Innovations and Practical Reforms towards Sustainable Growth in the Maritime Sector – Mrs. Adetola Bucknor Taiwo

Taiwo Afolabi Annual Maritime Conference 4.0.
from the left, Mrs. Adetola Bucknor-Taiwo

Our Partner, Mrs. Adetola Bucknor-Taiwo, was a speaker at the plenary session and panel discussant at the Taiwo Afolabi Annual Maritime Conference 4.0 which held recently on 13 of September 2019 at the JF Ade Ajayi Auditorium, University of Lagos. The theme of the Conference as shown above was “Innovations and Practical Reforms towards Sustainable Growth in the Maritime Sector”.

Taiwo Afolabi Annual Maritime Conference 4.0.

The panel consisted of other key players and stakeholders in the Nigeria Maritime Industry notably, Otunba Kunle Folarin (Chairman of the Nigerian Ports Authority), Prince Olayiwola Shittu, (Former President of the Association of Nigerian Licensed Customs Agents (ANLCA), Rollens Macfoy (Director Ocean Deep Services Limited) and Princess Vicky Haastrup (Executive Vice Chairman of the ENL Consortium).

The panel held robust discussions on how to develop indigenous shipping and investment in Nigerian Maritime Sector among other key issues. Mrs. Bucknor-Taiwo proposed several ways to develop Indigenous shipping and investments in Nigeria. She touched on indigenous capacity building as a very important element which will ensure that Nigerians develop a competitive advantage within the Nigerian Oil and gas and maritime industry.

Mrs. Bucknor also proposed the exercise of stricter discretion in the implementation of Cabotage waivers so as to protect the interest of Indigenous shippers against competition from foreign shipping line.

Taiwo Afolabi Annual Maritime Conference 4.0. Taiwo Afolabi Annual Maritime Conference 4.0.

Litigation and Dispute Resolution 2019- Global Legal Insights

GLI Litigation & Dispute Resolution

Efficiency and integrity of the legal process in Nigeria

Nigeria is unarguably the largest economy in Africa with an estimated population of about 200 million. The country operates a federal system of government, which allows devolution of power amongst the Federal Government and the 36 federating States. Patterned after the English legal system, Nigerian laws derive majorly from: (i) Nigerian legislation; (ii) received English laws (comprising Common law, equitable principles and Statutes of General application); (iii) Nigerian case laws (judicial precedent); (iv) Nigerian customary laws; (v) Islamic laws; and (vi) international laws and principles. The applicability of English laws and principles is subject to the provisions of Nigerian legislation and courts’ decisions. The Nigerian Court system is centralised with all appeals from State and Federal High Courts going to the Court of Appeal and then to the final Appeal Court being the Nigerian Supreme Court.

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Recent Spate of Refusal of Assent to Bills by the President

Recent Spate of Refusal of Assent to Bills by the President: Position of the Law vis-a-vis the Powers of the Nigerian National Assembly

In the recent past, the President of the Federal Republic of Nigeria, President Muhammadu Buhari GCFR, has refused to give his assent to several bills forwarded to his office for his approval by the National Assembly. The President’s refusal to assent to the bills has been a cause for concern to many Nigerians. Prominent among the bills to which the President refused assent are the Nigerian Film Commission Bill 2018, the Chartered Institute of Pension Practitioners of Nigeria Bill 2018, the Immigration Amendment Bill 2018, the Climate Change Bill 2018, the Digital Rights and Freedom Bill 2018, the Chartered Institute of Training and Development of Nigeria (Establishment) Bill 2018, the Nigerian Aeronautic Research Rescue Bill 2018, the Federal Mortgage Bank of Nigeria Bill 2018, the National Housing Fund Bill 2018, the National Institute of Credit Administration Bill 2018, the National Bio-Technology Development Agency Bill 2018 as well as the Ajaokuta Iron and Steel Completion Fund Bill. Continue reading “Recent Spate of Refusal of Assent to Bills by the President”

The Federal Competition And Consumer Protection Act, 2019: The Need For Inter-Agency Collaboration And Harmony

Historically, there has been a dearth of a comprehensive antitrust and competition legislation in Nigeria. Prior to the enactment of the Federal Competition and Consumer Protection Act, 2019 (“FCCP Act” or the “Act”), the Investment and Securities Act, 2007 (“ISA”) had some anti-trust provisions which gave the Securities and Exchange Commission (“SEC”) power to regulate competition in Nigeria. Before the FCCP Act, the ISA had wide antitrust provisions (when compared with other sector-based antitrust legislations) which mostly regulate SEC’s grant of consent to mergers between business entities. SEC could refuse consent to a merger, acquisition or takeover, on the ground that it is inimical to competition. It could, on the other hand, order the breakup of a company if its activities substantially lessen or prevent competition. Another instance of sectorial legislation with antitrust provisions is the Electric Power Sector Reform Act, 2005 which regulates the power sector. In addition, certain sector-specific regulations are also in force to govern competition within various sectors. However, to provide for an all-encompassing and comprehensive legislation to regulate competition and protect the interests of consumers across all sectors, the FCCP Act was enacted.

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Access Bank and Diamond Bank Merger: Creating Nigeria and Africa’s Largest Retail Bank

PUC News, Access Bank and Diamond Bank Merger

The Federal High Court of Nigeria on 19 March 2019 sanctioned the merger between Access Bank Plc and Diamond Bank Plc (the “Banks”). The record-breaking merger which would no doubt engender the growth of the Nigerian Banking Sector resulted from the approval given by the shareholders of the Banks at their respective Court-Ordered Meetings held on 05 March, 2019. Continue reading “Access Bank and Diamond Bank Merger: Creating Nigeria and Africa’s Largest Retail Bank”

Paul Usoro Challenge 3

PaulUsoroChallenge3

In order to keep encouraging the act of selfless service in the legal sector, we bring to you the 3rd edition of the .

Are you a lawyer currently handling probono cases? Kindly read the inscriptions below on how you can participate and be part of our winners.

CBN Issues Circular Reviewing The Minimum Capital Requirement For Microfinance Banks In Nigeria

Paul Usoro & Co Publication, March 2019

On 18 March 2019, the Central Bank of Nigeria (“CBN”) published a circular dated 07 March 2019 to all microfinance banks in Nigeria (“MfBs”) titled, “Review of Minimum Capital Requirement for Microfinance Banks in Nigeria’’ (“Revised Circular”). The Revised Circular seeks to revise the minimum capital requirement for all MfBs on which it had earlier issued a circular on 22 October 2018.

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APPLICABLE SANCTIONS FOR THE OFFENCE OF SNATCHING BALLOT BOXES UNDER THE ELECTORAL ACT

With the conclusion of the 2019 Nigeria presidential election which has yielded another 4 years to President Muhammadu Buhari, all attention has been turned to the Governorship elections which are scheduled to hold on 09 March 2019 following the postponement of same by the Independent National Electoral Commission from 02 March 2019 when it was previously Continue reading “APPLICABLE SANCTIONS FOR THE OFFENCE OF SNATCHING BALLOT BOXES UNDER THE ELECTORAL ACT”

OVERVIEW OF THE FRCN CODE OF CORPORATE GOVERNANCE 2018

In Nigeria, there was a void in the corporate sector due to the absence of a comprehensive legislation in corporate governance regime. However, this absence was mitigated for by sector-specific corporate codes[1] issued by their respective regulators to address this challenge. In order to consolidate the various codes of different sectors and establish a unified corporate governance framework, the Financial Reporting Council of Nigeria (“FRCN”), released the National Code of Corporate Governance 2016. However this was suspended as there were questions relating to its legality and how it may negatively impact the ease of doing business in Nigeria.

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President Muhammadu Buhari Assents to the Federal Competition and Consumer Protection Bill

PUC NEWS, FEBRUARY

The President of the Federal Republic of Nigeria on Wednesday, 06 February 2019, assented to the Federal Competition and Consumer Protection Bill, now Federal Competition and Consumer Protection Act 2019 (“The Act”). By the passage of the Act, the Federal Government has demonstrated commitment towards the welfare of consumers and the citizens at large. Continue reading “President Muhammadu Buhari Assents to the Federal Competition and Consumer Protection Bill”