Private & Business Law

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Author: search.filters.author.Aina, K.

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Now showing 1 - 10 of 21
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    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.
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    The machinery of justice in Nigeria
    (Adimula Press, 2001) Aina, K.
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    Non-disclosure of reasonable cause of action: a critical appraisal
    (International Legal research House Limited, 1999) Aina, K.
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    Prospects and issues in Nigerian pension scheme.
    (Centre for Human Resource Development, University of Ibadan, Nigeria, 2013) Aina, K.
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    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.
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    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.
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    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.
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    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.
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    Strategies for enforcing shareholder rights in corporate governance in Nigeria
    (A Journal of the Society for Corporate Governance Nigeria, 2014) Aina, K.
    In spite of the legislative provisions on shareholder participation and involvement in the management of companies in Nigeria the practice is that shareholders are generally inactive, passive and generally disinterested in the management of their companies leaving the directors to have a free day. This paper examined the shareholder role in management in a developing corporate governance context, by critically analyzing the different procedures, legislative provisions and Codes of corporate governance available in order to strengthen and enhance proper shareholder contribution in corporate governance.