For far too long, you’ve already heard of people forming foreign companies in Nigeria to take advantage of tax benefits. The process of setting up an offshore company in Nigeria is much less complicated than most people believe. It is actually simple and straightforward, and can be completed in a…
Annual general meetings (AGMs) are integral components of corporate governance in Nigeria. Words like resolutions, proxies, votes, shares, directors and investors though synonymous with the Annual General Meeting (AGM) have their unique meanings and importance in the Corporate Governance world. The general meeting is a regulatory tool which seeks…
Fostering effective credit administration in Nigeria to encourage proper credit management development was one of the reasons for the establishment of the General Assembly of Banks’ Chief Executives (GABCE) in Nigeria. Among the other factors that may have motivated the emergence of this body, one distinct concern must be…
Startup Acts are Africa’s next frontier of policy innovation. If implemented in Nigeria, Startup Acts could catalyze positive change in the broader business environment by increasing local support for entrepreneurs and signaling to global venture capital investors that the country is open for business, thereby spurring innovation, creating jobs, and…
Investment treaty arbitration in Nigeria involves the settlement of the claim of a foreign investor against Nigeria for alleged breaches of investor protections contained in a bilateral (concluded between two states) or multilateral (concluded amongst a group of states) investment treaty, pursuant to an arbitration agreement contained within the investor-state…
In most B2B transactions in Nigeria, there is always the possibility that certain clients will not pay their bills on time, and as a business owner, you can reduce the amount of unpaid invoices by implementing business to business (B2B) debt recovery strategies. The essence of running a business is…
Nigerians have become cyber-creatures, spending a significant amount of time online. As the digital world expands, so does cybercrime in Nigeria. The necessity to combat these seemingly uncontrollable phenomena gave rise to Cyber Laws in Nigeria. Cyber law acts as a shield over cyberspace, preventing cybercrime from occurring. The government…
The Evolution of Corporate Governance in Nigeria. The Nigerian corporate sector has undergone different phases in its effort to develop and redefine the corporate landscape so as to inculcate good corporate governance in Nigeria. In 2003, the Code of Best Practices on Corporate Governance in Nigeria (the 2003 SEC Code)…
To understand Garnishee Proceedings in Nigeria, you need to bear in mind that there must be a judgment of a “Court of competent jurisdiction” which enables a successful judgment creditor to enforce the Court’s judgment. The law provide for other ways of enforcing judgment but Garnishee proceedings is unique, and…
When someone is requested to write a will in Nigeria, there is always a misperception. In reality, the issue of writing a will in Nigeria does not indicate that death is imminent. It is only reasonable that one regulates his or her family’s or loved ones’ affairs in order to…
To plan inheritance in Nigeria, you need to critically think about who you want to leave the inheritance for, what inheritance you want to leave, and how you want to leave the said inheritance as well as how you expect them to use the inheritance. In Nigeria, inheritance planning is…
The Anti-Torture Act 2017 was passed by the 8th National Assembly and signed into law by President Mohammadu Buhari on 29th December 2017. Prior to the coming into effect of the Act, there was no law in Nigeria whose sole objective is the prohibition and punishment of torture and other…
Whistleblowing is a very effective but still under utilised as a corporate governance tool in Nigeria. Whistleblowing serves many purposes, the most commonplace being that it allows the general public to report malpractice in workplaces, organisations and even government bodies. Apart from not only exposing illegal and unethical practices…
In Nigeria, where at least six out of ten persons own a business or a product, the importance of registering a trademark cannot be overstated. A trademark is simply a symbol, word, or words legally registered or established by use as representing a business or product. A trademark is…
Despite efforts by the Nigerian government to address the issues of people dying from gunshot wounds by signing into law the Compulsory Treatment and Care for Victims of Gunshot Act 2017, news reports show that the numbers are still on the rise. The most recent being that of one Ebenezer…
Setting up a trust fund is one of many options for transferring money, property, and other assets to family members or charity causes. It’s difficult to know whether or not to set up a trust fund and how to do so. To make the best decisions, you’ll need the advice of…
Why Do I Need to Know How to Seek Redress for Human Rights Violations in Nigeria? Nigeria has witnessed an increase in Human Rights violations such as unlawful and arbitrary killings, forced disappearances and torture by both Government and Non -State actors. There has also been a sharp increase in…
The Pension Reform Act (“the PRA” or “the Act”) was first enacted in 2004 and reenacted in 2014. Among many other provisions, the PRA makes Group Life Insurance compulsory for all employees. Group Life Insurance is a scheme that may be likened to a death-in-service policy and is…
On the 24th of May 2021, the Central Bank of Nigeria (CBN) issued a circular stipulating the requirements for licensing of Payment Services Providers (PSP). The circular comprehensively highlights the basic licensing requirements for Payment Services Providers. The circular is a consolidation of an earlier one issued by CBN on…
OAL is pleased to announce its Startup Growth Capsule, an exciting legal and business accelerator initiative of its Sports, Entertainment and Technology (SET) practice group. The program which began in March 2021 followed a competitive selection process and has seen six startups accepted into the maiden cohort of the OAL …
Broadcasting rights (also known as media rights) are legal rights which a broadcasting organisation owns and negotiates for the purpose of commercial exploitation. In sports, copyright and related rights, particularly those relating to broadcasting, underpin the relationship between sport, television and other media. Television and media organisations have been…
The family of the late Peju Ugboma, supported by friends, colleagues and their lawyers, held a Media briefing on the painful loss of their wife, sister, Aunt, daughter, on Tuesday May 18, 2021 at our Ikoyi office. Our Managing Partner, Mrs. Yvonne Ezekiel at the briefing said Olisa Agbakoba…
Thinking about How to sue someone in Nigeria? Generally, instituting an action against a person in Nigeria can be straightforward. However, it is advisable that other modes of settling disputes be explored before a trip to the court room is made. For example, the claimant may consider ADR mechanisms such…
A company incorporated in Nigeria can be sued in its name. This ability to be sued stems from the corporate principle of “corporate legal personality” which suggest that upon incorporation, a company takes up a legal identity. It should be noted that this principle also allows the company to sue.…
What Does a Startup Lawyer Do? Before we dive into what a startup lawyer really does, it is essential to first of consider what a ‘startup’ is, the legal needs of a startup and the role of a startup lawyer. What is a Startup: So what is a…
In Nigeria, document authentication entails the procedure of certifying documents, while document legalization entails the certification of a document that has already been authenticated at the embassy or mission of the foreign country where the document may be used or presented.
What is a Simple Agreement For Future Equity (SAFE)? ‘SAFE’ stands for Simple Agreement for Equity Finance. It is a relatively new type of contract created by the American seed money start-up accelerator YCombinator in 2013. It is a simple agreement popularly used as a form of financing contract that…
Private equity firms can not only provide investment but are able to reshape organisations in a way that will financially benefit them due to their vast commercial expertise. This is also thought to be the reason for CVC’s increasing involvement in rugby.
Breaking News! OAL ‘s Website Has Been Redesigned! We are pleased to announce the launch of our redesigned Olisa Agbakoba Legal (OAL) website. It’s finally arrived! Olisa Agbakoba Legal (OAL) relaunches it BRAND NEW Law Firm Website! After months of hardwork and commitment, the new OAL website is up…
Olisa Agbakoba Legal (OAL), last Thursday, announced the appointment of Mrs Yvonne Ezekiel as its new Managing Partner, and unveiled a rebranded platform and its innovative strategy to create a worldwide synergy with industry players, in actualisation of its vision. Addressing the media at a press briefing, the new…
Funding Maritime Asset Acquisition For Nigerian Indigenous Operators – written by Joseph B. Siyaidon (Associate – Maritime, Aviation and Space Practice) President Mohammadu has ordered the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified operators in the Maritime Industry. The funds will be disbursed for the first time…
Grassroots Football Financing – A Review of FIFA Training Compensation and Solidarity Payments – Written By Beverley Agbakoba-Onyejianaya (Associate Partner/Head – Sports, Entertainment and Tech Practice) Football clubs play a vital role in society, not only do they contribute immensely to organised sports and recreation support the social organization of…
Intellectual Property Rights in Film Making: Exploring Life Stories & Biopics – By Beverley Agbakoba-Onyejianya (Partner/Head – Sports, Entertainment & Tech Practice) & Ginika Ikechukwu (Associate – Sports, Entertainment and Tech Practice) Oloture, a top streaming Netflix movie, produced by well-known production outfit, Ebonylife TV, was released in October, 2020.…
Using Artworks in Creative Projects – The Legal Position Explained – By Beverley Agbakoba-Onyejianya (Partner, Head- Sports, Entertainment and Technology Practice) & Ginika Ikechukwu Are you an art collector or budding aficionado or perhaps a film producer who works in the creative space? Do you plan to use artwork or…
On account of our colonial experience, the courts have been the main forum for the resolution of disputes in Nigeria. However, due to the exigencies of commercial transactions and the challenges of litigation including but not limited to cost, unnecessary technicalities, delays in court proceedings and court congestion, parties to…
Intellectual Property and Economic Growth in Africa – Harnessing IP As a Development Tool Intellectual Property (“IP”) is arguably a well known legal terminology, but unsurprisingly its meaning and significance remain poorly understood amongst business owners and creatives. IP in practical terms refers to intangible creations of the human intellect…
Nigeria, Sixty Years Of Self-governance – The Lingering Challenge Of Structure The Creation of the Structure The geo-political entity now known as Nigeria was structured into existence in 1914 by the merger of the Colony and Protectorate of Southern Nigeria with the Protectorate of Northern Nigeria. The new entity was…
The Growing Demand for a Democratic System of Local Government in Nigeria The Local Government is the closest level of government to the people in Nigeria. The Nigerian Constitution in the Fourth Schedule lists out the many functions of local governments, some of which include; construction and maintenance of roads,…
Arbitral Awards As Sovereign Debt Risks: Impact of P&ID and EURAFIC Cases Background Deriving from the sovereignty principle, sovereign debt literary refers to how much a country’s government owes. Often times the primary source is through outside borrowing hence it can be defined as national or government debt because the…
Debt Recovery Strategies in Nigeria: A Guide for Banks and Other Business Entities It is not unusual for banks and other financial institutions in the business of advancing loans for interest to have non-performing loans and debts owed by customers. Debt obligations also arise from day to day commercial transactions…
Nigeria’s Economic Challenges: Practical Solutions and Suggestions – Olisa Agbakoba Legal It is evident now that the oil price shock was the main contributing factor causing the downward spiral in the economy resulting in the present manifestations of Nigeria’s economic challenges such as the current recession. In an ailing economy,…
Nigeria’s Electoral Processes and Institutions Rebuilding: A Case For the Implementation of the Justice Uwais Report THE 2019 GENERAL ELECTIONS The 2019 general elections were conducted on the framework of the Constitution of the Federal Republic of Nigeria 1999 (as amended) and Electoral Act 2010 (as amended). There were many…
Can Cooperative Federalism Work in Nigeria? – A publication of Olisa Agbakoba Legal Nigeria is a country of so many ethnic nationalities and so has been striving to evolve a workable framework that harmonizes the often conflicting interests of these nationalities. As a result of our large population and territory,…
The Doctrine of Hot Pursuit – Where, How, and When Can I Arrest an Escaping Ship? by Olisa Agbakoba Legal Two fundamental concepts are related to the law and practice of ship arrest in maritime law. The first is that it is an action in rem. The second is that…
Design Thinking in the Legal Industry (Legal Design) is the application of human-centered design to the world of law, to make legal systems and services more human-centered, usable, and satisfying. It is a process of applying the principles of design thinking to the practice of law and access to justice. …
Introduction Nigeria recorded her first case of COVID-19 on February 27, 2020, when an Italian who returned to Lagos for work tested positive to the virus. Since then, Nigeria has recorded an increase in the number of infections, as well as fatalities. The rise in the number of infected persons…
Taxation of Non-Resident Companies with Significant Economic Presence in Nigeria The Finance Act 2019 (“the Finance Act” or “the Act”) was signed into law on February 3, 2020. The major aim of the Act is to make the provisions of existing tax legislation more responsive to tax reform. The Act…
Sports Betting and Consumer Protection in Nigeria – an article by Olayinka Suara – Associate (Sports, Entertainment and Technology Practice) Olisa Agbakoba Legal The Nigerian sports betting and gaming industry has grown astronomically in the last few years. According to Business Wire, there are 60 million Nigerians between the ages…
Avoiding or Mitigating Recession in Post-COVID Nigeria – an article by Dr Olisa Agbakoba (SAN) The massive macro-financial shock caused by Covid-19 has continued to ravage the global economy putting all systems and nations under severe financial instability never seen in history. Stock Markets around the world have been pounded…
On Friday 22nd May 2020, the Nigerian President signed the Presidential Executive Order No. 10 of 2020, which is the Financial Autonomy of State Legislature and State Judiciary Order 2020. The purport of Executive Order No. 10 of 2020 is, as the name suggests, to provide for financial independence of…
FIFA Guidelines on COVID-19 – A Review It is no longer news that due to COVID-19, footballing events have been grounded for over a month with resulting legal issues cutting across various aspects of the game from employment to transfer of players within and across leagues. The Bureau of the…
The Securities and Exchange Commission’s (SEC) proposed rules on Crowdfunding have elicited different reactions from stakeholders, it has rattled the cage of most businesses that leverage on the internet to access credit to finance their business, businesses that create an opportunity for other businesses to access credit on their platforms…
Legal Ramifications of COVID-19 on the Sports and Entertainment Industries The most significant incident to impact the planet in the last four months has been the outbreak of COVID-19 popularly known as the novel coronavirus. This outbreak has reinforced the need for appropriate legal and risk management measures and systems.…
We are delighted to announce our strategic collaboration with Capstone Legal, one of India’s fastest-growing law firms. The total trade between the two growing economies was put at between US$10- 11 Billion in recent times and bilateral trade relations are likely to increase in the near future. The two firms have…
The Sports, Entertainment, and Technology (SET) team at OAL, participated at the just concluded Social Media Week Lagos which held from Monday 24th – Friday 28th February 2020. Social Media Week Lagos is the largest, tech, new media, and business conference on the continent of Africa. It is significant because…
Despite FIFA’s outright prohibition on third-party ownership in football 2015, to remove unethical practices and mitigate the controversy surrounding this type of investment in football, TPO, as it is more commonly known, remains a regular occurrence in the football industry in places such as Nigeria. A short precise definition…
A National Policy on Arbitration in Nigeria – A publication of the Arbitration and Dispute Resolution Practice Group of Olisa Agbakoba Legal I. INTRODUCTION Nigeria generates a significant volume of commercial transactions, both domestic and international with about 80 percent of these transactions originating and or terminating in Nigeria especially…
Our Senior Partner, Dr. Olisa Agbakoba (SAN) was a guest facilitator at the Forum on Non-performing Loans at the Access Bank Risk Management and Compliance Retreat which took place at the Access Bank Contact Center, Victoria Island, Lagos on Friday, January 17, 2020. He spoke on the topic “Loopholes in…
Intellectual Property Rights and Sports: A Paper Presented by Beverley Agbakoba-Onyejianya, Sports & Entertainment Lawyer at the World Intellectual Property Organisation “Reach for Gold” Event Hosted by The Friends of the Creator Artistic Foundation – April 26, 2019, Lagos. Asides from Game of Thrones, I’m certain everyone here will agree…
The increasing rise in piracy in the Gulf of Guinea has become alarming. Until recently, the concern about piracy has been the Gulf of Eden operated by Somalia pirates; however, piracy has witnessed a drastic shift to the Gulf of Guinea. Armed robbery against ships and cargo theft has also…
Our Senior Partner, Dr Olisa Agbakoba (SAN) was recently featured in Who is Who Legal 2019 as a National expert in Arbitration. He is a seasoned arbitrator and the brain behind the first law firm annexed arbitration/mediation centre in Lagos (Nigeria), the Olisa Agbakoba Legal (OAL) Arbitration & Mediation Centre.…
Our Partner/Head of Dispute Resolution, Babatunde Ogungbamila was a panellist at the OANDO Legal Seminar which took place on Tuesday 29th October 2019 at the Wheatbaker Hotel, Ikoyi, Lagos. He spoke on the topic “Management of Disputes and Enforcement of Arbitral Awards Against Sovereign States”. The seminar was floated to…
The Sports, Entertainment and Technology (SET) Practice group had its inaugural Sports Master class themed “The Law and Business of Sports Master Class” at the OAL Office in Ikoyi on Thursday, November 14, 2019. The event was attended by Stakeholders in the Sports industry, Investors, Sports Business owners, Students and…
The call for the institutional and legal restructuring for the next Nigeria cannot have come at a better time. President Mohammadu Buhari’s 2019 Independence Day address to the nation may have created an enabling platform to encourage new discussions on how to transform Nigeria’s economy. The President’ssetting up of an…
An underrated form of alternative business financing option for founders and co-founders to consider is through organic growth. Business owners are expected to learn the first rule of business which is “do not run out of money”, the second rule of business is to have proper systems and procedures in…
The need to broaden the framework for space law in Nigeria continues to grow in the light of increasing space activities in the world. It is important that Nigeria invests financial and human resources in the legal, regulatory and institutional framework relating to space in order to position the country…
Development law policy is a tool that intersects law and economic development. Development law scholars agree that there is a strong link between law, regulatory institutions, governance, economic development and national welfare. It is argued that the Nigerian legal and judicial framework is hopelessly outdated and needs an urgent review…
There has been debate in some legal circles as to whether a lawyer or firm of lawyers are duty-bound to pay Value Added Tax (VAT) to the Federal Inland Revenue Service (FIRS) as stipulated by sections 14(1) and 15(1) of the VAT Act, 1993 (as amended) (“the VAT Act”), for…
Bilateral Investment Treaties (BITs) represent the means by which commercial interest between States and foreign investors are regulated and determined under international law. BITs can be subsumed under the category of treaties as identified under Article 2 (1) (a) of the Vienna Convention on the Law of Treaties (VCLT), considering…
The need for a National Arbitration Policy comes on the back of the recent enforcement order relating to the sum of US$9, 000, 000, 000 (Nine Billion US Dollars) made against Nigeria by an English High Court, which was based upon an arbitration award secured by a company, Process and…
The African Continental Free Trade Agreement was signed by President Muhammadu Buhari at the African Union Summit on Sunday, July 7, 2019. At the summit, member countries agreed to launch the “operational phase” of the African Continental Free Trade Area (AfCFTA), and decided on common “rules of origin, the monitoring…
The Court of Appeal in the recent Judgment of Transocean Support Services Nigeria Limited & 3 Ors v Nigerian Maritime Administration and Safety Agency & 1 Or: Appeal No:CA/L/ 503/2016, held that drilling rigs cannot be deemed to be vessels for the purpose of the Coastal and Inland Shipping (Cabotage)…
Our firm Olisa Agbakoba Legal (OAL) and BusinessDay Newspapers co-presented the LEGAL POLICY DIALOGUE in 2014. The forum was a strategic partnership that highlighted the impact of the law on economic development and investment by the two sector leaders in law and business reporting. Waking Up Dead Capital in Nigeria:…
Our Senior Associate/Practice Manager, Ifeatu Medidem presented a paper at the “HealthCare Summit” organized by the Society for Quality in Healthcare in Nigeria, in conjunction with the International Society for Quality in Healthcare, at the MUSON Centre, Onikan, Lagos. The event was themed ‘Patients’ Experience of Care’ and Ifeatu spoke…
In a landmark judgment delivered on Friday, June 14, 2019, by Honourable Justice Babs Keuwumi of the Federal High Court Lagos, in Seadrill Mobile Units Nigeria Limited v The Honourable Minister for Transportation & 2 Ors Suit No:FHC/L/CS/607/2016, initiated vide an Originating Summons, it was held that drilling operations fall…
Our associate Olaseni Aka-Bashorun was the guest speaker at the Legal Clinic organized by Passion Incubator for the winners of the Total Statrupper of the Year Challenge. The clinic was part of the personalized support and coaching initiative aimed at preparing the entrepreneurs for success in the business world. He…
Our associate Olaseni Aka-Bashorun was the guest speaker at the Legal Clinic organized by Passion Incubator for the winners of the Total Statrupper of the Year Challenge. The clinic was part of the personalized support and coaching initiative aimed at preparing the entrepreneurs for success in the business world. He…
Alternative Dispute Resolution in Nigeria is not a new field. Without doubt, disputes are invariable and recurring decimal in human and commercial interactions. Thus, the need for effective dispute resolution mechanisms to be adequately put in place arises. Traditionally, Litigation and Alternative dispute resolution mechanisms have been identified as the…
Our Associate Nosa Garrick recently spoke at the Legal Symposium organised by the Section on Business Law Club, Faculty of Law, University of Benin. The event was themed: “Raising the bar: The future of Law Students in the Legal Profession. Nosa spoke on the topic “The what, the why and…
Our Senior Associate/ Head of Maritime unit, Dr Oluwole Akinyeye was a guest lecturer at the ABCs of Shipping training programme organised by the Nigerian Chamber of Shipping on the 11th of March 2019. Dr Wole’s lecture was titled: Cabotage: A Review of the challenges and prospects. Also present at the event…
Our Senior Associate/ Head of Sports, Entertainment and Technology (SET) Practice, Beverley Agbakoba-Onyejianya was recently honoured and presented with an award by the Friends of the Creator Artistic Foundation for her contributions to sports and intellectual property law in Nigeria. She was among the list of top sports personalities and brands…
Health tech in Nigeria, just like the general healthcare sector, is in a precarious state. It is evident that the government’s healthcare plan is not only under-resourced but largely overwhelmed and incapable of meeting the needs of millions of people, not just in the urban areas, but also in the…
Olisa Agbakoba Legal(OAL) announced that Bisi Akodu has been appointed Managing Partner. Bisi succeeds Priscilla Ogwemoh, who stepped down as Managing Partner after serving with distinction in that capacity for over 20 years. The Firm also elevated Associate Partners, Babatunde Ogungbamila, Victor Akazue Nwakasi and Adebola Sobowale as Substantive Partners…
The Federal Inland Revenue Service has intensified its drive to recover outstanding tax liabilities from taxpayers in default of tax obligations. To this end, FIRS has been writing to taxpayers’ bankers, appointing the banks’ agent of the banks’ customer, to collect outstanding tax liabilities from the taxpayers’ bank account balance.…
First Published in by Bisi Akodu (Mrs.), February 2019 Cryptocurrency in Nigeria is one of the major offshoots of the Technology wave that has changed the Nigerian business landscape. Technology has since, the last century seen a high permeation in all sectors of the global economy. To be seen as…
The Code of Conduct Tribunal today issued a warrant of arrest for Justice Walter Onnoghen, the estranged Chief Justice of the Federation. This has raised a lot of questions as to the place of the Tribunal in the Judicial Hierarchy. In every society, the courts play a pivotal role in the…
The Supreme Court, like other courts in the land, is a creation of the Constitution. It has its jurisdiction specified and governed by the provisions of the Constitution. By virtue of the 1999 Constitution, the Supreme Court is vested with both original and appellate jurisdictions.
The tort of interference is one of the most unpopular tortious liabilities which players in the business world must be careful of. In simple terms, it means the intentional interference with contractual or business relations. Generally, the law of Torts enforces the breach of a duty imposed by law, to…
Bilateral Air Service Agreements are international trade agreements that permit the airlines of two countries to conduct air transport services between their respective territories. Currently, Nigeria has signed over 80 bilateral air service agreements with various countries, which have largely failed to benefit the country. This position is largely against…
Minors in football in Nigeria are part of a global system that is often exploited. In the last two decades, the global appetite for cheap, promising young talented players in football has surged. Consequently, this has led to an increase in the mobility of minors domestically and internationally in pursuit…
Artificial intelligence in Nigeria is a relatively new field. AI also known as machine intelligence, a term first coined over fifty years ago is finally becoming relevant and impactful in today’s global arena. AI in conjunction with other disruptive technologies such as Blockchain, Big data and Analytics, all constitute part of…
The Central Bank of Nigeria (CBN) by its letter dated 5th October 2018, written to all banks, telecommunication companies, mobile money operators, banking agents and the Nigerian Communication Commission, circulated draft guidelines and regulations of Payment Service Banks in Nigeria (PSB) for comments and observations. The Payment Service Banks in…
Over the years, the Nigerian maritime industry has witnessed the uncontrolled and illegal participation of foreign shipowners which has been detrimental to the industry. This position necessitated the enactment of the Coastal and Inland Shipping (Cabotage) Act in 2003. The Cabotage Act was enacted to restrict the participation of foreign…
The Federal High Court in Abuja, Nigeria on Wednesday, 16th November, 2018 delivered Judgment in a suit filed by Dr. Olisa Agbakoba (SAN) to determine the constitutionality of President Muhammadu Buhari holding office as the Minister of Petroleum. Justice Mohammed in deciding that there was no violation of Section 138…
There is currently a bill before the National Assembly for the amendment of the Arbitration and Conciliation Act (ACA) 1988. The Arbitration and Conciliation Act (Repeal and Re-enactment) Bill (The Bill) has successfully passed through the Senate and awaits the concurrence of the House of Representatives and the assent of…
The maxim, “Once on Demurrage, always on Demurrage” is with respect to the subject matter of a Charterparty. There are different types of charterparties namely; bareboat/demise, time and voyage. This article will focus on time and voyage charter parties. In a time or voyage charter party, the charterer hires…
The role small and medium enterprises play in the development of a country is very important. SMEs contribute to the development of Nigeria in terms of employment, growth and development, and marketing of goods and services. The Nigerian Government is turning its attention more than ever to small and medium…
Arbitration in Nigeria continues to experience an upward spiral as an effective dispute resolution mechanism adopted by parties engaged in contemporary commerce. Presently, there is a widespread practice of embedding arbitration agreements in the commercial transactions flowing from various areas of the economy, particularly the energy and maritime sectors. Interestingly,…
The ECOWAS Court was established as a sub-regional international Court in 2001 pursuant to Articles 6 and 15 of the Economic Community of West African State (ECOWAS) Revised Treaty, (subsequently referred to as ECOWAS Revised Treaty). Pursuant to the provisions of Article 10 of the Supplementary Protocol of the…
At the recently concluded Business Recovery and Insolvency Practioners Association of Nigeria (BRIPAN) International Conference themed, “Driving Business Rescue in the Shadow of the Law”, which was well organized, well attended and very enlightening, several salient issues were raised in the discussions by speakers and discussants alike. In all, insolvency…
INTERNATIONAL BAR ASSOCIATION AFRICA REGIONAL FORUM CONFERENCE, ACCRA 2017 PRESENTATION ON THE CHALLENGES OF MANAGING LEGAL STAFF AND THE MILLENNIALS IN A LAW FIRM PRESENTED BY PRISCILLA OGWEMOH (MRS), MANAGING PARTNER – OLISA AGBAKOBA LEGAL Good Afternoon Gentlemen, I congratulate the International Bar Association Africa Regional Forum and the Ghanaian…
The Managing Partner of Olisa Agbakoba Legal, Mrs. Priscilla Ogwemoh has won the best Female Managing Partner of the year award in Nigeria. The award was presented to Ogwemoh by Mrs. Funke Adekoya SAN at Oriental Hotel in Lagos. Ogwemoh was among the shortlist for this year’s Law Digest Africa…
Nigeria’s democracy is fragile. Recent happenings in the country make it imperative for the National Assembly to strengthen national institutions that support democracy. Specifically, institutions like the INEC, Police, ICPC, Accountant General, National Judicial Council, Attorney General, CBN, National Human Rights Commission, the Judicature, EFCC, Public Defender, Code of Conduct…
The objective of this particular OAL Maritime Master Class Series (MMCS) was to provide an avenue for offering knowledge to relevant representatives of financial institutions in respect of maritime law and practice, with particular focus on ‘ship arrest procedure’. Below are pictures from the event…
It is not news that Olisa Agbakoba Legal (OAL), is highly steeped in the field of maritime law and practice. Capitalizing on this position, an inaugural quarterly Maritime Master Class Series (MMCS) was held on Tuesday, July 26, 2016. The target audience for the inaugural session was participants from financial…
Following yesterday’s announcement by the Governor of Central Bank, Mr. Godwin Emefiele, on a new Foreign Exchange policy, the former Chairman, Nigeria Bar Association, NBA, Dr. Olisa Agbakoba, on Thursday, expressed optimism that the impact of a single foreign exchange market will have the best possible outcome for the Nigerian…
Respected lawyer and former President of the Nigerian Bar Association (NBA), Olisa Agbakoba (SAN) has outlined what he believes to be the best course of action in solving Nigeria’s foreign exchange challenges. In an interview with Vanguard published on Sunday, focused mainly on the economy, the senior lawyer spoke about…
Olisa Agbakoba Legal (OAL) has advised the Securities and Exchange Commission (SEC) to promote legal and regulatory framework for crowdfunding to thrive in Nigeria. Mrs Olabisi Akodu, Partner, Corporate and Public Sector Group at OAL, said the time was apt for review of all legal and regulatory frameworks required to…
NAN-H-92 Maritime Lagos, March 16, 2016 (NAN) A Managing Partner, Olisa Agbakoba Legal (OAL), Mrs Priscilla Ogwemoh, on Wednesday, urged the Federal Government to revive the Maritime Coordination Board to access the untapped potential of the maritime sector estimated at N7 trillion per annum. She told the News Agency of…
Olisa Agbakoba Legal (OAL) was recently instructed to advise a client on the possibility of raising capital by way of Crowdfunding. Interestingly I had undertaken a short course on this very interesting finance model and I was able to sink my teeth into this very challenging brief. Crowdfunding is…
Attracting foreign direct investment to Nigeria has been a major challenge for successive administrations in the past. This is partly due to the perception that Nigeria’s legal system is slow and government policies inconsistent and unreliable. Mrs. Priscilla Ogwemoh in an interview with May Agbamuche-Mbu, Jude Igbanoi and Tobi Soniyi…
Culled from This Day Live Attracting foreign direct investment to Nigeria has been a major challenge for successive administrations in the past. This is partly due to the perception that Nigeria’s legal system is slow and government policies inconsistent and unreliable. Mrs. Priscilla Ogwemoh in an interview with May Agbamuche-Mbu,…
INTRODUCTION The OAL wig of the month, Dr. Agbakoba studied at the University of Nigeria, Nsukka (1973-1977), London School of Economics and Political Science (1979-1980), and the University of London (1980). Before founding Olisa Agbakoba Legal | OAL formerly Olisa Agbakoba and Associates (OA&A) in 1983, he was a Research…
“If we do not kill corruption, corruption would kill us.” Apt and sharp like a razor, the above Presidential statement would continue to resonate. Clearly, we must tackle corruption head-on. But, how are we going to do it? Judging from president Buhari’s utterances, demeanour and action since his inauguration, it…
Fighting Corruption & Code of Conduct Tribunal: Compelling Need for A Proper Legal Framework *By Babatunde Ogungbamila* INTRODUCTION Everyone agrees that corruption is the canker-worm gnawing at the very fabric of the Nigerian economy. It is also common ground that corruption must be stopped or reduced to barest minimum should…
My letter of 21 April, 2015 about ‘Giving Nigeria a New Deal’ refers. I drew a parallel between the American Great Depression of 1930s and the challenges faced in Nigeria in 2015. I am satisfied that you understand the challenges. I write again to warn about the conspiracy of the…
The War Against Corruption: A Focus on International and Regional Conventions By Collins Okeke* Nigeria’s huge external and internal debts and her looted monies by key officials of the past administrations have dominated discussions lately. Nigeria’s President, Mohammadu Buhari has at every occasion local and international vowed that his administration…
Dr Olisa Agbakoba SAN, Senior Partner, OAL, chaired the Panel discussions on the above theme at the recently concluded 2015 Investment and Securities Tribunal Workshop in Lagos. Highpoints: The Capital market was recognized as an engine of economic development. Government was urged to raise the profile of the capital market.…
Asset Recovery in Nigeria – A Case for Strengthening Indigenous Asset Tracing Techniques By Derin Fagbure* Africa is bleeding. Statistics produced in the Stolen Asset Recovery (STAR) Initiative: Challenges, Opportunities, and Action Plan, a document jointly produced by the World Bank and the UNODC put corrupt money associated with bribes…
The Commonwealth Heads of Government Meeting (CHOGM) recently held in Malta. The Senior Partner of Olisa Agbakoba Legal was in attendance. Whilst there, his attention was drawn to the fact that there were several opportunities just waiting to be tapped, for both Nigeria, as a whole, and individual entrepreneurs. Sadly,…
By Bisi Akodu* The Nigerian Government has over the past twenty years liberalized its hitherto strict laws and regulations relating to foreign investment in Nigeria. Nigeria now offers foreign investors various incentives for the much needed capital investment required for the development of public sector infrastructure such as roads, power,…
By Willy Mamah* As Nigeria confronts the current challenge of an Empty Treasury and need to encourage private capital, it is crucial to alsointerrogate, more closely, the notion of ‘Corporate Social Responsibility’ as a framework for doing business in a just way. ‘Property’, the ‘having mode’ is crucial to ‘people’,…
By – Ridwan Bello* Commerce, the live wire of every nation, thrives on globalization. In our today’s interconnected world, cross boarder transactions are the norm and cannot be avoided. International business contracts as well as Bilateral Investment Treaties (BITs) are signed daily to protect international commerce, cross border transactions and…
By Aderinsola Fagbure* Time Magazine January24th 2015 was of particular interest to me as it featured two different articles on the potential growth expectations of Private Equity (PE) investments in Africa. These publications succeeded in raising in my mind a recurrent image of Wall Street investment bankers running, briefcases in…
The OAL/NIPC Breakfast Meeting was held at the OAL Mediation Centre, 10a Ilabere Avenue, Ikoyi on 13th October 2015. It had in attendance participants from the Nigerian Investment Promotion Commission (NIPC), Olisa Agbakoba Legal (OAL) as well as members of the press. The breakfast meeting was designed to create a…
Olisa Agbakoba Legal (OAL) officially introduced its new office for Arbitration and Mediation to the general public. The new office is situated at No 10 Ilabere Avenue, Ikoyi. The office was unveiled on the 9th of June, 2015 . As responsive commercial lawyers, OAL understands that clients now try to…
As the 13th edition of the Bankole Olumide Aluko Memorial Tournament popularly called BOA Tournament came to a climax on May 25, 2015 at the Astroturf 2000 Ikoyi Lagos with OLISA AGBAKOBA LEGAL taking on PROBITAS in the finals there was much anticipation and excitement as lawyers and friends gathered…
Dear President-Elect, GIVING NIGERIA A NEW DEAL Many congratulations on your success at the polls to be our next President. Now that the elections are over and the transition is on, I feel that the time is ripe to set out a framework to address broad issues concerning the nation.…
INTERVIEW CONDUCTED WITH DR OLISA AGBAKOBA OF OAL ELECTORAL VICTORY Is time to reflect and say where are we going? This is the appropriate time for the President-elect, General Muhammadu Buhari and the various Governors-Elect to set an agenda. Is one thing to have what you are going to do…
WALTERSMITH PETROMAN OIL LIMITED } APPELLANT AND NIGER DELTA PETROLEUM RESOURCES LIMITED } RESPONDENT Olisa Agbakoba legal instituted an appeal on behalf of the appellant against the ruling of the Federal High Court sitting in Lagos delivered on the 31st of March 2014 where the Federal High Court held that…
OLISA AGBAKOBA vs THE ATTORNEY GENERAL OF THE FEDERATION & MINISTER FOR EDUCATION Olisa Agbakoba Legal filed a suit before a Federal High Court, Lagos, asking the court to stop the Federal Government from further using alleged discriminatory cut-off marks for admission into Unity Schools across the nation. Olisa Agbakoba…
Press Release Day by Day, hour by hour, there is increasingly a palpable fear, amidst a clash of hate language by the politicians, about the Elections. We feel called upon to warn of the looming dangers and the need to avoid the potential cataclysmic eclipse. Our politicians are exploiting our…
Our attention has been drawn to the general public disquiet, occasioned by the sudden postponement of Nigeria’s General Election 2015, by the INEC chairman, Prof. Attahiru Jega. In his nationwide broadcast of 7 February 2015, only six days to the General Elections, the INEC Chairman rescheduled the Presidential Election from…
Please find below a copy of the letter sent to each of the party chairman of the PDP and APC political parties on the above subject. ************************************************************************************* January 8, 2015 Dear Distinguished Party Chairman, SETTING A NATIONAL ORDER FOR NIGERIA INTRODUCTION The 2015 Elections will be critical to the future…
See photos of the event, which took place on the 20th of November, 2014 at the Civic Centre Lagos.
The unveiling of the Policy Dialogue series took place on the 4th of December, 2014
Mrs. Ngozi Okonjo-Iweala Minister for Finance & Coordinating Minister of the Economy Federal Ministry of Finance Abuja Honourable Minister, GENERATION OF REVENUE FROM NON-OIL SECTOR OF THE NIGERIAN ECONOMY Your welcome statement that Nigerians should henceforth view the country as a non-oil producing nation and explore other sources of revenue…
The Law firm of Olisa Agbakoba & Associates, now Olisa Agbakoba Legal (OAL), recently unveiled its plan to initiate a series of policy dialogues in 2015. The platform aimed at maximizing Nigeria’s economic assets towards growth and development amongst other related issues, will bring together business operators, regulators, entrepreneurs, lawyers,…
A Federal High Court in Lagos has entered judgement in favour of an application by a Senior Advocate of Nigeria, Dr. Olisa Agbakoba, seeking uniform admission requirements into Federal Government Colleges, otherwise called unity schools. Agbakoba had sued the Minister of Education, Mr. Ibrahim Shekarau, over the disparity in the…
Olisa Agbakoba Legal Team at the Annual Bankole Aluko Football Match in 2013
Posted on: Oct 31 2014 The Federal High Court, Abuja, has ordered the Nigerian Army to stay the execution of the death sentence passed by an Army General Court-Martial against 12 Nigerian Soldiers. The Order was made on Tuesday, October 28, 2014, by Honourable Justice Kolawole, in a Fundamental Rights…
Posted on: Nov 12 2014 Introducing the Legal Policy Dialogue – OAL and BusinessDay Newspapers present the Legal Policy Dialogue 2014. THE BUSINESS CASE There has emerged consensus amongst economists and development law experts that law plays an important role in economic reforms and development outcomes. This is in recognition…
Posted on: Sep 09 2014 The awards, now in their second year, highlight the amazing work done by the firms around the globe making huge strides in the ultra-competitive finance sector, from the most innovative lawyers, advisers and tax specialists to 100% customer-focused accountants, consultants and bankers. The awards are…
Dear Governor, A CALL FOR CONDUCT OF LOCAL GOVERNMENT ELECTIONS I am very concerned about democracy, good governance, accountability, constitutionalism and rule of law in Nigeria… To view all letters click here
Posted on: Jul 14 2014 The Ekiti State High Court today declared unconstitutional, appropriation of judicial funds by State Governors. The Judgment was delivered by Honourable Justice J. O. Adeyeye in a Suit filed by Dr. Olisa Agbakoba for the interpretation of Section 121 of the Constitution. Section 121 of…
Posted on: May 28 2014 A Federal High Court sitting in Abuja, Monday, held that in line with 81(2) and section 84(1), (2), (3), (4) and (7) of the 1999 Constitution, as amended, the President, has no power to approve funds for the remuneration, salaries, allowances and recurrent expenditures of…
Posted on: Feb 10 2014 By OLUSHOLA ABILOYE The Author is an Associate in the Law Firm of Messers Olisa Agbakoba & Associates and acted as Respondent’s Counsel in the arbitration between First City Properties v. Huawei at the Lagos Multi-door Court House INTRODUCTION: Valuation analysis is a frequent element…
Posted on: Oct 08 2013 At last, the Sovereign authorities have accepted the need for a National Conference. Civil society in Nigeria has always insisted that only the People of Nigeria can authenticate, legitimize and endorse a Constitution to govern their affairs. Unfortunately, this simple wish was always denied by…
Posted on: Sep 26 2013 FORMER President of the Nigerian Bar Association, NBA, Mr. Olisa Agbakoba has written to the Senate President, Senator David Mark on the importance of convening a Sovereign National Conference, SNC. He also said the conference should be convened by President Goodluck Jonathan. Agbakoba, in a…
Posted on: Jul 22 2013 Olisa Agbakoba SAN today threatened to sue National Assembly and Attorney General of the Federation over absence of Christian/Ecclesiastical Courts in the Constitution. Mr. Agbakoba believes it is a violation of Section 42 1999 Constitution of the Federal Republic of Nigeria which prohibits discrimination on…
Posted on: Sep 26 2013 FORMER President of the Nigerian Bar Association, NBA, Mr. Olisa Agbakoba has written to the Senate President, Senator David Mark on the importance of convening a Sovereign National Conference, SNC. He also said the conference should be convened by President Goodluck Jonathan. Agbakoba, in a…
Posted on: Jun 05 2013 Former President of the Nigeria Bar Association (NBA), Mr. Olisa Agbakoba (SAN) told reporters in Lagos that the Economic and Financial Crimes Commission (EFCC) and the police were mishandling the prosecution of suspects. What is your reaction to the handling of the the subsidy probe…
Posted on: May 27 2013 Thousands of aggrieved customers of First Bank Nigeria (FBN), including Dr Olisa Agbakoba, SAN, have filed a major class action against the leading Nigerian bank, claiming gross mismanagement of their margin loans running into billions of naira. The claim of the customers is that the…
Our People Are Frozen By Different Emotions, We Must Defreeze Them. Olisa Agbakoba, former Civil Liberty Organisation (CLO) and Nigeria Bar Association (NBA) President was among those who laboured to enthrone this Fourth Republic. You were an active player in the processes in the 90s, which culminated in the birth…
One of the recommendations made by the International Monetary Fund (IMF) at the last Article IV consultations with the government was that AMCON begin to wind down its operations to curb moral hazard and fiscal risks. Since these succinct remarks were made there have been comments from financial pundits both…
The former President of the Nigerian Bar Association (NBA), Olisa Agbakoba (SAN), has threatened to sue the Attorneys-General and Commissioners for Justice of the states 36 states of the federation over the non-compliance of their state government with Section 121(3) of the 1999 Constitution. Agbakoba noted that the suit when…
THE Chief Judge of Federal High Court, Justice Ibrahim Auta, Monday unveiled the Assets Management Corporation of Nigeria (AMCON) Practice Direction 2013 for High Court judges at the second judge’s forum held in Lagos. The event was facilitated by Olisa Agbakoba and Associates. Auta explained that the practice direction would…
Mr Olisa Agbakoba, SAN, former President of Nigerian Bar Association, NBA, in this interview, called for the independence of the Judiciary, in terms of its yearly appropriation, as against the current case, where the judiciary as the third arm of government, goes to the executive cap in hand begging for…
Central to the legitimacy and function of Nigeria’s electoral democracy is a fair, non-partisan, and just legal framework. In particular, the process of adjudicating complaints and resolving election disputes is key. However, Nigeria’s judicial branch remains susceptible to political pressure and the abuse of injunctive orders, wherein a judicial decree…
This book is a single and convenient compilation of the Federal High Court (Civil Procedure) Rules and every other body of sub-rules in existence and applicable in the Federal High Court. A convenient table-top piece, quick-reference for all practitioners, including judges and lawyers, and every other person involved in research…
As part of our “Development Law Book Series,” this manual presents a simple legal analysis of the state of our investment law and what we have left undone to enable more friendly investment and business climate to thrive. This is in furtherance of our belief that law is a vital…
As part of our “Development Law Book Series,” we have focused this edition on the financial services laws and development. Here we are focused on the overarching legal framework within which financial services operate in Nigeria and the need for reforms to put it on the path of steady growth.…
This is the first in the series called “Development Law Book Series.” We have focused this edition on the conceptual notion of development law and the need to re-evaluate the general approach in order to reap the value of our economic reform processes. As usual, it has focused on the…
Nigeria’s judicial procedures are plagued with an obnoxious practice, widely known as “holding charge,” whereby the police obtains the endorsement of a court which lacks jurisdiction, to remand a criminal suspect in prison custody indefinitely. Suspects held under the holding charge regime may remain in detention as awaiting trial prisoners…
