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Priorities in Security Interests and Project Finance in Nigeria: An Appraisal
0₦2,500.00Adefolake Adewusi, Doctoral Researcher, University of Lagos and Senior Associate at ǼLEX in her article, Priorities in Security Interests and Project Finance in Nigeria: An Appraisal, posits that security interests in project finance are made up of real and personal security, comprising a network of mortgages, charges, liens, assignments, guarantees, indemnities and comfort letters. The priority given to a security interest is relevant in determining whether it can be regarded as being reliable in liquidating indebtedness where there are competing lenders’ claims. Adefolake appraises the framework governing priority of security interests in project finance, finds that sustenance of priority interests in project finance requires additional intervention and suggests the development of a legal framework and the use of a one-stop shop for security registrations as part of the ways in which identified impediments to priority of security interests used in project finance may be addressed.
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Privity of Contract and Third Party Rights in the Twenty-First Century
0₦2,500.00Dr Jacob Osuntogun of the University of Ibadan in, Privity of Contract and Third-Party Rights in the Twenty-First Century, examines the application of the doctrine of Privity of Contract in Nigeria, and its implications for third parties. He analyses Nigerian cases on the doctrine including the Supreme Court decision in Rebold v Magreola; various exceptions to the Privity rule and how specific legislation enacted to address the inadequacy of the rule have fared. He interrogates the possibility of adopting the unique ‘principled exception’ rule developed by the Supreme Court of Canada and advocates the enactment of comprehensive legislation to address the shortcomings of the doctrine.
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Procedure, Skills and Practical Approach to Trial of Cases
0₦2,500.00Lawal Pedro SAN, Principal Partner, Lawal Pedro (SAN) & Associates and former Solicitor-General of Lagos State in his article, Procedure, Skills and Practical Approach to Trial of Cases, notes that a good knowledge of the rules of court, procedure, evidence and case law is a sine qua non in trial of cases which is the bedrock of adversarial advocacy. Using case law as the framework and the High Court of Lagos State (Civil Procedure) Rules 2012 as the basic case study, he points out important elements in preparation of statement of claim/defence and pre-trial protocols. He gives nuggets for successful cross examination, and facts to consider in drafting good written addresses.
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Project Financing in Nigerian Oil & Gas: Navigating the IBRD Clause
0₦2,500.00Tumi Odunuga in his article, Project Financing in Nigerian Oil & Gas: Navigating the IBRD Clause, explores the complexities surrounding project financing in Nigeria’s oil and gas industry, particularly in relation to the constraints imposed by the World Bank’s Negative Pledge Clause under IBRD loan agreements. The clause broadly defines “Public Assets” to include those owned or controlled by the government, such as those under the Nigerian National Petroleum Company (NNPC) or its subsidiaries. This expansive interpretation poses significant challenges for financiers seeking to use project assets as collateral, as it potentially restricts the ability to secure interests in onshore and offshore infrastructure, joint venture stakes, or production-sharing contracts. To navigate these limitations, Odunuga discusses three practical approaches. First, Odunuga considers the possibility of seeking a waiver from the IBRD, though this option is rarely granted due to the institution’s cautious lending policies. Second, Odunuga examines the use of ring-fenced Special Purpose Vehicles (SPVs) that isolate project assets from the government’s balance sheet, thereby avoiding direct conflict with the Negative Pledge Clause, albeit with limitations regarding government-held equity. Third, Odunuga presents the offshore trust SPV structure as a more robust option, enabling lenders to protect their interests better while complying with IBRD conditions. Through these models, Odunuga highlights how Nigeria can facilitate project financing while maintaining its international financial obligations.
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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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Protection of Consumer Rights in Secured Credit Transactions in Nigeria
0₦2,500.00Professor Felicia Monye of the Faculty of Law, University of Nigeria and Benjamin Mukoro, Doctoral Candidate at the Faculty of Law, University of Nigeria, in their article, Protection of Consumer Rights in Secured Credit Transactions in Nigeria, consider the existing laws and regulations designed to protect consumers of credit with a focus on secured transactions in movable assets. They note that while the consumer protection framework is generally satisfactory, there are certain shortcomings, such as multiplicity of regulatory mechanisms and poor enforcement of standards.
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Protection of Foreign Investment in Nigeria: Case for a Model Investment Treaty
0₦2,500.00Onyema Otitodiri, Lecturer, Faculty of Law, Imo State University, Owerri in “Protection of Foreign Investment in Nigeria: Case for a Model Investment Treaty” analyses the state of Nigerian law on foreign investment, its promotion, protection and probable expropriation. He makes a case for the adoption of a model investment treaty to harmonise the provision of the laws and standardise treatment of foreign investors.
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Protectionism in Legal Services, Treaty Obligations, and the Future of the Legal Profession in Nigeria
0₦2,500.00Professor Sodipo Bankole of Babcock University; Visiting Scholar, Queen Mary University of London and Partner GO Sodipo & Co in his article, Protectionism in Legal Services, Treaty Obligations and the Future of the Legal Profession in Nigeria, reviews the preservation of legal services for Nigerian qualified legal practitioners by the Legal Practitioners Act in the light of Nigeria’s obligations under the World Trade Organisation’s General Agreement on Trade in Services, GATS, and the African Continental Free Trade Agreement, AfCFTA, which require liberalisation of trade in services. He surmises that while the onslaught of foreign lawyers in Nigeria may only be a matter of time, Nigeria will do well to adopt the Indian position which restricts the practice of law for foreign lawyers to ‘matters pertaining to foreign laws on a temporary ‘fly in, fly out basis’. Professor Bankole exhorts the Nigerian Bar Association to prepare for the onslaught by leading the charge in improvements in reading and research attitudes and discouraging exploitative practices by local lawyers.
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Public Awareness as a Tool for Environmental Rights Enforcement in Nigeria
0₦2,500.00Dr Gina Elvis-Imo and Nitoni Lawson, Associate Professor and Lecturer respectively, at the Niger Delta University, in their article, Public Awareness as a Tool for Environmental Rights Enforcement in Nigeria, discuss the significance of public awareness in addressing environmental challenges by examining the nexus between lack of public awareness in environmental matters and breach of human rights to a clean environment. They argue that human rights issues related to environmental protection will be undermined if adequate efforts are not put towards creating public awareness in environmental matters. Creating public awareness on environmental matters would awaken more awareness of the need to use judicial measures to redress and protect the environment. They then proffer solutions to expand the frontiers of access to available environmental information, public participation in environmental decision-making, and access to justice.
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Public-Private Partnerships in Infrastructure Development: Lessons from South Africa
0₦2,500.00Dr. Mubarak Adekilekun of the Faculty of Law, University of Ilorin and Dr. Ching Gan, Associate Professor, Faculty of Business, Curtin University, Sarawak, Malaysia in their article,“Public-Private Partnerships in Infrastructure Development: Lessons from South Africa” explore the world of PPPs in South Africa analysing several legislations that have enabled a phenomenal growth of infrastructure development in the country. They contemplate several factors considered in evaluating PPP projects including Affordability, Value for Money and Risk Transfer.
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Reconsidering the Corporate Governance Concept of Independent Directorship Under Nigerian Law
0₦2,500.00Kingsley Ibe, Associate at Babalakin & Co and Stanley Omotor, formerly of Banwo and Ighodalo and now an LL.M candidate at the Peter A. Allard School of Law of the University of British Columbia, Canada, in their article, Reconsidering the Corporate Governance Concept of Independent Directorship Under Nigerian Law, note that the concept of independent directorship is now statutorily recognised under the Companies and Allied Matters Act, 2020. Ibe and Omotor review the development of the concept of independent directors in the Nigerian corporate governance space. They examine the regulatory framework for independent directors in Nigeria, the various corporate governance codes, the similarities and differences between the various provisions in the statute and codes. They offer a critical analysis of the usefulness of the concept of independent directors in Nigeria, and recommendations on how the concept can be best repositioned to achieve the desired effect.
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Reflections and Prospects of the Arbitration and Mediation Bill (AMB) 2022
0₦2,500.00Denis Ogunbowale of LeLaw Barristers & Solicitors reflects on the Arbitration and Mediation Bill, 2022, in his article, Reflections and Prospects of The Arbitration and Mediation Bill (AMB) 2022. He observes that creating a healthy dispute resolution framework is integral to every country’s sustainable and prosperous existence. He notes that the efficiency or otherwise of the dispute resolution mechanisms strongly impacts people’s confidence in them. In May 2022, the Nigerian Senate passed the AMB 2022 to improve the alternative dispute resolution (ADR) framework. Ogunbowale highlights notable provisions of AMB 2022, the likely effect on the ADR landscape, and the drawbacks of the Bill.
