It is widely recognized that climate change presents one of the greatest challenges of the world, today. Its deleterious effect spreads its tentacles over developed and developing countries, in particular, making their population and means of livelihood vulnerable. In the midst of this vulnerability, an opportunity resides for African economies to grow in a manner that is climate resilient, ensures poverty reduction whilst meeting its energy deficiency.
As the quest for development by emerging markets like Nigeria deepens, the importance of infrastructure in various sectors of the economy cannot be over emphasised. However, a major deterrent for infrastructural growth is the shortage of funds for the successful execution of same. For example, in Nigeria, it is reported that an estimated sum of US$2.9 trillion is required to meet its infrastructural deficit by 2043.
THE MINISTER (CONTD.)
The primary legislation governing the Nigerian mining industry is the Minerals and Mining Act, 2007, (the “Act”). The Act vests power to administer the mining industry in the Ministry of Mines and Steel Development (the “Ministry”).
The Act requires the Ministry to carry out its functions through its various departments and agencies. Accordingly, the Ministry, through the, Mining Cadastre Office (“MCO”), is saddled with the responsibility of considering applications for issuing, suspending and upon the written approval of the Minister, revoking a mining title.
A company, being an artificial person, acts through its directors who are persons duly appointed by it and saddled with the responsibility of the company’s day to day management. Hence, the need to ensure an effective appointment cannot be overemphasized. This article seeks to examine when a director is duly appointed and the consequences of not rendering the necessary filings, following an appointment, at the Corporate Affairs Commission (“CAC”).
APPOINTMENT OF DIRECTORS UNDER THE COMPANIES AND ALLIED MATTERS ACT (CAMA)
An offshoot of the 16th July, 2012 Petroleum Industry Bill (the “PIB”), the Petroleum Industry Governance and Institutional Framework Bill 2015 (“PIGIFB” or the “Bill”) has been birthed in recognition of the various proposals and suggestions from stakeholders for the splitting of the PIB into manageable segments. This review seeks to analyze the provisions of this Bill in light of stakeholder agitations and criticisms of its precursor and industry best practice for similar legislations.
The Lagos State Government had on the 5th day of February, 2016, inaugurated the Special Offences (Mobile) Court to summarily deal with growing cases of traffic and environmental abuses in Lagos State. It is indeed a welcome development considering the various and recurrent cases of unmitigated infraction of environmental laws and traffic regulations in Lagos State. Traffic and environmental law offenders are liable to the option of fine, imprisonment or both fine and imprisonment upon trial and conviction.
As a general principle under Nigerian law, the personal interest of a director should not conflict with any of his duties as a director. Consequently, Nigerian law requires that a director who is interested in a contract entered into by the company should declare his interest to the company. This note highlights the reporting requirements for directors of a bank in relation to loan transactions which they have an interest.
As part of its efforts to support the Federal Government in its need to boost the revenue base of the country through the exploration of revenue opportunities in the non-oil and gas sectors of the economy, the Central Bank of Nigeria (CBN) by its circular No.
The ADMINISTRATION OF CRIMINAL JUSTICE ACT, 2015 (The Act) was passed into law by the National Assembly of the Federal Republic of Nigeria and became operational on the 15th day of May, 2015. The Act, like all other laws in the country derives its authority, legitimacy and validity from the Constitution of the Federal Republic of Nigeria 1999 (as amended).
Under Nigerian law, every company is required to keep accounting records that are sufficient to show and explain the transactions of the company. These accounting records are required to disclose with reasonable accuracy, the financial position of the company. The financial statements are prepared by the management of a company and released to the various stakeholders who rely on them in their dealings with the company. They are usually the window into a company’s financial affairs available to the investors.
Historically, barter, a system wherein goods and services are traded between two or more parties without the use of a medium of exchange such as money, was the hallmark of trade. This trading approach enabled parties to exchange mutually beneficial goods and services, despite the lack of hard currency. In modern times, even though bartering is no longer common place, the principles behind the concept still manifests in certain structured investments referred to as Payment In Kind (“PIK”) investments.
The Administration of Criminal Justice Act, 2015 (ACJA) seeks to revise our criminal law and the administration of the criminal justice system in particular. The Act exhibits important features some of which are hitherto unknown to the Nigerian criminal justice system but which are aimed at transforming the tedious and slow dispensation of criminal justice in Nigeria. The salient innovative provisions of the Act discussed below seek to foster transparency in the justice system and the speedy conclusion of criminal trials in Nigeria.
The Oil Pipelines Act of 1965 (the “Act”) makes provisions for licenses to be granted for the establishment and maintenance of pipelines incidental and supplementary to oil fields and oil mining. The designated authority to give effect to the provisions of the Act is the Honourable Minister (“Minister”) of Petroleum Resources. By virtue of Section 3 of the Act, the Minister may grant permits to survey routes for oil pipelines and licences to construct, maintain and operate oil pipelines in accordance with the relevant provisions of the Act.