Samuel A. Dunmade, in his article, Greenmailing as a Takeover Defence Mechanism in the Nigerian Market for Corporate Control, examines the concept and practice of “greenmailing” as a relatively new phenomenon in Nigeria. Put simply, greenmailing is a financial manoeuvre where investors buy enough shares in a target company to threaten a hostile takeover thereby prompting the target company to buy back the shares at a premium to prevent the takeover. Whilst this practice may seem innocuous on its surface, it raises a host of complex economic and ethical questions. It is crucial to evaluate the current understanding and acceptance of greenmailing in Nigeria. Although it has gained little attention to date, the country has experienced a few instances of this practice. Each case has elicited varying reactions, ranging from mild indifference to stringent criticism, a reflection of the lack of consensus on its legality and ethical implications. The incorporation of stringent anti-green mailing provisions in company laws in countries like the United States underscores its potential nefarious implications. Yet, in Nigeria, no regulatory framework is explicitly addressing greenmail. However, as the Nigerian corporate landscape becomes increasingly sophisticated and susceptible to global influences, the frequency and seriousness of greenmailing cases will likely escalate.

Dr Onoriode Aziza of Chevron Nigeria, in his landmark study, Developing Securities Markets in Sub-Saharan Africa: Does it Matter? notes the raging debate on the utility of stock market capitalism to African countries. Whilst some commentators take the view that stock markets are irrelevant to Africa and advise African states to prioritise the development of their banking systems, other commentators view well-functioning markets as essential to economic growth. Dr Aziza advances two central claims using developments in law and finance. First, there is substantial empirical and historical evidence supporting the theoretical proposition that liquid securities markets promote economic growth. In this regard, banks are not substitutes but complement securities markets in promoting long-run growth. Second, by conducting an empirical analysis of securities cross-listing of all firms listed on all 24 stock exchanges in Sub-Saharan Africa, Dr Aziza advances the claim that cross-listing has not provided a suitable alternative source of finance to Sub-Saharan African firms, making the development of domestic markets and regulation crucially important.