Section 120: Thresholds and categories of mergers.

(1) The Commission shall from time to time prescribe :
(a) a lower and an upper threshold of combined annual turnover or assets, or a lower and an upper threshold of combinations of turnover and assets in Nigeria, in general or in relation to specific industries, for purposes of determining categories of mergers;
(b) a method for the calculation of annual turnover or assets to be applied in relation to each of the prescribed thresholds.
(2) For the purpose of this part of this Act:
(a) "a small merger" means a merger or proposed merger with a value at or below the lower thresholds established in terms of subsection 1 (a) ;
(b) "an intermediate merger" means a merger or proposed merger with a value between the lower and upper thresholds established in terms of subsection 1 (a) ; and
(c) "a large merger" means a merger or proposed merger with a value at or above the upper threshold established in terms of subsection 1(a).
(4) Pending the time the Commission prescribes the thresholds referred to in subsection (1) of this section, the lower threshold shall be N500,000,000, while the upper threshold shall be N5,000,000,000.