept for pricing purposes

37(1) Every supplier of regulated goods or services shall retain such accounts and costing records in relation to the regulated goods or services as the Commission may from time to time specify either in relation to suppliers of those goods or services generally or in relation to a particular supplier of the goods or services.

37(2) Every supplier of regulated goods or services shall retain the accounts and records referred to in subsection (1) of this section for a period of three years from the date of the revocation or expiry of the order in respect of the regulated goods or services to which they relate.

PART VII - AUTHORISATIONS AND CLEARANCES

Section 38: Authorisation with respect to contracts, arrangements and restrictive practices substantially lessening competition

38(1) A person who wishes to enter into a contract or an arrangement or to give effect to a contract or arrangement, to which section 18 of this Bill may pertain, may apply to the Commission for an authorisation to do so and the Commission may grant an authorisation for that person to enter into, or give effect to, the contract or arrangement.

38(2) A person who wishes to engage in the practice of resale price maintenance to which section 26 of this Bill may pertain; or to perform an act to which section 29 of this Bill may pertain, may apply to the Commission for an authorisation to do so, and the Commission may grant an authorisation for that person to engage in the practice or to perform the act.

38(3) The Commission shall not grant an authorisation under this section unless it is satisfied that the contract, arrangement or practice will result in such a benefit to the public that it should be permitted and the Commission shall grant an authorisation pursuant to this section in writing and shall therein disclose the public benefit which was determined to result from such contract, arrangement or practice.

Section 39: Effect of Authorisation

39(1) While an authorisation under section 38 of this Bill is in force, the person to whom it was given may, notwithstanding any provision of Part III of this Bill, proceed with the act with respect to which the authorisation was given.

39(2) Every authorisation granted by the Commission to a person under section 38 of this Bill shall have effect as if it were also an authorisation in the same terms to every other person named or referred to in the application for the authorisation as a party to the contract, arrangement, or understanding, or the practice or act, as the case may be.

Section 40: Authorisation not to be granted in relation to contracts, etc. made before determination by the Commission

40(1) The Commission shall not grant an authorisation to any person:

(a) To enter into a contract or arrangement, or to arrive at an understanding if the contract or arrangement has been entered into, or the understanding has been arrived at before the Commission makes a determination in respect of the application for that authorisation; or

(b) To perform any act or engage in any conduct governed by this Bill if the applicant has done the act or engaged in the conduct, before the Commission makes a determination in respect of the application for that authorisation.

40(2) Nothing in this section shall prevent the Commission from granting an authorisation to any person to give effect to a provision of a contract or arrangement entered into, or understanding arrived at, before the commencement of this Bill.

Section 41: Procedure for application for Authorisation of contracts, arrangements and restrictive practices substantially lessening competition

41(1) Every application for an authorisation under section 38 of this Bill shall be made in the prescribed form, shall contain such particulars as may be specified in the form and shall be accompanied by payment of such fee as may be prescribed.

41(2) On receipt of an application that complies with subsection (1) of this section, the Commission shall:

(a) Record the application in the register to be kept by the Commission for that purpose;

(b) Give written notice of the date of registration to the person by whom or on whose behalf the application was made;

(c) Give notice of the application to any other person who, in the Commission's opinion, is likely to have an interest in the application; and

(d) Give public notice of the application in such manner as the Commission may think fit.

41(3) Any person who has an interest in any application in respect of which a notice is given under subsection (2) (d) of this section may give written notice to the Commission of that person's interest and the reason therefor.

41(4) On receipt of an application that does not comply with subsection (1) of this section, the Commission may, at its discretion, either:

(a) Accept the application and take the steps referred to in subsection (2) of this section in respect of that application; or

(b) Return the application to the person by whom or on whose behalf it was made; or

41(5) Where the Commission declines to register an application under subsection (4) (c) of this section, it shall forthwith notify the person by whom or on whose behalf the application was made.

41(6) The person making the application under subsection (1) of this section, and any person on whose behalf it was made, and any person to whom the application relates, shall from time to time produce, or, as the case may be, furnish to the Commission, within such time as it may specify, such further documents or information in relation to the application as may be required by the Commission for the purpose of enabling it to exercise its functions under this Part of this Bill.

41(7) Notwithstanding anything in subsection (2) or subsection (4) of this section, where the Commission is of the opinion that the matters to which an application relates are, for reasons other than arising from the application of any provision of this Bill, unlikely to be proceeded with, the Commission may, in its discretion, return the application to the person by or on whose behalf the application was made; Provided that the person by or on whose behalf the application was made shall have the right the right to apply to the Court for a review of such determination.

41(8) Any person who has made an application to the Commission for an authorisation may, at any time, by notice in writing to the Commission, withdraw the application.

Section 42: Determination of applications for authorisation of contracts, arrangements and restrictive practices substantially lessening competition

42(1) The Commission shall, in respect of an application for an authorisation under section 38 of this Bill, make a determination in writing:

(a) Granting such authorisation as it considers appropriate; or

(b) Denying the application.

42(2) Any authorisation granted pursuant to section 38 of this Bill may be granted subject to such conditions not inconsistent with this Bill and for such period as the Commission may think fit.

42(3) In deciding whether to grant or deny an application, the Commission shall take into account any submissions in relation to the application made to it by the applicant or by any other person.

42(4) The Commission shall state in writing its reasons for a determination made by it.

42(5) Before making a determination in respect of an application for an authorisation, the Commission shall comply with the requirements of section 41 of this Bill.

42(6) The Commission shall not make a determination granting an authorisation pursuant to an application under section 38(2) to (4) of this Bill unless it is satisfied that the contract or arrangement or the enforcement thereof, as the case may be, to which the application relates, will in all the circumstances result in a benefit to the public which would outweigh the lessening in competition that will result therefrom.

Section 43: The Commission to prepare proposed determination in relation to contracts, arrangements and restrictive practices substantially lessening competition.

43(1) Before deciding an application for an authorisation under section 38 of this Bill, the Commission shall prepare a proposed determination in relation to the application.

43(2) The Commission shall send a copy of the proposed determination and a summary of the reasons therefor to:

(a) The applicant;

(b) Any person to whom a notice has been given pursuant to section 41 (2) (c) of this Bill;

(c) Any person who has given a notice pursuant to section 41(3) of this Bill and who in the opinion of the Commission has such an interest in the application as to justify the Commission sending a copy of the proposed determination to that person; and

(d) Any other person who in the opinion of the Commission may assist the Commission in its determination of the application.

43(3) The applicant and each other person to whom a copy of the proposed determination is sent shall notify the Commission within fourteen days after a date fixed by the Commission (not being a date earlier than the day on which the notice is sent) whether the applicant or other person wishes the Commission to hold a conference in relation to the proposed determination.

43(4) If every person to whom a proposed determination was sent under subsection (2) of this section:

(a) Notifies the Commission within the period of fourteen days prescribed in subsection (3) of this section that such person does not wish the Commission to hold a conference in relation to the proposed determination; or

(b) Does not notify the Commission within that period that such person wishes the Commission to hold such a conference

the Commission may make a final determination at any time after the expiration of that period.

43(5) If any person to whom a proposed determination was sent under subsection (2) of this section notifies the Commission, in writing, within the period of fourteen days prescribed in subsection (3) of this section that he wishes the Commission to hold a conference in relation to the proposed determination, the Commission shall appoint a date (not being a date later than twenty-one days after the expiration of that period), time, and place for the holding of the conference and give notice of the date, time, and place so appointed to each person to whom a proposed determination was sent under subsection (2) of this section.

43(6) The Commission may, of its own motion, determine to hold a conference in relation to the proposed determination and shall appoint a date (not being a date later than twenty-one days after the expiration of the period referred to in subsection (3) of this section), time, and place for the holding of the conference and give notice of the date, time, and place so appointed to the person to whom the proposed determination was sent under subsection (2) of this section.

43(7) Where the Commission is of the opinion that two or more applications for authorisations that are made by the same person, or by bodies corporate that are affiliated with each other, involve the same or substantially similar issues, the Commission may consolidate the applications and treat same as if they constitute a single application, and may prepare a single proposed determination in relation to the applications and hold a single conference in relation to that proposed determination.

Section 44: Procedure for holding a conference

44(1) At every conference called under section 43 of this Bill:

(a) The Commission shall be represented by the Executive Chairman or a member or members thereof nominated by the Executive Chairman;

(b) Each person to whom a proposed determination was sent under section 43(2) of this Bill, and any other person whose presence at the conference is considered by the Commission to be desirable, is entitled to attend and participate personally or, in the case of a company or a firm, be represented by a person who, or by persons each of whom, is a director, officer, or employee of the company or firm;

(c) A person participating in the conference in accordance with paragraph (b) of this subsection is entitled to have another person, who may be a legal practitioner, or other persons present to assist him;

(d) No other person is entitled to be present.

44(2) The Commission may require any officer or officers of the Commission to attend a conference called under section 43 of this Bill where in the opinion of the Commission that officer or those officers may assist the Commission in the determination of the application. The member of the Commission or the officer (or one of the officers) of the Commission, as the case may be, in attendance, shall preside over the conference.

44(3) At every conference called under section 43 of this Bill the Commission shall provide for as little formality and technicality as the requirements of this Bill and a proper consideration of the application may permit.

44(4) The Commission shall cause such record of the conference to be made as is sufficient to set out the matters raised by the persons participating in the conference.

44(5) Any member of the Commission or officer thereof, as the case may be, presiding over the conference may terminate the conference when that member or officer is of the opinion that a reasonable opportunity has been given for the expression of the views of persons participating in the conference.

44(6) The Commission shall have regard to all matters raised at the conference, and may at any time after the termination of the conference make a final determination in respect of the application.

Section 45: The Commission may vary or revoke authorisations

45(1) Subject to subsection (2) of this section, if at any time after the Commission has granted an authorisation under section 38 of this Bill the Commission is satisfied that:

(a) The authorisation was granted on information that was false or misleading in a material particular;

(b) There has been a material change of circumstances since the authorisation was granted; or

the Commission may revoke or amend the authorisation or revoke the authorisation and grant another authorisation in substitution therefor.

45(2) The Commission shall not revoke or amend an authorisation or revoke an authorisation and substitute a further authorisation pursuant to subsection (1) of this section unless the person to whom the authorisation was granted, and any other person who in the opinion of the Commission is likely to have an interest in the matter, is given a reasonable opportunity to make submissions to the Commission and the Commission has considered those submissions.

Section 46: The Commission may give clearances for mergers, takeovers and acquisitions

46(1) A person who proposes to acquire assets of a business or shares of a company may give the Commission a notice seeking clearance for the acquisition.

46(2) Subsections (1), (2) (a) and (b), (4) and (5) of section 41 of this Bill shall apply in respect of every notice given under subsection (1) of this section as if the notice was an application under section 38 of this Bill.

46(3) Within twenty-one days after the date of registration of the notice, or such longer period as the Commission and the person who gave the notice may agree, the Commission shall either:

(a) If it is satisfied that the acquisition will not result in an effect described in paragraph (a) or paragraph (b) of section 29(1) of this Bill, by notice in writing to the person by whom or on whose behalf the notice was given, give a clearance for the acquisition; or

(b) If it is not satisfied that the acquisition will not result in an effect described in paragraph (a) or paragraph (b) of section 29(1) of this Bill, by notice in writing to the person by whom or on whose behalf the notice was given, decline to give a clearance for the acquisition.

46(4) The Commission shall within the period specified in subsection (3) of this section give a clearance for the acquisition or decline to give a clearance for the acquisition.

46(5) For the purpose of this section, the term “Clearance” relates to a determination in respect of a merger or an acquisition whereby the Commission only considers whether or not the merger, acquisition or takeover in question will result in the prohibited effect.

Section 47: The Commission may grant authorisation for mergers, takeovers and acquisitions

47(1) A person who proposes to acquire assets of a business or shares of a company may give the Commission a notice seeking an authorisation for the acquisition.

47(2) Subsections (1), (2)(a) and (b), (4), and (5) of section 41 of this Bill shall apply in respect of every notice given under subsection (1) of this section as if the notice was an application under section 38 of this Bill.

47(3) Within sixty days after the date of registration of the notice, or such longer period as the Commission and the person who gave the notice may agree, the Commission shall:

(a) If it is satisfied that the acquisition will not result in an effect described in paragraph (a) or paragraph (b) of section 29(1) of this Bill, by notice in writing to the person by or on whose behalf the notice was given, grant an authorization for the acquisition;

(b) If it is satisfied that the acquisition will result in such a benefit to the public that it should be permitted, by notice in writing to the person by or on whose behalf the notice was given, grant an authorisation for the acquisition; or

(c) If it is not satisfied as to the matters referred to in paragraph (a) or paragraph (b) of this subsection, by notice in writing to the person by or on whose behalf the notice was given, decline to grant an authorisation for the acquisition.

47(4) The Commission shall within the period specified in subsection (3) of this section grant an authorisation for the acquisition or decline to grant an authorisation for the acquisition.

47(5) The Commission shall state in writing its reasons for a determination under subsection (3) of this section.

47(6) For the purpose of this section, the term “Authorization” relates to a determination in respect of a merger, takeover or an acquisition whereby the Commission is requested by the applicant to consider that there exists a factor of public benefit and that such factor justifies the authorization of a merger, takeover or an acquisition, which results in the prohibited effect.

Section 48: Provisions applying to applications for clearance and authorisation for mergers, takeovers and acquisitions

48(1) A clearance given or an authorisation granted under subsection (3) of section 46 or under subsection (3) of section 47 expires:

(a) Twelve months after the date on which it was given or granted; or

(b) In the event of an application or appeal being made against the determination of the Commission giving the clearance or granting the authorisation, and the determination of the Commission being confirmed by the Court, twelve months after the date on which the determination is confirmed.

48(2) Every person who gives a notice under section 46 or section 47 of this Bill shall from time to time produce or, as the case may be, furnish to the Commission, within such time as it may specify, such documents and information in relation to the acquisition as may be required by the Commission for the purpose of enabling it to exercise its functions under section 46 or section 47 of this Bill.

48(3) Notwithstanding section 46 or section 47 of this Bill, where the Commission is of the opinion that a proposed acquisition is, for reasons other than arising from the application of any provision of this Bill, unlikely to be proceeded with, the Commission may, in its discretion, decline to give a clearance or grant an authorisation under this section.

48(4) The Commission shall state in writing its reasons for declining to give a clearance or grant an authorisation under subsection (2) of this section.

48(5) A person who has given notice in respect of an acquisition under section 46 or section 47 of this Bill may at any time, by notice in writing to the Commission, advise the Commission that it does not wish the Commission to give a clearance or grant an authorisation and the Commission shall accordingly not give a clearance or grant an authorisation in respect of that acquisition.

48(6) The Commission may consult with any person who, in the opinion of the Commission, is able to assist it in making a determination under section 46 or section 47 of this Bill, as the case may be.

Section 49: Effect of Clearance or authorisation

49. Nothing in section 29 of this Bill shall apply to the acquisition of assets of a business or shares if the assets or shares are acquired in accordance with a clearance or an authorisation and while the clearance or authorisation is in force.

Section 50: The Commission may accept undertakings

50(1) In giving a clearance or granting an authorisation under section 46 or section 47 of this Bill, the Commission may accept a written undertaking given by or on behalf of the applicant or a person who gave a notice under section 46(1) or section 47(1) of this Bill, as the case may be, to dispose of assets or shares specified in the undertaking.

50(2) An undertaking given to the Commission under subsection (1) of this section is deemed to form part of the clearance given or the authorisation granted in relation to the acquisition to which the undertaking relates.

Section 51: Conferences in relation to mergers, takeovers and acquisitions

51(1) Before making a determination under section 46(3) or section 47(3) of this Bill in relation to a merger, takeover or an acquisition, the Commission may decide to hold a conference and shall appoint a date, time, and place for holding the conference and give notice of the date, time, and place so appointed and of the matters to be considered at the conference to the persons entitled to be present at the conference.

51(2) The provisions of section 44 of this Bill shall apply to every conference held under this section as if:

(a) Every reference in that section to a conference called under section 43 of this Bill, were a reference to a conference held under this section; and

(b) The reference in subsection (1)(b) of that section to a person to whom a proposed determination was sent under section 43(2) of this Bill, were a reference to the person by or on whose behalf a notice was given under section 46(1) or section 47(1) of this Bill, as the case may be; and

(c) The reference in subsection (6) of that section to a determination in respect of an application, were a reference to a determination under section 46(3) or section 47(3) of this Bill, as the case may be.

Section 52: Authorised prices for regulated goods or services to be determined by the Commission

52(1) Subject to section 53 of this Bill, the Commission may, on application by any person who is a supplier of regulated goods or services, authorise a maximum, actual or minimum price, as the case may require, for those regulated goods or services by notice in writing to that person.

52(2) All the provisions of section 38 of this Bill except subsections (2)(c) and (d), (3) and (6) of that section, shall apply to every application under subsection (1) of this section as if it were an application under section 38 of this Bill.

52(3) The Commission may, of its own motion, from time to time by notice in the Gazette, authorise a maximum, actual, or minimum price, as the case may require, for any regulated goods or services.

52(4) The Commission shall authorise prices in such manner as it deems fit, and may authorise different prices for goods or services to meet different circumstances relating to the supply of those goods or services.

52(5) An authorisation granted by the Commission under this section shall include such provisions, not inconsistent with this Bill, as the Commission may deem necessary or desirable for the proper administration of the authorisation or to ensure compliance with its terms.

52(6) Every such authorisation shall have effect from the date specified in it.

52(7) Every supplier of goods or services in respect of which the Commission proposes to authorise a price under this section, shall from time to time produce, or, as the case may be, furnish to the Commission, within such time as it may specify, such documents and information in relation to those goods or services as the Commission may require for the purpose of enabling it to exercise its functions under this section.

52(8) The Commission may consult with any person who in the opinion of the Commission is able to assist it in making a determination under this section.

52(9) The Commission shall have regard to any submissions made to it:

(a) In the case of an application under subsection (1) of this section, by the applicant; and

(b) In any case where the Commission authorises a price for regulated goods or services under subsection (3) of this section, by any supplier of those goods or services.

52(10) The Commission may have regard to any advice or information obtained from any person with whom it has consulted pursuant to subsection (8) of this section.

52(11) The Commission shall state in writing its reasons for any determination under this section.

52(12) The Commission may, at any time by notice in writing to the supplier of the goods and services, amend or revoke any authorisation made under subsection (1) of this section.

52(13) The Commission may, by notice in the Gazette, amend or revoke, any authorisation made under subsection (3) of this section.

52(14) For the purpose of informing purchasers and prospective purchasers of the authorised price of any regulated goods or services, the Commission shall publish, or require the supplier of those goods or services to communicate to purchasers, the authorised price for the goods or services in such manner and in such circumstances as it may deem fit.

Section 53: The Commission may authorise provisional prices

53(1) Pending the making of a determination under section 52 of this Bill in respect of any regulated goods or services, the Commission may, by notice in writing to the supplier of those goods or services, authorise the supply of those goods or services to any person at a price determined by the Commission and specified in the notice, on the condition that the price fixed and charged by the supplier for those goods or services is only a provisional price.

53(2) For the purpose of subsection (1) of this section, the Commission may conduct such investigations and consult with such persons as the Commission may consider helpful to determine an appropriate provisional price for the supply of the goods or services.

53(3) An authorisation granted by the Commission under this section shall include such provisions, not inconsistent with this Bill, as it may deem necessary or desirable for the proper administration of the authorisation or to ensure compliance with its provisions.

53(4) Without limitation to subsection (3) of this section, an authorisation under subsection (1) of this section may include provision for the making of refunds if the maximum or actual price subsequently determined by the Commission is lower than any provisional price charged to any person.

Section 54: Alternative undertakings as to prices of regulated goods or services

54(1) Notwithstanding anything in this Part of this Bill, the Commission may, instead of authorising a price for regulated goods or services under section 34 of this Bill, obtain or accept a written undertaking from the supplier of those goods or services in relation to the price for those goods or services.

54(2) The provisions of subsections (5), (12), and (14) of section 52 of this Bill shall apply to every such undertaking as if it were an authorisation under that section.

Section 55: Considerations to be observed by the Commission

55 In exercising its powers under section 52 of this Bill, the Commission shall have regard to:

(a) The extent to which competition is limited or is likely to be lessened in respect of the regulated goods or services;

(b) The necessity or desirability of safeguarding the interests of users or consumers or, as the case may be, of suppliers;

Section 56: Conferences in relation to authorisation of prices for regulated goods and services

56(1) Before authorising a price for any regulated goods or services under section 52 of this Bill, or obtaining or accepting any undertaking in relation to the price of any regulated goods or services under section 54 of this Bill, the Commission may determine to hold a conference and shall appoint a date, time, and place for the holding of the conference and give notice of the date, time, and place so appointed and of the matters to be considered at the conference to the supplier.

56(2) In respect of matters presented to the Commission under subsection (1) of this section, the provisions of section 51 of this Bill shall apply with reasonable modification as to the nature of the matter for the conference and the position of the participants in the conference.

PART VIII – PROVISIONS RELATING TO REGULATED INDUSTRIES

Section 57: Designation of Regulated Industries

57(1) For the purpose of avoiding any confusion between the provisions of this Bill relating to the powers and functions of the Commission and the provisions of any other law in force providing for the powers and functions of any other government agency, the Commission may, from time to time, by a ruling, declare that the industries specified in the ruling shall be treated as regulated industries.

57(2) The Commission shall not make a ruling under subsection (1) of this section unless it is satisfied that:

(a) The industries to which the ruling relates are or will be subject to regulations made by a government agency with authority to regulate the activities of persons operating in such industries or the terms under which goods or services are supplied in such industries;

(b) It is necessary or desirable for such industries to be designated as regulated industries in the interests of users, consumers, or, as the case may be, suppliers;

(c) Any such ruling is designed in a manner necessary to minimize confusion as to the powers of the Commission and those of other regulatory agencies; and

(d) Any such ruling shall be published by the Commission in the Gazette.

Section 58: Exemption of Regulated Industries

58(1) Whenever it is alleged that a provision of this Bill has been contravened by a person or firm acting or operating within any regulated industry designated pursuant to section 57 of this Bill, the person or firm against which such allegation is made may show that the relevant conducts were ordered or required by any regulatory agency possessing jurisdiction over the relevant industry.

58(2) Notwithstanding the provisions of this section, on all matters relating to competition, the provisions of this Bill shall override the provisions of any other law.

58(3) The fact that a firm operates in an industry affected by an order relating to price regulation pursuant to Part VI of this Bill is sufficient to make such firm a member of a regulated industry for the purpose of this Part of this Bill during the period that the order is in effect.

PART IX - ENFORCEMENT, REMEDIES, AND APPEALS

Section 59: The Commission may hear complaints of persons

59(1) Any person who alleges that he has suffered, or is likely to suffer, an injury as a result of a violation or likely violation of any provision of this Bill may file a complaint with the Commission.

59(2) Every complaint pursuant to subsection (1) of this section shall be made in such form, shall contain such particulars, and shall be accompanied by payment of such fee as the Commission may prescribe.

59(3) On receipt of a complaint that complies with subsection (2) of this section, the Commission shall:

(a) Record the complaint in the register to be kept by the Commission for that purpose;

(b) Give written notice of the date of registration to the person by or on whose behalf the complaint was filed;

(c) Give notice of the complaint to the person against whom the complaint was filed and any other person who, in the Commission's opinion, is likely to have an interest in the complaint.

59(4) Any person who has an interest in any complaint filed with the Commission may give written notice to the Commission of that person's interest and the reason therefor.

59(5) On receipt of a complaint that does not comply with subsection (2) of this section, the Commission may, at its discretion, either:

(a) Accept the complaint and take the steps referred to in subsection (3) of this section pertaining to that complaint; or

(b) Decline to register the complaint until it complies with subsection (2) of this section.

59(6) Where the Commission declines to register a complaint pursuant to subsection (5) (b) of this section, it shall forthwith notify the person by or on whose behalf the complaint was made and shall state clearly the basis for its decision.

59(7) The person filing a complaint under this section, and any person on whose behalf it was made, and any person against whom the complaint relates, and any person who has either received a notice from the Commission or who has filed a notice of interest with the Commission shall from time to time produce, or, as the case may be, furnish to the Commission, within such time as it may specify, such further documents or information in relation to the complaint or defences to allegation contained therein, as may be required by the Commission for the purpose of enabling it to reach a final determination regarding the merits of the complaint.

59(8) Notwithstanding anything in this section; where the Commission is of the opinion that the matters to which a complaint relates are not covered by any provision of this Bill, the Commission shall decline to entertain such complaint.

Section 60: Procedure for administrative hearing

60(1) If the Commission is of the view that the matter raised in the complaint are those over which any provision of this Bill applies, the Commission shall set the complaint for administrative hearing before a hearing officer, who shall be appointed by the Executive Chairman and shall be of a status to be designated by the Commission.

60(2) At every hearing called pursuant to subsection (1) of this section:

(a) The person who filed the complaint, or in whose behalf it was filed, and each person to whom a notice was sent or who has filed a notice of interest under section 59 of this Bill, and any other person whose presence at the hearing is considered by the Commission to be desirable, is entitled to attend and participate personally or, in the case of a company or a firm, be represented by a person who, or by persons each of whom, is a director, officer, or employee of the company or firm;

(b) A person participating in the conference in accordance with paragraph (b) of this subsection is entitled to have another person, who may be a legal practitioner, or other persons present to assist him;

60(3) At every hearing held under this section the Commission shall provide for as little formality and technicality as the requirements of this Bill and a proper consideration of the application may permit.

60(4) The Commission shall cause such record of the hearing to be made as is sufficient to set out the matters raised by the persons participating in the hearing.

60(5) The hearing officer presiding over the hearing may terminate the hearing when he is of the opinion that every person participating in the hearing has been given a reasonable opportunity to state or explain his or its position.

60(6) The Commission shall have regard to all matters raised at the hearing and the records, and shall make a determination within forty-five days after the termination of the hearing.

60(7) Where the hearing officer is of the opinion that no provision of this Bill has been violated by the person against whom the complaint was filed, the hearing officer shall make a determination to that effect.

60(8) Where the hearing officer is of the opinion that any provision of this Bill has been violated, the hearing officer shall make a determination to that effect and make recommendations as he deems fit and reasonable to ensure that the violation ceases and that the injured party is accorded a reasonable remedy for his injury.

60(9) Where the Commission declines to entertain a complaint duly filed, or finds that no violation of this Bill has occurred or that there has been a violation, as the case may be, any party not satisfied with the determination of the Commission may file an application for review with the Court.

60(10) Where, in the opinion of the hearing officer, the interest of justice demands that the person whose complaint is pending before the Commission should be granted leave to file an application promptly with the Court prior to the termination of the administrative hearing, the hearing officer may, in writing, grant such leave.

60(11) Where a leave is granted pursuant to subsection (10) of this section, the hearing officer shall suspend the administrative hearing pending the outcome of the application before the Court, and shall terminate same when and if all the issues raised in the complaint are fully resolved by the Court.

60(12) Any person who has filed a complaint with the Commission may, at any time before the termination of the hearing, by notice in writing to the Commission, withdraw the complaint.

60(13) No person shall file an application for review with the Court or otherwise invoke the jurisdiction of the Court in respect of a violation of any provision of this Bill, unless such person has complied with the provisions of this section.

Section 61: Persons entitled to file applications for review

61. The following persons may exercise the right of application for review pursuant to the provisions of this Bill:

(a) In the case of an application against a determination of the Commission in relation to an application for an authorisation under section 38 of this Bill, the applicant and any person who participated in any conference held by the Commission under section 43 of this Bill in relation to the authorisation;

(b) In the case of an application against a determination of the Commission revoking or amending an authorisation pursuant to section 45(1) of this Bill or revoking an authorisation and substituting a further authorisation pursuant to that subsection, the person to whom the authorisation was granted;

(c) In the case of an application against a determination of the Commission under section 46 or section 47 of this Bill in relation to a notice seeking a clearance or an authorisation, as the case may be:

(i) The person who sought the clearance or the authorisation; and

(ii) Any person whose assets or the shares in a company are proposed to be acquired pursuant to the clearance or authorisation; and

(iii) Any person who participated in any conference held by the Commission under section 51 of this Bill in relation to the clearance or authorisation.

(d) In the case of an application against a determination of the Commission under section 52 of this Bill made on the application of any person who is a supplier of regulated goods or services, the applicant and any person who in the opinion of the Court is a substantial consumer or purchaser of the regulated goods or services to which the determination relates or who represents a substantial group of consumers or purchasers of those goods or services;

(d) In the case of an application against a determination of the Commission under section 52 of this Bill made by the Commission on its own motion, any person who is a supplier of regulated goods or services to which the determination relates and any person who in the opinion of the Court is a substantial consumer or purchaser of the regulated goods or services to which the determination relates or who represents a substantial group of consumers or purchasers of those goods or services.

Section 62: Determinations of applications for review

62(1) In its decision on any application for review, the Court may do any one or more of the following things:

(a) Confirm, modify, or reverse the determination or any part of it;

(b) Exercise any of the powers that could have been exercised by the Commission in relation to the matter to which the application relates.

62(2) Notwithstanding anything in this section, the Court may, in any case, instead of determining any application under that section, direct the Commission to reconsider, either generally or in respect of any specified matters, the whole or any specified part of the matter to which the application relates.

62(3) In giving any direction under this section, the Court shall:

(a) Advise the Commission of its reasons for doing so; and

(b) Give to the Commission such directions as it deems just concerning the reconsideration of the whole or any part of the matter that is referred back for reconsideration.

62(4) In reconsidering the matter so referred back, the Commission shall have regard to the Court’s reasons for giving a direction under subsection (1) of this section, and the Court’s directions under subsection (2) of this section..

62(5) Where an application for review is filed under any provision of this Part of this Bill against any determination of the Commission, the determination to which the application relates shall remain in full force pending the determination of the application for review, unless the Court makes an order to the contrary.

Section 63: Court may order divestiture of assets or shares of a company in certain cases

63(1) In any case where the Court, on the application of the Commission, is satisfied that any person has violated section 29 of this Bill, or has been found in any other proceedings under this Bill to have violated section 29 of this Bill, the Court may, by order:

(a) Give directions for the disposal by that person of such assets or shares as shall be specified in the order; or

(b) Give directions for the disposal by that person of any assets or shares in accordance with an undertaking given by the person under section 50 of this Bill.

63(2) An application under subsection (1) of this section may be made at any time within two years from the date on which the violation occurred.

Section 64: Prosecution for offences

64. Where the Commission determines that any provision of Parts III, IV or V of this Bill has been violated, the Commission may refer the matter to the office of the Attorney General of the Federation for the institution of criminal proceedings against the violator or prosecution thereof or otherwise obtain a fiat from the Attorney General for the institution of such criminal proceedings or prosecution thereof.

PART X - MISCELLANEOUS PROVISIONS

Section 65: The Commission may require person to supply information or documents or give evidence

65 Where the Commission considers it necessary or desirable for the purpose of carrying out its functions and exercising its powers under this Bill, the Commission may, by notice in writing served on any person, require that person:

(a) To furnish to the Commission, by writing signed by that person or, in the case of a body corporate, by a director or competent servant or agent of the body corporate, within the time and in the manner specified in the notice, any information or class of information specified in the notice;

(b) To produce to the Commission, or to a person specified in the notice acting on its behalf in accordance with the notice, any document or class of documents specified in the notice; or

(c) To appear before the Commission at a time and place specified in the notice to give evidence, either orally or in writing, and produce any document or class of documents specified in the notice.

Section 66: Power to Search

66(1) The Commission may, from time to time, authorise an employee of the Commission to search under a warrant issued under subsection (2) of this section any place named in the warrant for the purpose of ascertaining whether a person has engaged in or is engaging in conduct that constitutes or may constitute a violation of this Bill.

66(2) A Judge who is satisfied upon application made on oath by a person who is authorised under subsection (1) of this section that there are reasonable grounds to believe that it is necessary for the purpose of ascertaining whether or not a person has engaged in or is engaging in conduct that constitutes or may constitute a violation of this Bill, for an employee of the Commission to search any place may, by warrant, authorise that employee to search a place specified in the warrant.

66(3) A person who applies for a warrant shall, having made reasonable inquiries, disclose:

(a) Details of every previous application for a warrant to search the place that the person knows has been made within the preceding twelve months; and

(b) The result of the application.

Section 67: Powers conferred by warrant

67(1) A warrant issued under section 66 of this Bill shall authorise the person named in it and any police officer or public official providing assistance to the person named in it, which assistance shall be at the written request of the person named in the warrant:

(a) To enter and search the place specified in the warrant on one occasion within thirty days of the date of issue of the warrant at a time that is reasonable in the circumstances;

(b) To use such assistance as is reasonable in the circumstances;

(c) To use such force for gaining entry and for breaking open any article or thing as is reasonable in the circumstances;

(d) To search for and remove documents or any article or thing that the person executing the warrant believes on reasonable grounds may be relevant;

(e) Where necessary, to take copies of documents, or extracts from documents, that the person executing the warrant believes on reasonable grounds may be relevant;

(f) Where necessary, to require a person to reproduce, or assist any person executing the warrant to reproduce, in usable form, information recorded or stored in a document.

67(2) Any police officer or public official assisting the person executing the warrant also has the powers referred to in paragraphs (c), (d), and (e) of subsection (1) of this section.

67(3) The warrant shall be executed in accordance with such conditions as may be specified in the warrant when it is issued.

Section 68: Warrant to be produced

68. A person executing a warrant issued under section 66 of this Bill shall:

(a) Have the warrant with him;

(b) Produce it on initial entry and, if requested, at any subsequent time;

(d) Produce evidence of his or her identity.

Section 69: Other duties of the person who executes a warrant

69(1) A person who executes a warrant issued under section 66 of this Bill must, before completing the search, leave in a conspicuous place at the place searched:

(a) In the case of a search carried out at a time when the owner or occupier was not present, a written notice stating:

(i) The date and time when the warrant was executed;

(ii) The name of the person who executed the warrant and the names of the person or persons who assisted him; and

(b) In the case of a search where a document or article or thing was removed from the place being searched, a schedule of documents or articles or things that were removed during the search.

69(2) If it is not practicable to prepare a schedule before completing the search, or if the owner or occupier of the place being searched consents, the person executing the warrant:

(a) May, instead of leaving a schedule, leave a notice stating that documents, or articles, or things have been removed during the search and that, within seven days of the search, a schedule will be delivered, left, or sent stating what documents, articles or things have been removed; and

(b) Must, within seven days of the search:

(i) Deliver a schedule to the owner or occupier; or

(ii) Leave a schedule in a prominent position at the place searched; or

(iii) Send a schedule by registered mail to the owner or occupier of the place searched.

69(3) Every schedule shall state:

(a) The documents, articles and things that have been removed; and

(b) The location from which they were removed; and

69(4) The occupier or person in charge of the place that a person authorised pursuant to a warrant issued under section 66 of this Bill enters for the purpose of searching shall provide that person with all reasonable facilities and cooperation in executing the warrant.

69(5) The Commission, or any person authorised by the Commission for the purpose, may inspect and take copies of any documents, or extracts from them, obtained pursuant to a warrant issued under section 66 of this Bill.

69(6) The Commission may exercise any power under the provisions of this Bill notwithstanding that any proceedings have been instituted in any Court, except where the Court makes an order to the contrary.

Section 70: Power of the Commission to take evidence

70(1) For the purpose of carrying out its functions and exercising its powers under this Bill, the Commission may receive in evidence any statement, document, information, or matter that may in its opinion assist it in dealing effectively with the matter before it, whether or not the same would be otherwise admissible in a Court of law.

70(2) The Commission may take evidence on oath and for that purpose a member of the Commission or any officer of the Commission duly appointed for the purpose may administer an oath.

70(3) The Commission may require the evidence referred to in section 65(c) of this Bill to be given on oath, and for that purpose a member of the Commission or any officer of the Commission duly appointed for the purpose may administer an oath.

70(4) The Commission may permit a person appearing as a witness before the Commission to give evidence by tendering and, if the Commission deems fit, verifying by oath, a written statement.

70(5) Where any person has appeared as a witness before the Commission pursuant to a notice in that behalf, or has given evidence before the Commission, whether pursuant to a notice or not, the Commission may, if it deems fit, order any sum to be paid to that witness on account of his expenses.

Section 71: Power of the Commission to prohibit disclosure of information, documents and evidence

71(1) Subject to subsection (2) of this section, the Commission may, in relation to any application for, or any notice seeking, any clearance or authorisation under Part VII of this Bill, or in the course of carrying out any other investigation or inquiry under this Bill, make an order prohibiting the publication or communication of any information or document or evidence which is furnished, given or tendered to, or obtained by, the Commission in connection with the operations of the Commission; and

71(2) Any order made by the Commission under subsection (1) of this section may be expressed to have effect for such period as is specified in the order, which shall not be less than two years, but no such order shall have effect:

(a) Where the order was made in connection with any application, or notice of interest, relating to any clearance or authorisation under this Bill, after the expiry of thirty days from the date on which the Commission makes a final determination in respect of that application or notice, or, where that application or notice is withdrawn before any such determination is made, after the date on which the application or notice is withdrawn;

(b) Where that order was made in connection with any other investigation or inquiry conducted by the Commission, after the conclusion of that investigation or inquiry.

71(3) Every person who, contrary to any order made by the Commission under subsection (1) of this section, publishes or communicates any information or document or evidence commits an offence and is liable, on conviction, to a fine not exceeding N1,000,000.00 in the case of a person not being a body corporate, and N50,000,000.00 in the case of a body corporate.

Section 72: Notices

72(1) Any notice given by the Commission under or for the purpose of this Bill shall be sufficiently given if it is in writing, under the seal of the Commission or is signed by the Executive Chairman, or by one or more of the members of the Commission, or by any person purporting to act by direction of the Commission, and is served in accordance with section 72 of this Bill on the person or persons primarily concerned therewith or on any person or organisation deemed by the Commission to represent the person or persons primarily concerned therewith.

72(2) All documents purporting to be signed by or on behalf of the Commission or to be sealed with the seal of the Commission shall, in all courts and in all proceedings under this Bill, be deemed to have been so signed or sealed with due authority unless the contrary is established.

Section 73: Service of Notices

73(1) Any notice or other document required or authorised to be served on or given to any person for the purpose of this Bill may be served or given by delivering it to that person, or by leaving it at his usual or last known place of residence or business or at the address specified by him in any notice, application, or other document made, given or tendered to the Commission under this Bill, or by posting it by registered mail to him at that place of residence or business or at that address.

73(2) If any such notice or other document is sent to any person by registered mail, then, unless the contrary is shown, it shall be deemed to have been delivered to him when it would have been delivered in the ordinary course of posting a mail unless the contrary is established; and in proving the delivery it shall be sufficient to prove that there is return post office slip showing actual delivery.

73(3) Where for any purpose under this Bill a notice or document is required to be served on an association or body of persons the notice or document may be served on the secretary, executive officer, manager, or other officer holding a similar position in the association or body; and for the purpose of this Bill, service on the association or body shall, unless otherwise directed by the Commission, be deemed to be service on all persons who are members of the association or body or who are represented on the association or body by those members.

Section 74: Offences

74(1) Subject to the provisions of this Bill, no person shall:

(a) Without reasonable excuse, refuse or fail to comply with a notice under section 72 and section 83 of this Bill;

(b) In purported compliance with such a notice, furnish information, or produce a document, or give evidence, knowing it to be false or misleading; or

(c) Resist, obstruct, or delay an employee of the Commission acting pursuant to a warrant issued under section 66 of this Bill.

74(2) No person shall attempt to deceive or knowingly mislead the Commission in relation to any matter before it.

74(3) No person, having been required to appear before the Commission pursuant to section 65 of this Bill, shall:

(a) Without reasonable excuse, refuse or fail to appear before the Commission to give evidence;

(b) Refuse to take an oath or make an affirmation as a witness; or

74(4) Any person who violates any provision of this section commits an offence and is liable on summary conviction, in the case of an individual, to a fine not exceeding N1,000,000.00 or a term of imprisonment not exceeding three months or to such fine and imprisonment, and in the case of a body corporate, to a fine not exceeding N10,000,000.00.

Section 75: Determinations of the Commission

75(1) Any determination, clearance, authorisation, or decision given by the Commission under or for the purpose of this Bill shall be sufficiently given if it is in writing under the seal of the Commission or is signed by one or more members of the Commission or by an officer of the Commission authorised for that purpose.

75(2) A copy of a determination, clearance, authorisation or decision of the Commission, certified to be a true copy by an officer of the Commission authorised in that behalf to certify copies of determinations, clearances, authorisations or decisions of the Commission, shall be received in all courts as evidence of the determination, clearance, authorisation or decision.

75(3) A document purporting to be a copy of a determination, clearance, authorisation or decision of the Commission and to be certified to be a true copy in accordance with subsection (2) of this section shall, unless the contrary is established, be deemed to be such a copy and to be so certified.

Section 76: Delegation by the Commission

76(1) The Commission may delegate its powers subject to such conditions and restrictions as it may think fit, and the delegation may be made either generally or in relation to any particular matter or class of matters. A person to whom such power is delegated shall be either a member of the Commission or an officer thereof.

76(2) Subject to any general or special directions given or conditions or restrictions imposed by the Commission, any person to whom any powers or functions are delegated may exercise those powers or functions in the same manner and with the same effect as if they had been conferred directly by this Bill.

76(3) Every person purporting to act pursuant to any delegation shall be presumed to be acting in accordance with the terms of the delegation, in the absence of proof to the contrary.

76(4) The delegation of any power or function shall not prevent the exercise of that power or function by the Commission.

76(5) Until it is revoked or amended, every delegation shall continue in force according to its terms.

Section 77: Proceedings of the Commission privileged

77(1) No proceedings, civil or criminal, shall lie against the Commission for anything it may do or fail to do in the course of the exercise or intended exercise of its functions, unless it is shown that the Commission acted without reasonable care or in bad faith or with malice.

77(2) No civil proceedings shall lie against any member of the Commission, or any officer of the Commission, for anything that person may do or say or fail to do or say in the course of the operations of the Commission, unless it is shown that that person acted without reasonable care or in bad faith or with malice.

77(3) A person shall not be excused from complying with any requirement to furnish information, produce documents, or give evidence under this Bill, or, on appearing before the Commission, from answering any question or producing any document, on the ground that to do so might tend to incriminate that person or another person.

77(4) A statement made by a person in answer to a question put by or before the Commission shall not in criminal proceedings, be admissible against that person, or that person's spouse.

77(5) Nothing in subsection (4) of this section shall apply in respect of:

(a) Proceedings on a charge of perjury against the maker of the statement; or

(b) Proceedings on a charge of an offence against section 74(1)(b) of this Bill.

77(6) No court or person shall be entitled to require any member of the Commission, or any officer of the Commission or any other person present at any meeting of the Commission, to divulge or communicate any information furnished or obtained, documents produced, obtained or tendered, or evidence given, in connection with the operations of the Commission.

77(8) Nothing in subsection (6) of this section shall apply in respect of:

(a) Any proceedings referred to in subsection (5) of this section; or

(b) Any proceedings to which the Commission is a party.

77(9) Anything said, or any information furnished, or any document produced or tendered, or any evidence given by any person to the Commission, shall be privileged in the same manner as if that statement, information, document, or evidence were made, furnished, produced, or given in proceedings in a court.

Section 78: Repeals and Savings

78. Nothing in this section shall be construed to imply the validity of the provisions of the following or any enactment, where such enactment is inconsistent with any of the provisions of this Bill:

(a) The Industrial Development Co-ordination Act, cap 178, Laws of the Federation of Nigeria, 1990.

(b) The Commodities Board Act, cap 58, Laws of the Federation of Nigeria, 1990.

(d) The Import (Prohibition) Act, cap 172, Laws of the Federation of Nigeria, 1990.

(e) The Productivity, Prices, and Income Board, cap. 372, Laws of the Federation of Nigeria, 1990.

(f) The News Agency of Nigeria Act, Cap. 290, Laws of the Federation of Nigeria, 1990 particularly Section 2 (2) thereof insofar as it grant the News Agency of Nigeria the monopoly of collecting news in Nigeria for sale to foreign new agencies is now hereby repealed.

(g) The Nigerian Television Authority Act, cap. 329, Laws of the Federation of Nigeria, 1990 particularly Section 7 (1) and (2) thereof insofar as it grants the Nigerian Television Authority the exclusive right for television broadcasting in Nigeria.

(h) The Investments and Securities Act of 1999.

(i) Any other enactment created by law to regulate similar bodies.

Section 79 Interpretation

79(1) In this Bill, unless the context otherwise requires:

"Authorisation" means an authorisation granted by the Commission under Part VII of this Bill, or by the Court on application for review or appeal under Part IX of this Bill against a determination of the Commission;

"Business" means any undertaking that is carried on for gain or reward; or in the course of which goods or services are acquired or supplied; or any interest in land is acquired or disposed of, otherwise than free of charge;

"Executive Chairman" means the Executive Chairman of the Commission;

"Clearance" means a clearance given by the Commission under Part VII of this Bill, or by the Court on application for review or appeal under Part IX of this Bill against a determination of the Commission;

“Company” means company registered under Cap. 59, Laws of the Federation, 1990;

"Commission" means the Federal Competition Commission established by section 1 of this Bill; and includes a member of the Commission, performing any function of the Commission;

"Court" means the Federal High Court of Nigeria;

"Document" means a document in any form whether signed or otherwise authenticated by its maker or not; and includes:

(a) Any writing on any material;

(b) Any information recorded or stored by means of any tape-recorder, computer, or other device; and any material subsequently derived from information so recorded or stored;

(c) Any label, marking, or other writing that identifies or describes any thing of which it forms part, or to which it is attached by any means;

(d) Any book, map, plan, graph, or drawing;

(e) Any photograph, film, negative, tape, or other device in which one or more visual images are embodied so as to be Capable (with or without the aid of some other equipment) of being reproduced.

“Federal” refers to the Federal Republic of Nigeria;

"Give effect to", in relation to a provision of a contract, arrangement, or understanding, includes:

(a) Do an act or thing in pursuance of or in accordance with that provision;

(b) Enforce or purport to enforce that provision.

"Goods" includes:

(a) Ships, aircraft, and vehicles;

(d) Gas and electricity;

“Judge” means Judge of the Federal High Court.

“Member” means a member of the Commission, which shall include the Executive Chairman;

“Mergers, Takeovers and Acquisitions” means “mergers” or “takeovers” or “acquisitions” or “mergers, takeovers and acquisitions” and “merger, takeovers and acquisitions” have corresponding meanings.

“President” means the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria.

"Person", includes an individual and any association of persons whether incorporated or not;

"Prescribed" means prescribed by regulations under this Bill or by the Commission;

"Price", includes valuable consideration in any form, whether direct or indirect; and includes any consideration that in effect relates to the acquisition or supply of goods or services or the acquisition or disposition of any interest in land, although ostensibly relating to any other matter or thing;

"Services" includes any rights (including rights in relation to, and interests in, real or personal property), benefits, privileges, or facilities that are or are to be provided, granted, or conferred in trade; and, without limitation to the generality of the foregoing, also includes the rights, benefits, privileges, or facilities that are or are to be provided, granted, or conferred under any contract or any class of contract;

“Restrictive practices” means practices in restraint of trade or which otherwise hinders competition;

"Share" means a share in the share capital of a company or other body corporate, whether or not it carries the right to vote at general meetings; and includes:

(a) A beneficial interest in any such share;

(b) A power to exercise, or control the exercise of, a right to vote attaching to any such share that carries the right to vote at meetings of the company;

(d) A perpetual debenture and perpetual debenture stock.

"Sale" includes advertisement for sale, display for sale, and offer for sale, and "sell", "selling", and "sold" have corresponding meanings;

"Supply", in relation to goods, includes supply (or re-supply) by way of gift, sale, exchange, lease, hire, or hire purchase; and in relation to services, includes provide, grant, or confer and "supply" as a noun, "supplied", and "supplier" have corresponding meanings; and

"Trade" means any trade, business, industry, profession, occupation, activity of commerce, or undertaking relating to the supply or acquisition of goods or services or to the disposition or acquisition of any interest in land;

79(2) In this Bill, a reference to engaging in conduct shall be read as a reference to doing or refusing to do any act, including the entering into, or the giving effect to a provision of, a contract or arrangement.

79(3) In this Bill:

(a) A reference to the acquisition of goods includes a reference to the acquisition of property in, or rights in relation to, goods in pursuance of a supply of the goods;

(b) A reference to the supply or acquisition of goods or services includes a reference to agreeing to supply or acquire goods or services;

(c) A reference to the supply or acquisition of goods includes a reference to the supply or acquisition of goods together with other property or services or both;

(d) A reference to the supply or acquisition of services includes a reference to the supply or acquisition of services together with property or other services or both.

79(4) For the purposes of this Bill, any two companies, persons and association of persons are to be treated as affiliated if:

(a) One of them is a company of which the other is a subsidiary; as such subsidiary is understood pursuant to the provisions of Cap. 59, Laws of the Federation, 1990;

(b) Both of them are subsidiaries (within the meaning of those sections) of the same company; or

(d) Both of them are affiliated with companies that, in accordance with paragraph (a) or paragraph (b) of this subsection, are affiliated;

79(5) In this Bill "competition" means workable or effective competition in relation to the supply and demand of goods in any given market. And unless the context otherwise requires, references to the lessening of competition include references to the hindering or preventing of competition.

79(6) For the purposes of this Bill, the effect on competition in a market shall be determined by reference to all factors that affect competition in that market including competition from goods or services supplied or likely to be supplied by persons not resident or not carrying on business in Nigeria.

79(7) For the purposes of this Bill:

(a) A provision of a contract or arrangement shall be deemed to have had, or to have, a particular purpose if;

(i) The provision was or is included in the contract or arrangement was or is required to be given, for that purpose or purposes that included or include that purpose; and

(ii) That purpose was or is a substantial purpose;

(b) A person shall be deemed to have engaged, or to engage, in conduct for a particular purpose or a particular reason if that person engaged or engages in that conduct for that purpose or reason or for purposes or reasons that included or include that purpose or reason; and that purpose or reason was or is a substantial purpose or reason.

79(8) In this Bill:

(a) A reference to a contract shall be construed as including a reference to a lease of, or a license in respect of, any land or a building or part of a building, and shall be so construed notwithstanding any express reference in this Bill to any such lease or license, but shall not mean a reference to the memorandum of association or articles of association of a company;

(b) A reference to making or entering into a contract, in relation to such a lease or license, shall be read as a reference to granting or taking the lease or license;

(c) A reference to a party to a contract, in relation to such a lease or license, shall be read as including a reference to any person bound by, or entitled to the benefit of, any provision contained in the lease or license.

79(9) For the purposes of this Bill, any contract or arrangement entered into shall be deemed to have been entered into by all the persons who are members of the association or body;

79(10) Nothing in subsection (9) of this section shall apply to:

(a) Any member of an association or body of persons who expressly notifies the association or body in writing that he disassociates himself from the contract, or arrangement or any provision thereof and who does so disassociate himself;

(b) Any member of an association or body of persons who establishes that he had no knowledge and could not reasonably have been expected to have had knowledge of the contract, arrangement, or understanding.

79(11) In this Bill, reference to:

(a) Federal Government means the Government of the Federal Republic of Nigeria;

(b) State Government means the Government of one or any of the States that constitute the territories of the Federal Republic of Nigeria, as recognized by the Constitution of Nigeria, 1999;

(c) Local Government means the authority and the territories relating to one or any of the local government recognized by the Constitution of Nigeria, 1999.

79(12) Every reference in this Bill to the term 'market' is a reference to a “relevant market” in Nigeria for goods or services as well as other goods or services that, as a matter of fact and commercial common sense, are substitutable for them. And the meaning of the term “relevant market” shall be based on examination of demand substitutability, supply substitutability and potential competition.

79(13) For the purpose of this Bill, the term:

(a) “Regulatory Agency” shall mean any government agency established to regulate the terms and conditions for demand and supply of goods and services in any given industry. In this respect, the regulatory agency in question is one established either by Federal or any State Government.

(b) “Regulated Industry” shall mean an industry which is designated as such by the Commission and which is under the regulatory authority of a regulatory agency.

79(14) For the purpose of this Bill, the term “Professional Association” shall mean associations mentioned in Schedule 1 of this Bill.

Section 80: Short Title

80. This Bill shall be cited as the Federal Competition Bill

SCHEDULES

Schedule 1: Professional Associations, (pursuant to section 16(2) of this Bill)

The following associations and their governing bodies as established by relevant laws are professional associations for the purposes of this Bill:

(a) Architects. Architects (Registration, Etc) Act, Cap. 20 Laws of the Federation of Nigeria, 1990.

(b) Chartered Accountants. Institute of Chartered Accountants Act, Cap. 185, Laws of the Federation of Nigeria, 1990.

(c) Dental Technologists. Dental Technologists (Registration, Etc) Act, Cap. 96, Laws of the Federation of Nigeria, 1990.

(d) Engineers. Engineers (Registration, Etc) Act, Cap. 110 Laws of the Federation of Nigeria, 1990.

(e) Estate Agents. Estate Surveyors and Valuers (Registration, Etc) Act, Cap. 111 Laws of the Federation of Nigeria, 1990.

(f) Legal Practitioners. Legal Practitioners Act, Cap. 207, Laws of the Federation of Nigeria, 1990.

(g) Medical Practitioners. Medical and Dental Practitioners Act, Cap. 221, Laws of the Federation of Nigeria, 1990.

(h) Nigerian Institute of Marketing Act.

(i) Nurses and Midwives. Nursing and Midwifery (Registration, Etc) Act, Cap. 332, Laws of the Federation of Nigeria, 1990.

(j) Pharmacists. Pharmacists Act, Cap. 357, Laws of the Federation of Nigeria, 1990. Quantity Surveyors.

(k) Quantity Surveyors (Registration, Etc) Act, Cap. 383, Laws of the Federation of Nigeria, 1990.

(l) Surveyors. Surveyors’ Registration Council of Nigeria Act, Cap. 425, Laws of the Federation of Nigeria, 1990.

(m) Town Planners. Town Planners (Registration, Etc) Act, Cap. 431, Laws of the Federation of Nigeria, 1990.

(n) Veterinary Surgeons. Veterinary Surgeons Act, Cap. 464, Laws of the Federation of Nigeria, 1990.

(o) Any other professional association created by any law and designated as such by the Commission; provided that any designation of an association as a professional association pursuant to section 16(2) shall be published by the Commission in the Gazette.

FEDERAL COMPETITION BILL

Table of Contents

PART I THE FEDERAL COMPETITION COMMISSION ………….………... 5

PART II GENERAL PROVISIONS ………..……………………………………. 13

PART IV ABUSE OF DOMINANT POSITION OF MARKET POWER ….………. 18

PART V MERGERS, TAKEOVERS AND ACQUISITIONS ……………………. 20

PART VI REGULATION OF PRICES …………………………………………….. 22

PART X MISCELLANEOUS PROVISIONS ……………………………………. 41

SCHEDULES …………………………………………………………………… 54

PART I

THE FEDERAL COMPETITION COMMISSION

Section 1: Establishment of the Federal Competition Commission

Section 2: Membership of the Commission

Section 3: Tenure of office

Section 4: Proceedings of the Commission

Section 5: Termination of appointment of members

Section 6: Disclosure of interest

Section 7: Functions of the Commission

Section 8: Officers and employees

Section 9: Remuneration and expenses of members of the Commission

Section 10: Funds of the Commission

Section 11: Expenditures of the Commission

Section 12: Accounts, audits and estimates

Section 13: Commission to have regard to economic policies of the Federal Government.

Section 14: Regulations

PART II

GENERAL PROVISIONS

Section 15: Territorial Scope of the Bill

Section 16: Application of the Bill to State-owned Enterprises and Transitional Provisions

Section 17: Laws relating to restraint of trade, operation of companies and business name, intellectual property rights and transactions not affected

PART III

CONTRACTS, ARRANGEMENTS AND RESTRICTIVE PRACTICES SUBSTANTIALLY LESSENING COMPETITION

Section 18: Prohibition of Contracts, Agreements, etc., deemed to be in restraint of trade or substantially lessen competition

Section 19: Certain contracts, etc., with respect to exclusionary provisions

Section 20: Prohibition of certain provisions of contracts, etc., with respect to prices deemed to be in restraint of trade or substantially lessen competition

Section 21: Exemptions in respect of certain contracts

Section 22: Exemptions in respect of transactions on assets of a business or shares of a company

Section 23: Exemptions in respect of pre-existing contracts

Section 24: Offences relating to Parts III

PART IV

ABUSE OF DOMINANT POSITION OF MARKET POWER

Section 25: Abuse of Dominant position in a market prohibited

Section 26: Resale price maintenance Prohibited

Section 27: Prohibition of Withholding or preventing the supply of goods

Section 28: Offences relating to Parts IV

PART V

MERGERS, TAKEOVERS AND ACQUISITIONS

Section 29: Prohibition of certain mergers, takeovers and acquisitions

Section 30: Offences relating to Part V

Section 31: Control of mergers, takeovers and acquisitions

Section 32: The Commission may report to the President as to control of mergers, takeovers and acquisitions

Section 33: Mere transfer of market dominance excluded

PART VI

REGULATION OF PRICES

Section 34: Declaration of price regulation

Section 35: The Commission may report to the President as to price regulation

Section 36: Regulated goods or services not to be supplied except in accordance with authorised price

Section 37: Records to be kept for pricing purposes

PART VII

AUTHORISATIONS AND CLEARANCES

Section 38: Authorisation with respect to contracts, arrangements and restrictive practices substantially lessening competition

Section 39: Effect of Authorization

Section 40: Authorization not to be granted in relation to contracts, etc. made before determination by the Commission

Section 41: Procedure for application for Authorisation of contracts, arrangements and restrictive practices substantially lessening competition

Section 42: Determination of applications for authorisation of contracts, arrangements and restrictive practices substantially lessening competition

Section 43: The Commission to prepare proposed determination in relation to contracts, arrangements and restrictive practices substantially lessening competition

Section 44: Procedure for holding a conference

Section 45: The Commission may vary or revoke authorisations

Section 46: The Commission may give clearances for mergers, takeovers and acquisitions

Section 47: The Commission may grant authorisation for mergers, takeovers and acquisitions

Section 48: Provisions applying to applications for clearance and authorisation for mergers, takeovers and acquisitions

Section 49: Effect of Clearance or authorisation

Section 50: The Commission may accept undertakings

Section 51: Conferences in relation to mergers, takeovers and acquisitions

Section 52: Authorised prices for regulated goods or services to be determined by the Commission

Section 53: The Commission may authorise provisional prices

Section 54: Alternative undertakings as to prices of regulated goods or services

Section 55: Considerations to be observed by the Commission

Section 56: Conferences in relation to authorisation of prices for regulated goods and services

PART VIII