An agency relationship has a tripartite structure. It involves the principal, the agent and a third party. The agent acts on behalf of the principal in relation to the third party. Consequently, an agent is said to be a conduit pipe between the principal and the third party. In the circumstance, the agent acts under the express or implied authority of the principal. However,…
Research Scholarships – University of Leeds – Faculty of Education, Social Sciences and Law
The University of Leeds is offering a number of University Research Scholarships for students from the UK and EU. The Scholarships are available to new students wishing to commence doctoral study in the Faculty of Education, Social Sciences and Law at the University of Leeds. Each scholarship provides academic fees at the University of Leeds standard UK rate and an annual maintenance grant of…
Tagged with: doctoral study, scholarship, University of Leeds
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
PhD Scholarships: University of Dundee – School of Law
Dundee Law School is pleased to offer two PhD Scholarships for the September 2013 entry to its Doctor of Philosophy (PhD) programme. With excellent doctoral facilities and a commitment to producing research of the highest quality, Dundee Law School offers an intellectually stimulating environment in which to pursue your research. We welcome applications from those intending to pursue their academic studies, particularly, but not…
Tagged with: PhD Scholarship, scholarship, University of Dundee
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
LSE Fellow: London School of Economics and Political Science – Department of Law
The Law Department, London School of Economics and Political Science, seeks to appoint up to four fixed-term LSE Fellows. The objective of the Fellowships is to provide a development opportunity for those who have exceptional potential in legal research and scholarship. You will carry out teaching duties, as well as develop and pursue a coherent programme of legal research and scholarship. You must have…
Tagged with: academic vacancies, fellowship, London School of Economics and Political Science, LSE Fellow
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Imperial MBA Scholarships
Imperial College Business School is delighted to offer substantial scholarship funding for the Imperial Full-Time MBA, for October 2013 entry. The Imperial MBA is an intensive, one-year programme which will challenge you to imagine, innovate and inspire. Brilliant minds will expose you to new possibilities, opportunities and perspectives, and the new capabilities you will acquire will enable you to shape your future and the…
Tagged with: Imperial College Business School, MBA scholarship, scholarship
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Academic Vacancy: Doctoral Candidate in Law – University of Luxembourg
The University of Luxembourg is a multilingual, international research University. The Faculty of Law, Economics and Finance of the University of Luxembourg has an opening for a Doctoral candidate (PhD student) in Law (M/F) with a specialization in European banking and financial law, Ref: F2-050007 (to be mentioned in all correspondence) 3-year fixed-term contract, renewable once (up to a total of 4 years maximum),…
Tagged with: academic vacancies, doctoral candidate, doctoral study, PhD student, University of Luxembourg
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Academic Vacancy: Dean, Cumberland School of Law, Samford University
Samford University has announced a national search for the dean of Cumberland School of Law. Samford University is an Equal Opportunity Institution that complies with applicable law prohibiting discrimination in its educational and employment policies and does not unlawfully discriminate on the basis of race, color, sex, age, disability, veteran status, genetic information, or national or ethnic origin.
Tagged with: academic vacancies, Cumberland School of Law, Samford University
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Academic Vacancy: Career Development Fellow in Law and Economics – University of Oxford
The University of Oxford, in association with St Hugh’s College, proposes to appoint a full-time Career Development Fellow in Law and Economics for 3 years, to commence not later than 1 October 2013. The successful candidate will also be elected to a Career Development Fellowship at St Hugh’s College. The Fellow will carry out a programme of work to promote the study and research…
General Meetings Watch 2013 (All-Year) – [updated]
Note: In the Table below, the names of the companies whose general meetings are captured are stated in alphabetical order. The report contains the information on the general meetings of companieslisted on the Nigerian Stock Exchange for 2013 (on an annual basis). This Table is different from the General Meetings Watch 2013 (Monthly) which captures the same information save that the general meetings are…
Tagged with: AGM, Annual General Meeting, Court-ordered Meeting, EGM, Extra-ordinary General Meeting
Posted in General Issues, News and Events
Posted in General Issues, News and Events
General Meetings Watch 2013 (Monthly) – [updated]
Note: This report contains information on the general meetings of companies listed on the Nigerian Stock Exchange for 2013 (on monthly basis). Thus, in the Table below, the names of the companies whose general meetings are captured are grouped according to the month in which the general meetings are to occur. The names of the companies in each month are arranged in alphabetical order.…
Tagged with: AGM, Annual General Meeting, Court-ordered Meeting, EGM, Extra-ordinary General Meeting
Posted in General Issues, News and Events
Posted in General Issues, News and Events
Law of Agency: Scope of an Agent’s Authority
No doubt the proliferation and expansion of businesses today have had a positive impact on the business relationships of the principal, agent and third parties. As a result of advancement in technology and communication, an individual can have businesses of different kinds in various parts of the country or even across the border. This necessitates the appointment of a lieutenant or a subordinate who…
Tagged with: agent, authority, fiduciary relationship, Law of Agency, principal, third party
Posted in Law
Posted in Law
Academic Vacancy: Associate Professor in Criminal Law, University of Luxembourg
The University of Luxembourg is a multilingual, international research university. The Faculty of Law, Economics and Finance of the University of Luxembourg has an opening for an Associate Professor in Criminal Law (M/F) Ref: F2-080002 (to be mentioned in all correspondence). Link for the ad: http://emea3.mrted.ly/5tp2 All applications will be handled in strictest confidence. The University of Luxembourg is an equal opportunity employer.
Vacancies: Universiti Brunei Darussalam, Faculty of Business Economics and Policy Studies
The Faculty of Business Economics and Policy Studies at the Universiti Brunei Darussalam is seeking qualified individuals for full-time faculty positions at the all levels. Application forms can be downloaded from our website at: http://www.ubd.edu.bn/docs/CareerAdvert/UBD-Application-Form.pdf Applications must reach Universiti Brunei Darussalam by 4th June 2013. Only shortlisted candidates will be contacted and informed of details regarding interview.
Tagged with: academic vacancies, Associate Professor, Banking and Finance, econometrics, Economics, entrepreneurship, forecasting and modelling, human resource management, lecturer, Professor, senior lecturer, supply chain management, Universiti Brunei Darussalam
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Call for Papers: Advances in Financial Economics (Volume 16) “Corporate Governance”
Submissions are invited for a special issue of Advances in Financial Economics (Vol. 16). While Advances will continue to consider papers from any area of Finance, the focus of this issue is corporate governance, with a particular emphasis on international corporate governance issues. Authors are encouraged to submit papers that examine boards of directors, organization structure, compensation design, franchise agreements, or strategic alliances. This…
Tagged with: Advances in Financial Economics, call for papers, corporate governance
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Rules as to Delivery in a Contract of Sale of Goods
In another article, the different dimensions of performance of sale of goods contract was discussed [see here]. One aspect of performance of a sale of goods contract is the delivery of the goods by the seller to the buyer. The Sale of Goods Act 1893 contains a plethora of provisions regulating the delivery of goods in a contract for sale of goods. This article…
Tagged with: delivery, performance, rules of delivery, Sale of Goods Act, sale of goods contract
Posted in Law
Posted in Law
Performance of Sale of Goods Contract
When goods are sold, a sale of goods contract is created. Within that contract, different duties are imposed on the parties to it (that is, the seller and the buyer). If any of the parties fails to carry out his or her duties under the terms of the contract, such omission attracts adverse consequences. The performance of a sale of goods contract has three…
Tagged with: acceptance, delivery, payment, performance, rules of delivery, Sale of Goods Act, sale of goods contract
Posted in Law
Posted in Law
Commercial Law: Distinguishing property from possession
As legal practitioners, law students and even normal everyday people in different professions and spheres of life, we have always heard the cliché in law that “possession is 9/10 of ownership”. However, this has created a kind of confusion in differentiating and distinguishing between the two concepts of commercial law. Though they might look very similar, but in reality they differ. This article seeks…
Tagged with: Commercial Law, ownership, possession, property, remedies, risk, Sale of Goods Act, title
Posted in Law
Posted in Law
Agency Relationship involving a Foreign Principal, a Local Agent and a Third Party
It is challenging to clearly understand agency relationships where the principal is in a foreign jurisdiction but having a local agent who contracts on his behalf with third parties. This occasions some exceptional situation in the agency relationship. Law of Agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual relationships, that involves a person, called the agent,…
Tagged with: agent, foreign principal, Law of Agency, local agent, principal, third party
Posted in Law
Posted in Law
Commercial Transactions and Fiduciary Relationships
Generally, in commercial transactions, there is no duty on contracting parties to disclose all material facts which will likely influence the other party in coming to a decision regarding the transaction so that the parties to the contract may be alert to undisclosed facts concerning the transaction. The Latin maxim for this principle in contract of sale is “caveat emptor” meaning “let the buyer…
Tagged with: caveat emptor, fiduciary relationship, Hire-Purchase Act, Law of Agency, Sale of Goods, uberrima fides
Posted in Law
Posted in Law
Hire-Purchase Transaction Taking a Triangular Form
The term “hire-purchase” relates to two different transactions rolled up into one: a hire and a purchase. It is a commercial transaction which has some similarities with other commercial transactions such as bailment, credit-sale, loan and mortgage, equipment lease, and conditional sale, etc. In spite of its similarities with those other commercial transactions, a hire-purchase transaction is clearly distinct from those other commercial transactions.…
Hire-Purchase Transactions: A synopsis of the 10-Ps’ test
As gold is ever separate from stone, so also are hire-purchase transactions different from other commercial transactions. Literarily, “to use or check something to find out whether it works or it is successful” may be referred to as a test. Qualities of the hire-purchase have berthed a test that highlights its difference. This test is the distinguishing test of the 10-Ps. A more detailed…
2013 IoD Nigeria Convention and Exhibition
The Institute of Directors Nigeria, a full-fledged affiliate of the IoD UK, invites your participation at the forthcoming 2013 Convention and Exhibition which is scheduled to hold at Eko Hotels and Suites, Victoria Island, Lagos on Thursday May 16, 2013 from 9am. The main theme of the Convention is “OPTIMIZING PERFORMANCE IN A GROWING ECONOMY” The Vice President of the Federal Republic of Nigeria,…
Tagged with: 2013 IoD Nigeria Convention and Exhibition, Institute of Directors Nigeria, IoD Nigeria
Posted in Business, News and Events
Posted in Business, News and Events
PhD Studentships in Law, Politics, or International Relations
PhD Studentships in Law, Politics, or International Relations Dublin City University – School of Law and Government Up to €15,000 per annum plus fees The School of Law and Government at Dublin City University is a research active school with world-class faculty willing to supervise research students on topics in their areas of specialism. We invite applicants for PhD research in any area of…
Tagged with: Dublin City University, International Relations, Law, PhD Studentships, Politics, School of Law and Government
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
PhD Scholarships
University of Edinburgh Business School PhD Scholarships in the Accounting and Finance Group Up to three PhD scholarships are offered in Accounting and/or Finance. Any area of study will be considered within these disciplines. However, the major areas of current staff research interest are as follows: Corporate finance Behavioural finance Corporate governance Econometrics of financial markets Market-based accounting research Public sector accounting Carbon accounting…
Tagged with: Accounting, Finance, PhD Scholarship, University of Edinburgh Business School
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Leeds International Research Scholarships
Leeds International Research Scholarships (LIRS) Round 2 University of Leeds – Faculty of Education, Social Sciences & Law Session: 2013/14 Closing Date: 17 June 2013 Applications for Leeds International Research Scholarships (LIRS) to commence full time PhD research study in the Faculty of Education, Social Sciences and Law at the University of Leeds in January 2014 are invited from high quality international students. The…
Benefits of Lawyer-Directors on the Boards of Companies
Undoubtedly, board composition is a crucial element of firm value. This understanding underscores the importance of recent studies regarding board composition and the performance of companies. Recently, we drew attention to research findings on the impact of academics in boardrooms [see here]. In this article, we draw attention to recent research findings on the benefits derivable by companies when they have lawyer-directors on their…
Hire-Purchase Act Reform: Issues with motor vehicles
In Nigeria, it is generally understood that the subject matter of hire-purchase transactions falls into two categories: goods other than motor vehicles whose value do not exceed two thousand naira, on the one hand, and motor vehicles, irrespective of their monetary value, on the other hand. In this article, we shall review the provisions of the Hire-Purchase Act, Cap. H4, Laws of the Federation…
Post-Doctoral Fellowship: Banking and Finance
The Laboratory for Financial Engineering of the Faculty of Administrative Sciences, Laval University, Quebec, Canada is recruiting a Post-Doctoral Fellow in Banking and Finance, subject to satisfactory performance appraisals, for a period of up to three years.
Tagged with: Banking and Finance, Laval University, Post-Doctoral Fellowship
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
LLM Scholarships: University of East Anglia – Law School
The Law School at the University of East Anglia are offering a number of scholarships for its LLM courses starting in September 2013. The Law School offers a number of specialist Taught Masters (LLM) degrees designed to enhance students’ careers prospects. Our graduates are highly regarded by employers both in and outside the legal profession and we have well-established and excellent relationships with many…
Tagged with: courses, LLM, scholarship, University of East Anglia
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Copenhagen Business School: PhD Scholarships in Finance
Copenhagen Business School, Department of Finance invites applications for PhD scholarships in finance. We invite applications within all areas of finance (including but not limited to corporate finance, asset pricing, financial econometrics, market microstructure, behavioural finance, macro-finance, and banking).
Tagged with: Copenhagen Business School, Finance, PhD Scholarships
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Deakin Graduate School of Business: Call for PhD Applications
Deakin University, Deakin Graduate School of Business: Call for PhD Applications in Accounting, Economics, Finance, Management, Marketing, Organisational Behavior and Human Resource Management The PhD programme runs for three years. Dependent on the student’s background there will be some coursework required. The University offers a number of Ph.D. scholarship opportunities for international and domestic students. These scholarships include tuition fees and health cover costs…
Call for Papers: Public-Private Partnerships
Public-Private Partnerships: Building Infrastructure for the Future August 28-29, 2013, Wellington, New Zealand Keynote Speaker: Professor Ronald Fischer, University of Chile Public-Private Partnerships have proved to be one of the ‘bright lights’ of infrastructure investment. The PPP model has survived the Global Financial Crisis virtually unscathed, and is flourishing internationally. “After a small dip in 2009, a record volume of deals was registered in…
Assistant/Associate/Full Professors in Finance and Economics
The School of Business at Renmin University of China is one of the leading business schools in China. The school prides itself on the longest history of management education in China, which can be traced back to the 1950s, along with a strong alumni basis and close ties to the business community. The school provides a supportive research environment, research funding, and modern facilities…
Tagged with: academic vacancies, Assistant Professor, Associate Professor, Economics, Finance, Professor, Renmin University
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Essay Competition: Visioning the Centenary
Premium Times Services Limited, publishers of Premium Times, invites interested Nigerians to participate in a writing competition. The theme/topic of the essay competition is “Visioning the Centenary”. OVERVIEW: The essay competition focuses on the remarkable journey Nigeria has taken from being a mere geographic expression of several hundred ethno-nations to a country in one hundred years. It will therefore be an essay on events…
Tagged with: essay competition, Premium Times, Visioning the Centenary
Posted in Academics and Scholars, General Issues, News and Events
Posted in Academics and Scholars, General Issues, News and Events
Impact of Professors in the Boardroom: Why I have to be a professor!
A recent paper which seemingly is the first to focus entirely on the impact of academic directors on corporate governance and firm performance has come up with very interesting results. The paper titled “Professors in the Boardroom and their Impact on Corporate Governance and Firm Performance” is available here. The abstract of the paper reads thus: “Directors from academia served on the boards of…
Tagged with: academic directors, advising, board of directors, boardroom, firm performance, monitoring, Professor
Posted in Business, Corporate Governance
Posted in Business, Corporate Governance
The Nigerian Stock Exchange extends filing date for listed companies
The Nigerian Stock Exchange (NSE) confirmed on Thursday, March 28, 2013 that it will grant all listed entities on the NSE an extension of time of 30 days from the due date of the required financial submissions for fiscal 2012 audited accounts and 2013 interim accounts [see here]. This is in response to the challenges being encountered by such listed entities in meeting their…
Tagged with: Financial Reporting Council of Nigeria, FRCN, IFRS, International Financial Reporting Standards, Nigerian Stock Exchange, NSE
Posted in Business, News and Events
Posted in Business, News and Events
The Nigerian Stock Exchange introduces Issuers’ Portal
The Nigerian Stock Exchange (NSE) on Tuesday, March 26, 2013, introduced into the Nigerian capital market the first ever Issuers’ Portal known as the X-Issuer. The X-Issuer is a secure online portal through which issuers will submit financial and other information to the NSE and the market from the comfort of their respective offices. According to the Chief Executive of the NSE, Mr. Oscar…
Tagged with: Issuers’ Portal, Nigerian capital market, Nigerian Stock Exchange, NSE, X-Issuer
Posted in Business, News and Events
Posted in Business, News and Events
CBN cancels N100 monthly ATM maintenance fee
With effect from April 1, 2013, there would be a new fee structure regarding automated teller machine (ATM) transactions in Nigeria. In the Revised Guide to Bank Charges issued by the Central Bank of Nigeria (CBN) this week [see here] and which will become effective on April 1, 2013, some far-reaching provisions have been made regarding ATM charges in Nigeria. Some of the provisions…
Tagged with: ATM, automated teller machine, CBN, Central Bank of Nigeria
Posted in Business, News and Events
Posted in Business, News and Events
COT will be phased-out soon.
All things being equal, Commission on Transaction (COT) will be phased-out in Nigeria by 2016. In the Revised Guide to Bank Charges issued by the Central Bank of Nigeria (CBN) this week [see here] and which will become effective on April 1, 2013, some far-reaching provisions have been made regarding COT (that is, the fee charged by a bank for facilitating a customer’s withdrawal…
Tagged with: CBN, Central Bank of Nigeria, Commission on Transaction, COT
Posted in Business, News and Events
Posted in Business, News and Events
CBN Governor denies fake social media accounts
It is now confirmed that the Governor of the Central Bank of Nigeria (CBN) does not own a Facebook or Twitter account. In a recent press release [see here], the CBN has disclaimed “various postings on social media platforms (Facebook, Twitter, and so on), purported to have been made by the CBN Governor, Mallam Sanusi Lamido Sanusi.” The statement categorically asserts that the CBN…
Tagged with: CBN, Central Bank of Nigeria, facebook, social media, twitter
Posted in General Issues, News and Events
Posted in General Issues, News and Events
Academic vacancies: Professor/Associate Professor/Lecturer-in-Law
The School of Law of Xi’an Jiaotong University, China, has academic vacancies for Professors, Associate Professors and Lecturers-in-Law. ABOUT THE THE SCHOOL OF LAW: The origin of the School of Law at Xi’an Jiaotong University (XJTU) traces to the earlier years of Nanyang Public College. Judge WANG Chung-hui (JSD, Yale University; the first Chinese Judge at the Permanent Court of International Justice), Judge Hsu…
Tagged with: academic vacancies, Associate Professor, Lecturer-in-Law, Professor
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Tilburg Law School – PhD Researchers
Tilburg Law School is looking for PhD researchers (6) positions. The Tilburg Graduate Law School (TGLS) of Tilburg Law School is committed to training top law students from around the globe whose academic work helps to solve today’s societal problems, to address new legal challenges and to become excellent researchers. The mandate of the TGLS is to ensure and monitor the overall quality of…
Call for Proposals: Substantial Scholarship Grants For Research in IP Law
“The noblest pleasure is the joy of understanding.” – Leonardo Da Vinci The Center for the Protection of Intellectual Property (CPIP) at George Mason University School of Law announces the Leonardo Da Vinci Fellowship program and calls for proposals for researching and writing on topics within intellectual property (IP) law. ABOUT CPIP: CPIP is a new academic center dedicated to the scholarly analysis of…
Tagged with: call for proposals, Center for the Protection of Intellectual Property, CPIP
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Summer School for PhD Students and Junior Scholars working on International Law
The Centre of Excellence for International Courts (iCourts) is hosting a high-level summer school for PhD students and junior scholars working on international law and with a special interest in interdisciplinary studies of international law and its social and political context. Particularly welcome are students and scholars who are working on their PhD thesis or a post-doc project that involves study of one or…
Tagged with: iCourts, summer school, The Centre of Excellence for International Courts
Posted in Academics and Scholars, News and Events
Posted in Academics and Scholars, News and Events
Introducing a Category for Academics and Scholars
We are happy to inform all registered users, subscribers and visitors of The Corporate Prof. website that with effect from Monday, 22nd March, 2013 we shall introduce a new category aptly named “Academics and Scholars” for the benefit of our registered users, subscribers and visitors from across the globe with such inclinations. In the Academics and Scholars category, we shall catalogue posts considered relevant…
Tagged with: academic jobs, call for papers, call for proposals, conferences, fellowships, research grants, scholarships, seminars, workshops
Posted in Academics and Scholars, General Issues, News and Events
Posted in Academics and Scholars, General Issues, News and Events
Cashing of 3rd party cheques above N150,000 to stop nationwide on June 1
In furtherance of its cashless policy, the Central Bank of Nigeria (CBN) has, through a recently issued circular to all deposit money banks, [see here] directed all deposit money banks operating in Nigeria to “ensure the implementation of N150,000.00 limit on 3rd party cheques that could be cashed over the counter nationwide, with effect from June 1, 2013.” The implication of this is that…
Tagged with: cashless policy, CBN, Central Bank of Nigeria, cheques
Posted in Business, News and Events
Posted in Business, News and Events
Companies and Allied Matters Act: Types of directors
Generally, company law statutes do not usually contain elaborate provisions on types of directors. This is the case also with the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria 2004 (CAMA). Interestingly also, the Companies Act 2006 of the United Kingdom, in spite of its mammoth 1,300 sections spanning over 700 pages, has no provisions on types of directors…
Tagged with: 2011 SEC Code, CAMA, Code of Corporate Governance in Nigeria 2011, Companies and Allied Matters Act, de fact director, de jure director, directors, shadow director
Posted in Law
Posted in Law
External Auditors and the Codes of Corporate Governance in Nigeria
The importance of the external auditors seems to be well-appreciated in Nigeria. Of the four corporate governance codes presently in force in Nigeria, three of them have provisions regarding external auditors. The only corporate governance code without any provision on external auditors is the Code of Corporate Governance for Licensed Pension Operators 2008. Interestingly, the provisions of the other corporate governance codes regarding external…
Tagged with: Audit Committee, audit firm, audit partner, Code of Corporate Governance for Banks in Nigeria Post-Consolidation 2006, Code of Corporate Governance for Insurance Industry in Nigeria 2009, Code of Corporate Governance in Nigeria 2011, independent external auditors
Posted in Corporate Governance
Posted in Corporate Governance
Hire-Purchase Act Reform: Death of the hirer
The repossession of hire-purchase goods by the owner has been discussed in a previous post [see here] where suggestions were proffered on how to improve the statutory provisions on such matter in order to ensure that any new, improved hire-purchase legislation in Nigeria has robust provisions on the issue. Another factor that could affect the provisions of the hire-purchase legislation in respect of repossession…
Sale of Goods Act Reform: Other considerations
In the last few weeks, we have discussed several issues relating to the Sale of Goods Act 1893 that should be reformed [see here, here, here, here and here]. In this concluding article relating to the reform of the sale of goods legislation in Nigeria, we shall discuss other more general issues that should be taken into consideration also in any attempt to reform…
Tagged with: Commercial Law, Law Reform, National Assembly, Sale of Goods Act 1893
Posted in Business, Law
Posted in Business, Law
Companies and Allied Matters Act: Who can be a company director?
The Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria 2004 (CAMA) has elaborate provisions regarding the administration of companies in Nigeria. A key player in the management of companies is a director. Interestingly, the CAMA has copious provisions on company directors. Nevertheless, it is not clear from the provisions of the CAMA the qualifications a person must possess to…
Code of Corporate Governance in Nigeria 2011 and International Best Practices on Corporate Governance: Disclosure and transparency
The twin principles of disclosure and transparency are fundamental to corporate governance. They constitute some defining essence of corporate governance. Unsurprisingly therefore, it is common practice for contemporary codes of corporate governance to ensure that these issues are adequately provided for. In view of the fact that those in charge of the business of a company (managers) are not necessarily the sole shareholders of…
Nigerian Stock Exchange penalises errant firms
The Nigerian Stock Exchange has fined some errant firms listed on the stock exchange for failing to comply with the Listing Rules of the Nigerian Stock Exchange. According to the information contained in its recent X-Compliance Report, the affected firms were penalised for infractions of several post-listing requirements, such as default in filing audited annual financial statements, default in filing quarterly accounts, unauthorised publication…
Posted in News and Events
External Auditors and Corporate Governance
External auditors are one of the essential gatekeepers of every organisation. They have very important role to play in the company. Following the somewhat recent collapses of major corporate giants, it has become evident that external auditors could make or mar a company. For this reason, a reconsideration of their relationship with the companies which they audit has been initiated and the new guidelines…
Hire-Purchase Act Reform: Assignment of hirer’s rights and interests
A major lacuna in the Hire-Purchase Act, Cap H4, Laws of the Federation of Nigeria 2004 (HPA) relates to the absence of a provision empowering the hirer to assign his rights and interests in a hire-purchase agreement should he so desire. This lacuna is more obvious if cognisance is taken of the provisions of section 20(1) of the HPA which defines the term “hirer”…
Tagged with: assignment of hirer's rights, Hire-Purchase Act, hire-purchase transaction, Law Reform
Posted in Law
Posted in Law
TheCorporateProf.com Unveiled!
Today, February 14, 2013, in this season of love, The Corporate Prof. formally berths on the internet. The Corporate Prof. is created with love for the benefit of scholars, students, researchers, business people, and all persons interested in corporate governance, law and business and other incidental matters. We urge you to kindly register with The Corporate Prof. so that you would be able to…
Posted in General Issues, News and Events
Sale of Goods Act Reform: What does “goods” mean?
Quite obviously, the scope of the Sale of Goods Act 1893 relates to goods. What is however not quite certain is what the term “goods” covers. It is imperative to establish what amounts to goods as that is important in determining the scope of the Sale of Goods Act 1893. This inquiry becomes even more significant because of the level of technological advancements in…
Tagged with: definition of goods, digital products, Law Reform, Sale of Goods Act 1893
Posted in Law
Posted in Law
Companies and Allied Matters Act: Making a case for a one-man board
The number of directors that a company should have is statutorily provided for in company law statutes. In the case of Nigeria, the Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria 2004 (CAMA) is explicit on the issue. Additionally, the codes of corporate governance applicable in Nigeria have provisions for such matters in respect of companies operating within their…
Tagged with: CAMA, Companies and Allied Matters Act, Law Reform, one-man board of director, private company
Posted in Law
Posted in Law
Code of Corporate Governance in Nigeria 2011 and International Best Practices on Corporate Governance: Board evaluation
Board performance evaluation is one board activity which has attracted much attention and for which there exist some widely accepted practices. The issue is therefore worthy of some consideration. We shall review what the existing best practice on board performance evaluation is and evaluate the degree to which the Code of Corporate Governance in Nigeria 2011 (2011 SEC Code) is consistent with such standard.…
Tagged with: 2011 SEC Code, board evaluation, Code of Corporate Governance in Nigeria 2011, international best practice
Posted in Corporate Governance
Posted in Corporate Governance
Independent Directors: International best practices and the way forward
In the past couple of weeks, we have been discussing different issues pertaining to independent directorship. The importance of independent directors in modern companies is certainly not in doubt. Also clear is the fact that they are instrumental in the institutionalisation of the tenets of good corporate governance practice in modern companies. In this article, we shall consider those matters which, from a review…
Tagged with: board of directors, corporate governance code, Independent Directors, international best practice
Posted in Corporate Governance
Posted in Corporate Governance
Hire-Purchase Act Reform: Rights and obligations of parties
In reality, a typical hire-purchase agreement confers a bundle of rights and obligations on the parties to the transaction. A major failing of the Hire-Purchase Act, Cap H4, Laws of the Federation of Nigeria 2004 (HPA) is that it did not identify these rights in an ordered and aggregated manner. It is a herculean task trying to ascertain the rights and obligations of the…
Tagged with: Hire-Purchase Act, hire-purchase transaction, Law Reform, right of the hirer, right of the owner
Posted in Law
Posted in Law
Sale of Goods Act Reform: Rejection for delivery of wrong quantity
There is the need to revisit the circumstances under which a buyer may reject goods where a wrong quantity was delivered by the seller. It is conceded that the delivery of wrong quantity ordinarily amounts to a breach of the contract of sale. Nevertheless, it is contended that it is not all cases of delivery of wrong quantity that should occasion the rejection of…
Tagged with: Commercial Law, delivery of wrong quantity of goods, Law Reform, National Assembly, rejection of goods, Sale of Goods Act 1893
Posted in Business, Law
Posted in Business, Law
Ten Key Steps in Board Evaluation
Board evaluation is now more compelling as it is usually mandated by contemporary corporate governance codes. As anybody who has been involved in the process knows, it is usually a very challenging exercise. However, it must be done properly to ensure that the company derives value from the process. To ensure that this is done, ten key steps that can tremendously improve the process…
Investment Scam: If it sounds too good to be true, then it probably is!
Is the love for easy money a sure-fire mindset for being a victim of an investment scam? Is greed the foundation for falling for investment scam? If it seems too good to be true, it probably is! It is so easy to be a victim of investment scam, yet so many people never agree that they can be conned. It is important to be…
Companies and Allied Matters Act: Shadow directors revealed
The Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria 2004 (CAMA) recognises a category of directors referred to and known as shadow directors. In fact, a specific section of the CAMA was devoted to defining this behind-the-scene director. There are several other provisions in the CAMA making allusion to this “faceless” director. However, in spite of the copious provisions…
Tagged with: appointment of directors, CAMA, Companies and Allied Matters Act, directors' liabilities, Law Reform, shadow director
Posted in Law
Posted in Law
Code of Corporate Governance in Nigeria 2011 and International Best Practices on Corporate Governance: Board committees
Another corporate governance issue with well-established international best practice relates to the committees of the board of directors. In continuation of the discussion on the compliance of the Code of Corporate Governance in Nigeria 2011 (2011 SEC Code) with international best practices on corporate governance, we shall discuss board committees in this article. [Click on each button below to reveal more text!] Next week,…
Nigeria missing in Top 20 Emerging Markets List
In a recent list [see here] of the top 20 emerging markets recently released by Bloomberg Businessweek, Nigeria was conspicuously not present on it. This is so in spite of the fact that four African countries were on that list. These are Namibia (13), Zambia (14), South Africa (15) and Morocco (19). This has grave implication for the Vision 20:2020 project. The top 3…
Independent Directors: Are there any roles for them?
In continuation of our discussions on independent directors [see here, here and here], this article discusses the fundamental issue of the role of independent directors. The necessity of discussing the role of independent director is predicated on establishing the reason for contemporary corporate governance codes providing for this category of directors who are not usually specifically mentioned in company law statutes. Moreover, the issue…
Hire-Purchase Act and Its Monetary Limit on Goods Other than Motor Vehicles
In continuation of our discussion on the issues to consider in the efforts towards the reform of the Hire-Purchase Act, Cap H4, Laws of the Federation of Nigeria 2004 (HPA) [see here], in this article we shall review the monetary limit imposed by the HPA on the hire-purchase price in respect of certain category of items in hire-purchase transactions in Nigeria. By section 1…
Partnership Agreement: Transnational Corporation of Nigeria Plc and General Electric
In an announcement made today by the Nigerian Stock Exchange [see here], it was confirmed that Transnational Corporation of Nigeria Plc (Transcorp) have signed an agreement with General Electric (GE) to collaborate in addressing the infrastructural challenges of Nigeria with respect to power and transportation. Under the arrangement, GE will facilitate the generation of 10,000MW of additional power in Nigeria over the next decade…
Tagged with: General Electric, news, Nigerian Stock Exchange, Partnership agreement, Transcorp
Posted in Business, News and Events
Posted in Business, News and Events
Corporate Governance: How the problem started.
The corporate governance challenges companies face today is real. In spite of all the reform efforts, it still appears as if not much is being done to address the problems adequately. Do you think there have been adequate changes in corporate governance principles and practices to address all the corporate governance challenges which have manifested so far? What is wrong with corporate governance today?…
Sale of Goods Act Reform: Reconciling the Provisions on the Examination and Acceptance of Goods
This article is another article in the series of articles highlighting possible reform issues in respect of the Sale of Goods Act 1893 presently in force in Nigeria. The two previous articles on the issue are available here and here. In this article, we discuss the provisions of the Sale of Goods Act 1893 dealing with the examination and acceptance of goods, pointing out…
Tagged with: acceptance of goods, Commercial Law, examination of goods, Law Reform, National Assembly, Sale of Goods Act 1893
Posted in Business, Law
Posted in Business, Law
Companies and Allied Matters Act: The fate of alternate directors
There is a present uncertainty regarding the position of alternate directors in Nigerian company law. Before the coming into force of the Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria 2004 (CAMA), it was not uncommon for companies to have alternate directors. This was common in multinational companies which had local subsidiaries. Before we dive into the controversies regarding…
Tagged with: alternate director, board of directors, CAMA, Companies and Allied Matters Act, Corporate Affairs Commission, Law Reform
Posted in Business, Law
Posted in Business, Law
Code of Corporate Governance in Nigeria 2011 and International Best Practices on Corporate Governance: Board composition
In this second part of this series reviewing specific provisions of the Code of Corporate Governance in Nigeria 2011 (2011 SEC Code) issued by the Securities and Exchange Commission, we shall be considering the provisions of the 2011 SEC Code on board composition vis-à-vis international best practices on board composition. [See the first part here.] In view of the centrality of the board of…
Independent Directors: How many should be on a board?
In the past couple of weeks, we have been discussing the inadequacies in the provisions of the corporate governance codes presently in force in Nigeria as far as independent directorship is concerned [see here and here]. Another issue that seems to manifest the inadequacies in the provisions of the corporate governance codes in Nigeria in relation to independent directors relates to the number of…
Tagged with: board of directors, Independent Directors, Non-Executive Directors
Posted in Corporate Governance
Posted in Corporate Governance
Repossession in the Hire-Purchase Act: Issues for Consideration
The present efforts towards the reform of the Hire-Purchase Act, Cap. H4, Laws of the Federation of Nigeria 2004 (HPA), has been hailed. [See here.] Certainly, there are several issues in the HPA which require attention and which any reform to the HPA in Nigeria should address. One area that has been identified to be in need of reform is the repossession of hire-purchase…
Tagged with: Hire-Purchase Act, hire-purchase transaction, Law Reform, recovery of possession of goods, repossession
Posted in Law
Posted in Law
Sale of Goods Act in Nigeria and its Market Overt Exception
This article is a follow-up to the one last week [see here] which highlighted the necessity for a home-grown Sale of Goods Act being made for Nigeria. In this and subsequent articles on the Sale of Goods Act, we shall discuss some of the reforms to the Sale of Goods Act which are expected to be in any statute to be enacted to replace…
Tagged with: Commercial Law, Law Reform, National Assembly, Sale of Goods Act 1893
Posted in Business, Law
Posted in Business, Law
Companies and Allied Matters Act: A score and three years yet not much to cheer
When the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria 2004 (CAMA) was first promulgated as Decree No. 1 of 1990, it was received with a lot of expectations and excitement. This was so because it was made at a time when the previous Companies Registry system under the Companies Act 1968 had become a terrible pain in the…
Tagged with: CAMA, Companies and Allied Matters Act, Corporate Affairs Commission, Law Reform
Posted in Business, Law
Posted in Business, Law
Code of Corporate Governance in Nigeria 2011 and International Best Practices on Corporate Governance: Chairman-CEO Duality
The Code of Corporate Governance in Nigeria 2011 (2011 SEC Code) issued by the Securities and Exchange Commission and which became effective on 1st April, 2011, can be said to be the most comprehensive corporate governance legislation in Nigeria at the moment. A perusal of the provisions of the 2011 SEC Code reveals that a lot of efforts went into the production of the…
Steering Committee on National Code of Corporate Governance inaugurated
A Steering Committee on the development of a National Code of Corporate Governance for Nigeria was inaugurated by the Honourable Minister of Trade and Investment, Mr. Olusegun Aganga (CON), on Thursday, 17th January, 2013. The Committee is charged with the responsibility of developing a unified Code of Corporate Governance that will enable the Financial Reporting Council of Nigeria, among other things, to promote the…
Tagged with: National Code of Corporate Governance, Steering Committee
Posted in Business, Corporate Governance, News and Events
Posted in Business, Corporate Governance, News and Events
Establishing the independent status of an independent director
In an earlier post last week, it was contended that there are some inadequacies in the independent directorship practice in Nigeria which detract from the utility of having independent directors on boards. [See here] These adequacies of the provisions of the existing corporate governance codes in Nigeria are indicators that the regulatory framework for independent directorship in Nigeria requires further improvements. There is no…
Tagged with: board of directors, executive session, Independent Directors, Non-Executive Directors
Posted in Corporate Governance
Posted in Corporate Governance
Call for Papers
The Institute of Chartered Secretaries and Administrators of Nigeria invites all interested researchers, authors, scholars and practitioners to submit manuscripts for publication consideration in its forthcoming book, Compendium of Developments in Corporate Governance – 2013 Edition. The Compendium will be an edited volume and is expected to contain numerous articles in diverse areas of corporate governance. BOOK DESCRIPTION: The Compendium of Developments in Corporate…
Sale of Goods Act in Nigeria: A century and a score and still going strong!
Incredibly, the Sale of Goods Act 1893 is still in force in Nigeria. This statute which became operational in Nigeria under the statutes of general application doctrine by which legislations of general application in force in the United Kingdom before the 1st of January, 1900 became applicable in Nigeria has survived till date. In fact, it has gained sufficient grounds. And there seems to…
Top Ten Issues for Review in the CBN’s Exposure Draft Corporate Governance Code
Certainly, it is about time the Code of Corporate Governance for Banks in Nigeria Post-Consolidation 2006 (2006 CBN Code) is revised. This call for the revision of the 2006 CBN Code is not new. [See here] In a few months’ time, the 2006 CBN Code shall be seven years old. Surely, there have been developments in the corporate governance scene in the Nigerian banking…
Top 10 Law Faculties in Nigerian Universities
The Nigerian Institute of Advanced Legal Studies, Nigeria’s apex institution for research and advanced studies in law, has released a list of the top 10 Law Faculties in Nigerian universities. According to a report by Vanguard newspaper on Sunday, 13th January, 2013, [see here] the Director-General of the Institute, Professor Epiphany Azinge (SAN), in a statement stated that the action of the Institute in…
Posted in Awards and Recognitions
Eight Engaging Issues for Directors of Listed Companies in Nigeria in 2013
The year 2013 has taken off on full blast. As directors begin to take stock of the outings of their companies in 2012, with a view to improving on their 2012 performance in 2013, it is appropriate to consider those matters which the directors would have to pay greater attention to in 2013 to enable their companies achieve the desired targets for 2013. What…
Independent Directors in Nigeria: Myth or Reality?
Independent directors have gained much traction in the corporate governance scene of developed countries. This category of directors, who are not specifically provided for in company statutes, has emerged as the bedrock of sound corporate governance entrenchment in companies. This is evident from the fact that contemporary corporate governance codes contain enormous provisions on independent directors. The main issues usually provided for in such…
Tagged with: board of directors, executive session, Independent Directors, Non-Executive Directors
Posted in Corporate Governance
Posted in Corporate Governance
Reforming the Hire-Purchase Act of Nigeria
At last, it does seem that the Nigerian Hire-Purchase Act, Cap. H4, Laws of the Federation of Nigeria 2004, is about to have a major makeover. This conclusion is predicated on the fact that the Nigerian Law Reform Commission recently organised a Workshop on the Reform of the Hire-Purchase Act. The Workshop took place in Abuja on 4th December, 2012. The outcome of the…
A Paradigm Shift in Corporate Governance Regulation in Nigeria in 2013?
The Nigerian corporate governance scene is somewhat complicated and scattered. This is especially so in relation to corporate governance regulation. Naturally, this is having a huge impact on the enforcement of corporate governance in Nigeria. For starters, there are four corporate governance codes presently in force in Nigeria. These are the Code of Corporate Governance for Banks in Nigeria Post-Consolidation 2006 [2006 CBN Code], …
Tagged with: corporate governance code, enforcement, Financial Reporting Council of Nigeria, regulation
Posted in Corporate Governance
Posted in Corporate Governance
Historical Development of Corporate Governance in Nigeria
The history of corporate governance in Nigeria can be said to be somewhat distorted and confusing. Nonetheless, corporate governance cannot be divorced from Company Law in general. Prior to the time the expression “corporate governance” became popular, Company Law recognised and still recognises two organs of a company: the board of directors and the company in general meeting. Corporate governance as a concept merely…
Posted in Corporate Governance
Welcome to The Corporate Prof. website!
The Corporate Prof. deals with issues concerning Corporate Governance, Corporate Law, Law and Business, and other informational and/or educative matters relating to those issues. You may wish to read the About Us page for more details concerning the website and its origin. You are encouraged to comment on issues discussed on The Corporate Prof. website. However, unless you are already a registered user of…
Posted in General Issues
