LexAfrica network of leading

The Nigerian Civil Aviation Authority recently found that British Airways (BA) and Virgin Atlantic Airways (VAA) were engaged in price fixing on the Nigeria UK route between 2004 and 2006 and fined BA USD 135 million and VAA USD 100 million.  The Nigerian Federal Government has also indicated its readiness to file a class action suit against BA and VAA to compel them to pay the fines.  Pieter Steyn, Chairman of Lex Africa and a director of Werksmans, Lex Africa's South African member, notes that competition law is increasingly becoming an important factor for consideration when doing business in Africa.  Lex Africa's Nigerian member, Giwa Osagie & Co have summarised the existing Nigerian competition laws below.

Of all industries in Africa it provides the greatest opportunities to generate wealth.

Sectors such as tourism and communications are booming as drivers of Africa's economic growth, but mining remains the continent's major money earner.

Competition among financial institutions is intensifying in Africa as more governments relax barriers to entry and open their countries’ banking sectors to new players. The flurry of fresh entrants in some countries is credited with helping to drive down banking charges, improve access to banking services and spark off a wave of new products and services.