Browsing by Author "Onakoya, O. O."

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Contractual documentation in project finance and the need for connectivity
(Gravitas LBR Ltd, 2021-08) Oluwasuyi, A; Onakoya, O. O.; Gbede, O.
Project finance cannot be done in Isolation. It draws a series of participants to the projects and, therefore, culminates into different types of agreement reached by Investors or parties. The agreements are geared at serving series of purposes, such as bankability, risk control mechanisms, guarantees in relation to the projects, and offering a medium of privity of contract for other parties who ordinarily would not have been privy to the agreements. The parties to project finance will require that their relationship be memorialised and specified. There are series of connected agreements which will be documented and may be linked to the main financing agreement by the parties. These agreements tend to define the obligations of the participants, their roles in the venture, and the allocation of risks. The agreements which are negotiated are required, forming part of the documentation in a project finance. These agreements specify the roles of the parties and the relationship or link to the project. This article examines the roles of these agreement, clearly stating their impacts and contribution to project finance. It makes a case for the coordination of the complexities stemming from the agreements to avoid extemporaneous effects that can jeopardise the essence of a project finance scheme.
Corporate rescue as sustainable mechanism for strengthening companies in Nigeria?
(2022) Onakoya, O. O.
Company, upon its incorporation becomes a legal personality or “legal abstraction” with powers to act for it with respect to formation of contract, right to sue and be sued (a juristic personality), right to own properties (real properties and chattels) among others. However, the characteristic that distinguishes companies from other forms of business organization is that aside from the companies being different from its members, it has the capacity for perpetual existence. The exit of its members will not necessarily ‘terminates’ the life of the company, since at best such member reserves the right of transfer his/her shares. This legal attribute of a company has however not been true of many companies that found themselves in the “murky waters” of bankruptcy and may therefore have to go through the winding up process, which usually ultimately “terminates” the life of such companies. However, with the dwindling fortunes of companies in the 21st century, and many having to wind up’ business activities as a result of insolvency, it becomes imperative that attempts be made to rescue the company from ‘dying’ rather than wait to give same ‘decent burial’ by way of liquidation and winding up process. This new concept is referred to as “Corporate Rescue”
Critical appraisal of contract of employment under the Nigerian legal system
(2009) Onakoya, O. O.
Ever since the abolition of slavery, workers have become entitle to the freedom to determine what work they would warn to do and also ascertain the terms and conditions upon which their Services are being hired. Consequently, it is noted that Labour Law rest heavily upon the legal phenomenon, the individual contract of employment, in which two parties namely the employer and the individual employee are looked at by the law as equals to a legally enforceable agreement. The laws which govern employment occupy a Position of considerable importance in any modern society. This is so because of the tremendous contribution which workers can make to a national growth and development as well as the general well-being of the nation’s citizenry. In this paper we shall examine the various aspects of the contractual relationship between the employer and the employee, particularly the formation of contract of employment, rights and obligations of parties to the contract and the impact of the related legislations on the subject of discourse.
E-contracts in Nigeria, legal issues, challenges and prospects
(Department of Business Law, Obafemi Awolowo University, lle-ife, Osun State, Nigeria., 2021-11) Onakoya, O. O.
Trade and trading activities in the 21st Century have taken a new trend. Unlike in the early centuries, commercial transactions are now carried out with much ease given the technological advancement. This technological advancement has given rise to what is known as electronic contract (e-contract). This term is sometimes used inter-changeably with e-commerce. Nigeria as a nation is not left out of the aforesaid development, hence Nigerian economic space does not only recognise e-contract but also encourages its growth within the environmental sphere of the available infrastructural facilities. E-Contractor e-Commerce is defined as the practice of buying and selling of goods and Services through online consumer Services on the internet. This usually involves online advertisement, negotiation, contractual agreement, payment (fintech) and delivery of goods and Services. However, this kind of contractual relationship is not without its challenges, particularly in Nigeria which records deficit in the area of Provision of infrastructural facilities and enabling environment (a good example is the erratic supply of electricity and high cost of internet facilities which is an offshoot of the former) constitute hindrances to the growth of e-contract. This paper therefore examines the legal issues, challenges and prospects of e- contract in Nigeria.
Freedom of information act: a paradigm shift in press Freedom in Nigeria?
(2013) Onakoya, O. O.
Freedom of expression and the press had since 1979 been introduced into the constitution of the Federal Republic of Nigeria particularly under Chapter IV of the constitution captioned ‘Fundamental Rights’. This right of expression and free press, particularly as provided for in section 39(1) of the constitution of Federal Republic of Nigeria 1999 (as amended) confers on everyone freedom of expression, which includes freedom to hold opinions and to receive and impart ideas and information without interference. However, inspite of the aforestated constitutional provisions and other similar enactments, access to information, particularly public records by members of the public in general and the press in particular has remained a mirage. It is against this backdrop that this paper examines the impact of the Freedom of Information Act, 2011 (which was enacted into law after its prolonged setback and delays) on press rights of unfettered access to information. This paper further examines among other things, the extent to which FOI Act 2011 had been implemented, the challenges confronting its applicability as well as the prospects of the Act in the nearest future. Likely means of improving its effective implementation/enforceability are also suggested.
Land administration and economic development in Nigeria
(2012) Aina, A. A.; Taiwo, E. A; Onakoya, O. O.
Land administration and economic development in Nigeria
(Nigerian Association of Law Teachers, 2012) Aina, A. A.; Taiwo, E. A.; Onakoya, O. O.
Land ownership in Nigeria: Land use act versus customary land tenure system
(Lexington Books, Lanham, 2014) Onakoya, O. O.
Legal and contemporary issues on covid-19 in Nigeria
(2021) Olatunbosun, A. I.; Bamgbose, O. A.; Akintola, S. O.; Onakoya, O. O.; Lokulo-Sodipe, J.; Olomola, O.; Tafita, F.; Olaniyan, K. O.; Adewumi, A. A.; Byron, I. P.; Ochei, B. O.; Gbadegesin, O. A.
The effect of the Covid-19 pandemic outbreak on the legal landscape in Nigeria is diverse and multifaceted. Its effect has gone way beyond every conceivable outcome and has affected not only the health of the individuals in any given community and the health sector, but movement, travel, social interactions. businesses, and the day-lo-day lives of the Nigerian people. Adopting the sociological jurisprudence school of legal theory which recognizes the relationship betwixt and among law. society. technology. and accepted social culture, this paper charts the effect of Covid-19 on identified Segments of the legal landscape and the society viz: health. labor. tourism, criminal law. And procedure. family law. as presented by legal scholars in various legal subfields. A holistic approach lo resolving the legal issues brought about by covid-19 is recommended as the best foot forward such as; respecting the basic human rights of citizens would ensure that the vulnerable can access medical care: health data accumulated based on die pandemic is managed wise/y (and no! subject lo3abtise): defaulters of Covid-19 regulations are handled in a manner that reflects respect for die rule of law and due process: medical waste management is handled in such a way that it does not affect the community and result in die spread of disease, inter alia.
Privity of contract: a limitation to the enforcement of third parties rights to a contract?
(Department of Private and Business Law Faculty of Law, University of Ibadan, Ibadan, Nigeria., 2011) Onakoya, O. O.
Proof of ownership under the customary land tenure system: a critical appraisal
(Crown Goldmine Communications Limited, 2010) Onakoya, O. O.
The roles of directors in corporate governance in the 21st century Nigeria
(Department of Business law, Faculty of law, University of Benin, Benin City, 2021-06) Onakoya, O. O.
The Company is referred Io as a legal person distinct from the shareholders. Company have the attributes/qualities of human beings, however it has been rightly described as a legal abstraction, an artificial person who enjoys such Status as a consequence of its incorporation. A Company, though a “legal Personality" has no mind or will of its own. Its action, of a necessity must be found in some persons who are the directing mind and will of the Company. They give directives as to the day to day running of the activities of the Company. They are not in themselves the Company but they are appointed to direct the affairs of the Company. These set of people are called the Company’s directors and as a body, is usually referred to as „Board of Directors". The success or failure of a Company largely depends on its board of directors. The roles of the directors have over the years been amplified in the 21" Century, such that directors now shoulders higher responsibility, a departure from its core traditional duties and liabilities. This paper therefore examines the roles of directors in the modern day Company s management and administration and suggested ways of enhancing their impact on the sustainability of Company’s development.