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Situating the Efficacy of Arbitration Agreements Vis-à-Vis the Inherent Jurisdiction of National Courts under Nigerian Law
0₦2,500.00Stanley Nweke-Eze, in his article Situating the Efficacy of Arbitration Agreements Vis-à-Vis the Inherent Jurisdiction of National Courts under Nigerian Law, examines the efficacy of Arbitration agreements in the settlement of commercial disputes and the jurisdiction of national courts. The choice of arbitration as the preferred mechanism for the settlement of commercial disputes is on the rise. This holds true, even in the Nigerian context, since parties have the freedom to choose the forum for resolving any differences that may arise between them, and arbitration is usually the preferred choice for a myriad of reasons. However, irrespective of the choice or agreement of the parties regarding the forum for dispute resolution, a party may still invoke the inherent jurisdiction of the Nigerian courts to resolve such disputes. Oftentimes, this leads to a potential tension between the choice of the parties and the inherent jurisdiction of the national courts. Nweke-Eze analyses the effectiveness of contractual agreements to settle disputes by arbitration in the face of the inherent jurisdiction of Nigerian courts to resolve those disputes, notwithstanding the parties’ agreement to the contrary.
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Arbitral Proceedings and Award Enforcement in Zhongshan Fucheng Industrial Investment Co Ltd v Nigeria – Revisited
0₦2,500.00Joshua Olewu and Arinze Ezeagu in their article, Arbitral Proceedings and Award Enforcement in Zhongshan Fucheng Industrial Investment Co Ltd v Nigeria – Revisited, examine jurisdictional issues arising from the enforcement of arbitral award in the celebrated case of Zhongshan Fucheng Industiral investment Co. Ltd v FRN. Cross-border commerce, investor-state disputes, and diplomatic relations are intensifying in associative growth and spread across many jurisdictions. Dispute resolution and challenges associated with enforcing international arbitral awards become more pronounced particularly when state-owned assets are involved. The case of Zhongshan Fucheng Industrial Investment Co. Ltd v Federal Republic of Nigeria highlights the complexities surrounding the enforcement of arbitral awards against state-parties. Amongst other matters arising from this case, is the navigation of international law principles to find sovereign states responsible for internationally wrongful acts. Using a doctrinal approach, Olewu and Ezeagu analyze the Tribunals’ interpretations and applications of the key legal principles relevant to international investment arbitration. The research delves into the dialectics surrounding Nigeria’s resistance to the enforcement of the award and the need for adherence to international legal norms. The findings suggest that while Nigeria sought to protect its sovereignty, its stance poses significant implications for its credibility and reliability in international arbitration. The study concludes by emphasizing the need for legal clarity and consistency in Nigeria’s commitment to upholding international arbitration agreements. This research contributes to the ongoing discourse on the enforcement of transnational arbitral awards and the evolving dynamics of international arbitration obligations.
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Evolving Narrative in Energy Transition – A Case for “Integrated”, Hybrid Thermal-Renewable Power Purchase Agreements
0₦2,500.00Victor Ayo-Odewale in his article, Evolving Narrative in Energy Transition – A Case for Integrated, Hybrid Thermal-Renewable Power Purchase Agreements, explores the implications of this structure for energy transition and energy contracts. Ayo-Odewale examines the prospects of the extant regulatory framework and recent initiatives in the Nigerian electricity sector to accommodate this hybrid generation of electric power trend. The rapid expansion of the global energy transition market backed by massive investment in renewable energy infrastructure presents a significant challenge for the African continent and, indeed, Nigeria. The continent is under pressure to phase out fossil fuel use and transition to clean energy while it continues to grapple with energy security concerns for its vast population. To ensure a gradual and sustainable transition without decarbonizing their economies into poverty, regulators in certain climes are revising norms and setting up structures to allow parties to bundle renewable energy with fossil fuel under existing fossil fuel-based power purchase agreements. Ayo-Odewale concludes that to fully leverage the benefits of this structured integration and ensure optimal utilization of Nigeria’s rich fossil fuel reserves as the country gears towards net-zero emissions by 2060, energy regulators (including key stakeholders) must be the first mover by driving pioneering initiatives to encourage, support and increase investments in both on-grid and off-grid electric power projects.
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An Overview of Takaful in Nigeria
0₦2,500.00Oluwaseyi Oso and Khadijah Abdulwahab in their article, An Overview of Takaful in Nigeria, introduce our readers to the practice of Takaful, an Islamic insurance practice which provides an alternative to conventional insurance for risk management. Takaful underscores, among others, mutual risk-sharing and ethical investment which excludes prohibited elements such as interest, gambling, and uncertainty. Interestingly, Takaful, though must be Shariah-compliant is not restricted to Muslims – both Muslims and non-Muslims seeking ethical financial services can invest in Takaful products. The Takaful operators are Takaful insurance companies which offer Takaful products such as family Takaful and general Takaful. Oso and Abdulwahab provide an overview of Takaful, outlining its key features and models. Oso and Abdulwahab also analyse the similarities and differences between Takaful and conventional insurance, and Takaful and mutual insurance. Additionally, Oso and Abdulwahab give an insight into the regulation of Takaful under Nigerian law, specifically reviewing the primary regulation on Takaful in Nigeria, the National Insurance Commission’s Operational Guidelines for Takaful-Insurance Operators, 2013, especially as it governs and regulates the administration of the Takaful operator. They conclude by highlighting Takaful’s appeal, as an alternative to conventional insurance, to both Muslims and non-Muslims interested in ethical financial products.
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An Examination of the Liability of Natural Persons/Individuals for Failure to Demand for Tax Clearance Certificate (TCC) on Foreign Exchange Transactions under Section 85 (2) and (9) of PITA
0₦2,500.00Nnamdi Oragwu, Esq and Ifeanyi Ujah, Esq, in their article, An Examination of the Liability of Natural Persons/Individuals for Failure to Demand for Tax Clearance Certificate (TCC) on Foreign Exchange Transactions under Section 85 (2) and (9) of PITA, examine the provisions of section 85 of PITA, as well as relevant statutory provisions and legal principles, and concludes that penal provisions of section 85 (2) & (9) of PITA apply to government bodies or corporate entities who are mandated to demand for TCC, and not to natural persons/individuals. There has been a renewed attempt by the Inland Revenue Services of the States and the Federal Capital Territory (revenue authorities) to maximize revenue from taxation to finance the increasing government expenditures in Nigeria. To achieve this, the revenue authorities have deployed both civil and criminal proceedings under the enabling laws. One of such enabling laws is the Personal Income Tax Act (PITA) 1993 (as amended), which in section 85 created the requirements of tax clearance certificate (TCC) and mandated specific persons under the section to demand for TCC when dealing with the public during applications or transactions specified therein.
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Bots in the Studio: Contemplating the Question of Authorship in Artificial Intelligence (AI)-Generated Art in Nigeria
0₦2,500.00Abraham Edoka Otene in his article, Bots in the Studio: Contemplating the Question of Authorship in Artificial Intelligence (AI)-Generated Art in Nigeria, explores the authorship of AI generated works under the Copyright regime of Nigeria drawing extensively from how other jurisdictions have dealt with or are dealing with issues it raises and concludes that the best approach the country should take when it finally has to deal with it is to recognize the end user of the AI tool as the author of the artistic work. Just a few years ago, the thought of using text prompts to create works of art that are as close as possible to reality would seem like a thing reserved for science-fiction movies. In today’s world, however, art generated using AI has not only become commonplace but is also creating sensation with it. While Nigeria has not dealt with the question of authorship of such works either at the legislative, executive, or judicial level, there is no doubt that it is only a matter of time before the question arises.
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The Impact of International Tax Cooperation on Regional Economic Development
0₦2,500.00Philips Adekemi, in his article The Impact of International Tax Cooperation on Regional Economic Development, explores the effect of International Tax Cooperation on regional economic development, highlighting the increasing complexity of international tax cooperation. International Tax Cooperation has been a major subject of discussion in reducing regional economic imbalances. As international organizations continue to encourage bilateral relationships and economic integration, the need for international tax cooperation has intensified. The efforts of the G20, G7, United Nations Zero Draft Terms of Reference for a new International Tax Convention, the Committee of Experts in International Cooperation in Tax Matters and OECD’s decision to include tax transparency in international cooperation processes have called for a critical appraisal of this subject. With practical lessons from Latin America and the Caribbean (LAC) and the Nordic Region, Adeyemi examines the several issues for clarification and evaluation in the implementation of international tax cooperation and its impact on economic development. Taking a cue from the resolutions of key players in international tax laws and the practicality of tax cooperation in regional development, Adekemi proposes four tools to boost regional economic development through international tax cooperation.
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Irregular Statutory Notices in Recovery of Premises Litigation: An Analysis of the Law and the Changing Judicial Attitude
0₦2,500.00In their article, Irregular Statutory Notices in Recovery of Premises Litigation: An Analysis of the Law and the Changing Judicial Attitude, Chimizie Onuzulike and Athanasius Akor, bring to our attention the recent developments in the law and practice on recovery of tenanted premises. The current legal framework on recovery of premises in Nigeria is replete with very many impediments that make it very difficult for a landlord to recover his premises from his tenant. The strict requirement of service of valid statutory notices as condition precedent to the institution of any action for recovery of premises almost invariably, lead to lengthy court battles contested primarily on technical objections commonly raised by tenants relating to validity of a statutory notice. The Supreme Court, in the case of Pillars Nigeria Ltd v. William Kojo Desbordes et al. per Ogunwumiju JSC recently made a remark which seems to suggest that once the summons for recovery of possession is filed, every irregularity in a notice to quit is cured and the time begins to run from the date the originating process is served on the tenant. The Court of Appeal recently adopted the remark of Ogunwunmiju JSC in Pillars’ case as the law and held that the irregularity in the service of statutory notices is cured once an action for recovery of premises is filed by the landlord. While this is a progressive approach, the question whether the remark of Ogunwunmiju JSC in Pillars’ case is an obiter dictum or forms part of the ratio in Pillars’ case as to be binding on lower courts needs to be answered to determine the extent to which the law has changed. Onuzulike and Akor review the Pillars’ case, the recent decision of the Court of Appeal and other earlier decisions of the Supreme Court and the Court of Appeal on the subject.
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Digital Technology in Legal Practice: Nigeria in Focus
0₦2,500.00Dr. A.O. Okesola, in his article, Digital Technology in Legal Practice: Nigeria in Focus, examines the reformation of the Nigeria justice system in the light of the implementation of digital technology, particularly as it pertains to court sittings in Nigeria. Okesola also investigates the legal framework for the use of ICT in the Nigeria justice system. The method adopted is both analytical and critical. Okesola finds that there is partial or non – application of electronics and modern information and communication technologies in our justice system. There is also non – existing comprehensive legal framework for the application of ICT in judicial proceedings. Okesola concludes by recommending among others that the National Information Technology Development Agency (NITDA) should create a policy direction specifically on digital technology implementation by working hand in hand with the National Judicial Institute (NJI) to deploy information technology (IT) for efficient social justice delivery in Nigeria.
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Promoting Sustainable Corporate Culture to Attract Socially Responsible Investments in Nigeria
0₦2,500.00Yetunde Sarah Ogunremi, in her article, Promoting Sustainable Corporate Culture to Attract Socially Responsible Investments in Nigeria, explores the need for companies to integrate social and environmental concerns in their business operations and stakeholder relations. The move towards business sustainability was as a result of the recognition of the dangers perpetuated by companies to humanity and the environment. Prior to the early 1990s, the focal point of companies was on financial goals and creating the greatest value for a selected few known as the shareholders. It is now expedient for companies to consider the impact of their operations on the people and planet. Sustainable governance promotes accountability and transparency while balancing economic, social and environmental considerations. Companies are significant social players and responsible to all their stakeholders. They have the chance to affect global agendas and the world around them. Nigerian companies must be responsible in their dealings and sustainable in the long term in order to attract foreign investments. Ogunremi examines the move from shareholder profit maximization to stakeholder value and how foreign investments in the country are hindered by failure to use resources of today in ways that promote long term value and benefit to future generations. Ogunremi advocates for a comprehensive framework to regulate business operations in Nigeria.
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Legal Issues in Bankers’ Duty of Confidentiality in Nigeria
0₦2,500.00Dr. Kehinde Anifalaje, in his article, Legal Issues in Bankers’ Duty of Confidentiality in Nigeria, examines the common law and statutory duty of confidentiality imposed on the banker in Nigeria and the qualifications thereto. It is argued that disclosures made under compulsion of law, pursuant to specific statutory enactments and regulations that are purposively targeted at combating crime and fraud in the country, as exemplified by the Money Laundering (Prevention and Prohibition) Act 2022, have become the most dominant of the qualifications to the banker’s duty of confidentiality. Anifalaje submits that, though statutes authorising disclosures in defined circumstances are salubrious, the need to appropriately balance this against the legitimate interest and the right to privacy of the customer is also desirable. Anifalaje concludes, inter alia, with the need for banks to duly comply with reporting guidelines as stipulated by the regulatory authorities and at the same time guard against unlawful disclosure of information pertaining to the accounts of the customer in the overall interest of all stakeholders and the stability of the economy.
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A Critical Appraisal of Theoretical Frameworks for Regulatory Evaluation
0₦2,500.00Sherrif Abiodun Adesanya, in his article, A Critical Appraisal of Theoretical Frameworks for Regulatory Evaluation, posits the need to have a theoretical basis for the evaluation of existing regulatory frameworks. Adesanya provides a set of criteria for the objective evaluation of these frameworks. Drawing from diverse perspectives on regulation, he identifies Baldwin, Cave, and Lodge’s criteria as a comprehensive theoretical perspective reflecting a summary of the academic views on how to ensure that regulation is ‘good’ for the purpose of legitimising regulatory action. An analysis of justificatory arguments concerning bureaucratic legitimacy underscores the reliance on these criteria. Adesanya analyses these criteria further by examining conflicting views on the underlying principles to see if these criteria hold water under thorough scrutiny and acknowledging practical limitations and challenges in their application. Ultimately, Adesanya advocates for the adoption of four out of five criteria put forth by Baldwin Cave and Lodge namely: Legislative Mandate, Accountability, Due Process and Expertise as a suitable yardstick for regulatory evaluation.
