Browsing by Author "Aina, K."

Now showing 1 - 20 of 24

The anomalous position of the trustee to debenture in Nigeria.
(International Organization of Scientific Research, 2014) Aina, K.
Board of directors and corporate governance in Nigeria
(BluePen Journals Ltd., 2013) Aina, K.
The board of directors of a company is a very important organ not only responsible for management but also for adopting good corporate governance and practice in the company. This paper discussed and analyzed with the aid of comparative law, the Code of Corporate Governance in Nigeria and its effect on the board structure, the role, effectiveness and duties of the non-executive directors (NEDs) and how their independence can be assured, guaranteed and monitored to enhance the board’s effectiveness, ensure full compliance with the codes of corporate governance. The regime of compliance and regulation is extremely weak and a case is made for a specialized regulator agency to monitor compliance with the codes, upgrade standard and harmonize the different codes.
Challenges to grant of injunction pending appeal in Nigeria-way out
(2013) 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.
Crystallisation of the floating charge-need for adequate legislative direction in Nigeria
(Department of Private and Business Law Faculty of Law, University of Ibadan, 2013) Aina, K.; Anifalaje, K.
A floating charge is a present security on all or part of the assets of a company which hovers over them but gives the debtor the right to continue dealing with the assets until crystallisation. The process of the conversion from floating charge to its becoming fixed is known as crystallisation. This paper critically examines the current legal regime for crystallisation of the floating charge in Nigerian law. There is no framework on how crystallisation may be activated by the events stated in the Companies and Allied Matters Act 2004. The events listed in the law are grossly inadequate and does not take into consideration other events recognised under the common law and commercial practice. Preferential claims are not adequately protected under the current regime. The paper advocates for an urgent legislative intervention to properly define the floating charge and the regulation of crystallisation events to bring it to current international standards.
Current developments in derivative actions under the Nigerian company law
(Federal Ministry of Justice, 2014) Aina, K.
This paper examines the process laid down by the Companies and Allied Matters Act (CAMA) 2004for bringing a Derivative Action by minority shareholders in Nigeria. The basis for the action is the exceptions to the rule in Foss v Harbottle and the need to ensure that fraudsters who are in control of the company’s machinery for filing action in the name of the company do not use the opportunity to enrich themselves to the detriment of the company. The procedure laid down in the CAMA as well as the restrictive interpretation of the law by the Supreme Court in Nigeria is analysed and the way forward suggested.
The inadequate protection for debenture holders in Nigeria.
(His Lineage Publishing House, 2013) Aina, K.
This paper examined the legal protection for debenture holders in Nigeria. The debenture holders are investors and not shareholders and are subject to different regime of rights somehow different from that of shareholders. The legal title to the debenture stock is held by the Trustee to the debenture who is in turn appointed by the Company without any input by the debenture holders. The Trustee is the only recognized person to institute actions or realize the security in case of default, and where he fails in his duty the debenture holder is left at the mercy of the company. This paper considered all relevant legal options and current position of the law on how the debenture holders rights may be enforced and protected.
The machinery for Raising Capital by companies through debt finances In Nigeria.
(2011) Aina, K.
This study aimed at examining critically the legal machinery for creating debenture by companies, rights of the debentures holders and methods of enforcement of the debenture in Nigeria. The machinery for raising capital through debenture is not well articulated in the Companies and Allied Matters Act (CAMA) 1990. The position of the law on the rights and duties of the parties to a floating charge is inadequate and reforms are urgently required as current edition of the law allows for fraud on unwary parties. This study’s submission was that the law be reviewed in such a way that many loopholes like the ninety day rule in Nigeria is changed, either reduced or changed to one of immediate notification of such transaction to the commission, to ensure some level of certainty in this area of the law.
The machinery of justice in Nigeria
(Adimula Press, 2001) Aina, K.
Machinery of justice in Nigeria.
(Adimula Press,, 2001) Aina, K.
Modes of corporate liability for money laundering and financing of terrorism
(Nigerian Association of Law Teachers, 2016) Aina, K.; Akinbola, B.R.; Osuntogun, A. J.; Araromi, M.A.; Oniemola, P.K.; Adigun, M.; Adeyemo, D.
In this study, corporate liability in respect of money laundering and the financing of terrorism will be examined .The paper discusses the concept of corporate liability. The third part discusses terrorism which is further divided into five segments. The first segment traces the history of terrorism. The second segment discusses issues in defining terrorism. The third segment discusses the definition of terrorism in Nigeria while the fourth segment catalogues some terrorist activities in Nigeria. The fifth segment discusses cyber terrorism as a distinct form of terrorism. The fourth part of the study discusses money laundering together with the financing of terrorism. The paper advocates a shift of focus from theoretical debate to practical issue of utility and concludes that corporate governance must make meaningful impacts on the life of all the stakeholders
Modes of corporate liability for money laundering and financing of terrorism
(Nigerian Association of Law Teachers, 2016-05) Aina, K.; Akinbola, B. R.; Osuntogun, A. J.; Araromi, M. A.; Oniemola, P. K.; Adigun, M.; Adeyemo, D.
In this study, corporate liability in respect of money laundering and the financing of terrorism will be examined .The paper discusses the concept of corporate liability. The third part discusses terrorism which is further divided into five segments. The first segment traces the history of terrorism. The second segment discusses issues in defining terrorism. The third segment discusses the definition of terrorism in Nigeria while the fourth segment catalogues some terrorist activities in Nigeria. The fifth segment discusses cyber terrorism as a distinct form of terrorism. The fourth part of the study discusses money laundering together with the financing of terrorism. The paper advocates a shift of focus from theoretical debate to practical issue of utility and concludes that corporate governance must make meaningful impacts on the life of all the stakeholders.
The Nigerian police law
(Princeton & Associates Publishing Company Ltd., 2014) Aina, K.
Non-disclosure of reasonable cause of action: a critical appraisal
(International Legal research House Ltd., 1999) Aina, K.
Non-disclosure of reasonable cause of action: a critical appraisal
(International Legal research House Limited, 1999) Aina, K.
Procedure for the enforcement of domestic arbitral awards in Nigeria
(2014) 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.
Prospects and issues in Nigerian pension scheme.
(Centre for Human Resource Development, University of Ibadan, Nigeria, 2013) Aina, K.
The relevance of public complaints commission to Nigeria economic development.
(2012) Aina, K.
The paper critically examines the statutory provisions on the Public Complaint Commission (hereinafter called the Commission), and make appropriate suggestions for reform. The Public Complaints Commission is a statutory creation with wide powers of inquiry and investigation: it has wide powers to receive complaints from members of the public against maladministration and misuse of administrative machinery by any public authority and companies or their officials. In Nigeria like other developing countries, the use of administrative power by officers of government and their institutions to oppress, victimize and discriminate against the citizenry is quite common and rampant. The use of administrative powers to flagrantly abuse the citizen's human rights and freedom is also a common occurrence. Thus, there is the need for government to intervene and take definite action to stem this problem that is gradually embarrassing the government, which led to the promulgation of the Public Complaints Commission Decree 311 (now ACT)2 of 1975.
Rethinking the duties of a receiver and powers of directors of companies in receivership under Nigerian law
(2015) Aina, K.
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 paralyzed 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.
A review of corporate governance codes and best practices in Nigeria
(International Knowledge Sharing Platform, 2015) 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.
Some recent developments in Nigerian company law
(1996) Aina, K.