Nigerian Code of Corporate Governance 2018: necessity or superfluity?

Preamble Plans to harmonize the corporate governance legal framework in Nigeria began in January, 2013 when a Steering Committee on National Code of Corporate Governance was commissioned to harmonize and unify all existing sectoral codes in Nigeria. Consequently, in 2016, the Financial Reporting Council of Nigeria (FRCN) published a draft 3-part National Code of Corporate … More Nigerian Code of Corporate Governance 2018: necessity or superfluity?

An accused person is required to justify source of income in a money laundering trial according to Nigeria’s Supreme Court

Introduction Amidst obvious indications of political interference and doubts by the citizenry about the motive behind certain arrests and investigations, Nigeria’s leading anti-graft Agency the Economic and Financial Crimes Commission (EFCC) has continued in its fight against money laundering and related offences. In doing this, one striking challenge the Commission has faced over the years … More An accused person is required to justify source of income in a money laundering trial according to Nigeria’s Supreme Court

New Corporate Governance code limits tenure of founders and leaders of religious and other non-profit organizations in Nigeria.

The financial Reporting Council of Nigeria recently released a harmonized code of corporate governance applicable to three key sectors – public, private and non-profit sectors. The unified code is coming on the heels of the identified need to infuse and standardize healthy corporate governance practices for the various sectors and strengthen accountability and transparency in … More New Corporate Governance code limits tenure of founders and leaders of religious and other non-profit organizations in Nigeria.

Harmonised Code of Corporate Governance for Private Sector in Nigeria, 2016: Highlights and salient provisions

A milestone has been achieved in Nigeria’s Corporate Governance landscape with the commencement of the much anticipated National Code of Corporate Governance from October 17, 2016. The commencement is coming almost three years later than the originally planned date – January, 2014. According to The Financial Reporting Council of Nigeria (FRC), the Code of Corporate … More Harmonised Code of Corporate Governance for Private Sector in Nigeria, 2016: Highlights and salient provisions

Regulatory intervention in Skye Bank Plc: outcome of failure in Corporate Governance

On Monday July 4, 2016, the Central Bank of Nigeria (CBN) released a Press Statement on Skye Bank to inform the public of its decision to effect key changes on the board and management of Skye Bank Plc because the bank had fallen short of minimum thresholds in critical prudential and adequacy ratios. The statement further … More Regulatory intervention in Skye Bank Plc: outcome of failure in Corporate Governance

The formation of Group Company, Holding Company and Consortium in Nigeria

Introduction There are certain business structures that could be created to foster easier operations and management, or to accomplish some other agreed specific purpose. Businesses can be structured in the form of a group, holding or consortium to achieve the aforementioned goals. It is imperative to note here that a single company cannot be structured … More The formation of Group Company, Holding Company and Consortium in Nigeria