FACULTY OF LAW

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    Rethinking the duties of a receiver and powers of directors of companies in receivership under Nigerian law
    (2015-07-12)
    Receivership is an enforcement procedure devised by Law to ensure that a charged security is realized by debenture holders. The advantages of appointing a receiver are quite enormous and have come to be preferred to other forms of enforcement procedures available to debenture holders. The appointment, qualification and disqualification of receivers in Nigeria as provided by the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria, 2004 (CAMA) is not only inadequate but unfortunately constitutes an avenue for encouraging incompetent receivership practice. This paper critically examines the role and duties of the receiver in Nigerian law and points out the discrepancies, total lack of regulation and great gaps in the law which has led to great injustice to companies. The paper argues that directors of companies under receivership are not thereby paralysed and they should exercise their powers to monitor the activities of the receiver. There is need to amend the law to streamline the duties of the receiver, provide for regulation of receivership and protection of the company and debenture holders.
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    Regulation of charges over book debts in Nigeria
    (2017)
    There has been considerable debates or whether it is possible to create a fixed charge over book debts and recycling proceeds. The courts have clearly stated that it will go beyond the nomenclature ascribed by the parties to the debenture and ascribe its own interpretation on the debenture, it follows that the intentions of the parties is not useful in the categorisation of charge over book debts. This paper examined the difference between the Fixed charge and the Floating charge, why the creditors will prefer a fixed charge to a floating charge. This paper also examined the nature of Book debts, the problems of categorisation of the charge on Book debts and position of the law in Nigerian law. There is total absence of regulation, categorization and legal framework of Book debts in Nigeria. Though mentioned in the CAMA which perhaps show its recognition, the near absence of regulation has left the position in an unsatisfactory position. This paper calls for a proper regulation of the charge on Book debts in Nigeria. It is important that the proper principles of law must be well understood to enable us determine whether a transaction that is described as fixed or floating charge over Book debts is to all intents and purposes one.
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    procedure for registration of charges in Nigeria- need for urgent reforms
    (2014-08-09) Aina, K
    The use of arbitration in commercial transactions is a vital and important aspect of every commercial agreement. This is due to the advantages of arbitration over the regular court adjudicatory process. The problem is no matter how good and impeccable the arbitral process is the law still requires that arbitral award be recognized for enforcement by the court. This paper assessed the procedure for the enforcement of arbitral domestic awards in Nigerian High Courts, examined the different forms as provided in the rules, particularly the use of Motion on Notice and Originating Summons for enforcement of arbitral award, whether these procedural forms of application are adapted or suitable for enforcement of arbitral awards or whether there should be a more flexible mode of enforcing an award and concluded that the procedures are not adequate, and totally at variance with current international standards. The paper also makes recommendation for reforms.
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    challenges to grant of injunction pending appeal in Nigeria – way out
    (2013-08-01) Aina, K
    This paper examined the conditions for the grant of Order of Injunction Pending Appeal by Nigerian Courts. The paper traced the origin of the Order from the English authorities, and the adoption into the Nigerian judicial system. The author examined the High Court of Lagos State Rules and the Federal High Court Rules to establish the procedural source of the application of the Injunction Pending Appeal by the Courts and concluded that the rules do not support the Order. The confusion by the Courts in associating the conditions for the grant of Interlocutory Injunction and Injunction Pending Appeal was critically examined. The proper and acceptable conditions for the grant of the Order as laid down recently by the Supreme Court and a call for liberal application of the conditions by the Court as well as a suggestion for a change in the nomenclature concludes the paper.
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    Asset management corporation of Nigeria – a pretentious special purpose vehicle
    (2015-01-01) Aina, K
    In contemporary financial world, business organisation most especially financially distressed companies and companies with low or mid-tier credit ratings have securitised different types of assets (loans, credit cards, auto receivables, intellectual property, etc.) through the use of SPVs .The enactment of the AMCON ACT 2010 was specifically to bail out the Nigerian banks by buying and taking over the 'toxic' assets that were threatening to destroy the banks and the economy. This paper analysed the essential features of the procedure for securitisation and asset management modules as a background to critically examine the AMCON ACT and whether the Asset Management Corporation is an SPV or not. The paper concludes that AMCON is not an SPV but a special statutory creation to solve a special problem confronting the banks and the economy.
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    A review of corporate governance codes and best practices in Nigeria
    (2015-07-25) Aina, K; Adejugbe, B
    Nigeria is lacking behind in terms of development of its corporate governance, codes, policies and enabling laws, this is in contrast to the United Kingdom's regular review and updated corporate governance codes, principles and Best Practices. The UK is continuously reviewing and updating its corporate governance codes and policies. This paper examines the development of corporate governance mechanisms in the UK and Nigeria and further seeks to advocate for a review and update of Nigeria's corporate governance standards to meet global best practices.
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    Victims or complicit traffickers? examining the status of victims of organ trafficking in Nigeria
    (Department of Commercial and Industrial Law, Faculty of Law, University of Port Harcourt, Rivers State, 2023-12) Adeyemo, D. D.
    Organ trafficking is one of the fast-booming offences with transnational dimensions. Often, organ trafficking is linked with human trafficking and punished along the same lines as the crime of trafficking in persons for the purpose of organ removal. Traffickers are often punished as the offenders while subjects of the harvested and trafficked organs are regarded as victims who are protected by the law rather than punished. However, with regard to the crime of organ trafficking, it is difficult to conceive some so-called victims of organ trafficking as victims without the tainted lens of complicity in the offence. With respect to victims, organ trafficking is largely touted as an offence driven by poverty and economic difficulty as against greed and sheer criminal tendencies. International legal provisions on organ trafficking do not exactly conceptualise a victim in the context of plain organ trafficking, state parties may exercise their discretion within their domestic legal context. This paper examines the subject of victims and the offence of organ trafficking in Nigeria. This paper adopts a purely doctrinal approach in examining the status of victims in organ trafficking. It makes use of data from primary sources from both domestic and international laws and secondary sources of data on organ trafficking in assessing the status of victims of organ trafficking. The paper argues that the recent cases of organ trafficking reveal that many victims are consenting perpetrators and drivers of organ trafficking rather than being innocent, vulnerable and exploited victims. The law ought not to shield those against whom it must wield its sword of correction and punishment. Hence, the status of victims in cases of organ trafficking should be reviewed differently from victims of trafficking in persons for the purpose of organ removal.
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    The prospects of the African union transitional justice policy 2019 and sustainable peace in Africa
    (Department of International Law, Obafemi Awolowo University, lle-lfe, Nigeria, 2023) Adeyemo, D. D.
    The African Union (A U) adopted the African Union Transitional Justice Policy (AUTJ Policy) in 2019 against the backdrop of attaining sustainable peace within the African continent. The Policy was designed to serve as a continental guide to member States in the design and implementation of context-specific transitional justice programmes within their respective States. The Policy incorporates indigenous principles and elements which member States should adopt to domesticate transitional justice. Presumably, over the years, the African continent has had the highest number of States confronting conflict situations or repressive regimes. Hence, it would appear that the Policy is a timely intervention of the AU in pursuing its agenda of a peaceable and stable continent. The Policy makes several bold innovations and provisions which are potentially capable of transforming the structure for peace and security in Africa. This study attempts to examine the provisions of the Policy against the conventional narratives of transitional justice principles and mechanisms and the goal of sustainable peace. Is the Policy just another document which will wield little or less significant impact within the continent? The paper adopts a purely doctrinal and desktop review approach in analysing the provisions of the AUTJ Policy within the context of the concept of transitional justice and sustainable peace. The study makes use of data from both primary and secondary sources of law and argues that while the adoption of the Policy is an innovative move, it runs the risk of irrelevance where its provisions are merely recommendatory and elicit no binding obligations from member states.
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    The right of aliens to hold interest in land: demystifying the conundrum of "all Nigerians" and "any person" as used in the land use act
    (Department of Public Law and Department of Jurisprudence and International Law Faculty of Law, University of Ibadan, Ibadan, 2017) Nwafor-Maduka, O.
    The role of the courts through its interpretative jurisdiction to the development and overall growth of a nation cannot be over emphasised. The laws become policy statements when given life by the courts. In doing so, the courts must strike a balance between interpreting the letters of the law and adopting an interpretative approach that will enhance the socio- economic development of all persons resident within the territorial jurisdiction of the State. Laws made and Interpreted must reflect an intention to protect these sets of individuals and enhance their well-being. Consequently, this paper examines the provisions of LUA as it relates to the rights of aliens to own interest in land in Nigeria. The aim is to determine whether the lawmakers intend to restrict an alien from holding interest in land. This examination is crucial if it is considered that land plays an important role in economic development of any society. Therefore. this paper argued that the right to work of many occupations is invariably- tied to land and. as a result, the court in interpreting the provisions of the L UA must give it its widest interpretation
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    The true sale doctrine in asset securitisation: the Nigerian perspective
    (Department of Private and Property Law and Department of Commercial and Industrial Law Faculty of Law, University of Ibadan, 2019) Aina, K.; Maduka, O.
    The true sale doctrine is the foundation of every securitisation transaction. Assets transferred to a Special Purpose Vehicle in a securitisation transaction can only he bankruptcy remote if the transfer was a true sale transaction. Yet, the doctrine is surrounded by controversies and complexities. While some jurisdictions are using legislation to settle this controversy for the benefit of the investors and the broader economy, the Nigerian position is still unclear, confusing and without direction. This paper is an attempt to draw attention to the significance of true sale as it relates to the sale of receivables in asset securitisation. In doing this this paper considered the Asset Backed Securitisation Act of the United States of American States of Delaware and Texas and English courts position on true sale to underscore the importance of the doctrine This article further considered the position of the Nigerian Securities and Exchange Commission Rules on Securitisation and its limitations with regards to true sale doctrine. The paper concludes that the Nigerian position is not in tandem with international best practices and recommends the enactment of a securitisation law that will specifically address the question of true sale doctrine