FACULTY OF LAW
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Item 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.Item 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.Item procedure for registration of charges in Nigeria- need for urgent reforms(2014-08-09) Aina, KThe 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.Item challenges to grant of injunction pending appeal in Nigeria – way out(2013-08-01) Aina, KThis 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.Item Asset management corporation of Nigeria – a pretentious special purpose vehicle(2015-01-01) Aina, KIn 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.Item A review of corporate governance codes and best practices in Nigeria(2015-07-25) Aina, K; Adejugbe, BNigeria 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.Item 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 interpretationItem 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 doctrineItem Case review: Rasheed Aminu V. the State(2009) Bamgbose, O.