COMPANYLAWREFORMASADEVELOPMENTALTOOLINNIGERIA:ACOMPARATIVESTUDY

(ASUMMARY)

BY

FASANYAWURAOLAPRECIOUS

A4THYEARSTUDENT

OF

THEFACULTYOFLAW,UNIVERSITYOFLAGOS,

AKOKA,LAGOS,NIGERIA

DURINGHERRESEARCHASANINTERNATIONALJUNIORRESEARCHASSOCIATE

INTHEUNIVERSITYOFSUSSEX,BRIGHTON,UNITEDKINGDOM

FROM

THE17THOFJULY2016TO2NDSEPTEMBER2016

UNDERTHESUPERVISIONOF

DRFEMIAMAO

OF

THESUSSEXSCHOOLOFLAW,

FREEMANBUILDING(F28),

UNIVERSITYOFSUSSEX,U.K.

ACKNOWLEGMENT

Iwishtoexpressmyprofoundgratitudetothefollowingpersonswhoseinestimablecontributionshaveaccountedforthesuccessofthiswork.

IthanktheAlmightyGodforhisgraceandmercy.Icouldnothavecompletedthisworkwithouthisprovisionandguidance.Hefavouredmewithgoodhealth,intellectualprowessandfinancialresourcesthatmadethisprojectbecomeareality.MayHisnamebeglorified.

IalsoappreciatetheadministrationoftheUniversityofSussexforthisopportunity.IamindeedgratefultoJulieCarr,theDirectoroftheInternationalJuniorResearchSchemeandGeorgieChesman,theInternationalPartnershipOfficerwhotookcareofmeduringmystayintheuniversity.Youarebothamazing.

Tomysupervisor,DrFemiAmao,thankyouforyourinvaluablecontribution,patienceandconcern.Youwerealwayschallengingmetobebetter.Iamevergrateful.

TotheDeanofmyfacultybackintheUniversityofLagos,ProfessorIbidapo-Obe,thankyouforthesupportyougavetowardsthesuccessofmyresearch,Ireallyappreciate.

Lastly,mayIacknowledgemyfather,MrSalamiFasanyaforhisgenuineloveforme,Daddy,youaremyhero.MymotherMrsTitilayoFasanyaforherproactivecontributioins,AdemolaAdedoyinforhissupport,careandpatience,andOlubukolaLawansonforherconcernandsupport.MayIalsoacknowledgeMrandMrsAkinmusire,MrandMrsBadaru,OmowunmiAjagbeandallotherswhohaveonewayoranothersupportedmebeforeorduringthescheme.Iamevergratefultoyouall.

LISTOFCASES

1) Aghenghenv.Waghoreghor(1974)3SC152) A.G.v.JohnHolt1910,2NLR13) Amayav.AssociatedContractors(1990)6SCNJ49A4) Bamfordv.Bamford(1970)Ch.2125) BPRLtdv.Awayewaserere(2002)33WRN1386) BritishAsbestoscov.Boyd(1912)Ch.4397) Dawoduv.Danmole[1962]1WLR10538) Edwardsv.Hallowell(1950)2allER10679) Fossv.Harbottle(1843)2Ha46110) FulhamFootballClubLtdv.CabraEstatesPlc(1992)BCC86311) Hoggv.Cramphornltdandothers(1967)Ch.25412) Huttonv.WestcorkRailway1883Ch.D,65413) IGPv.Kamara(1943)2WACA18514) Lewisv.Bankole(1908)1NLR8115) Maxwellv.DepartmentofTradeandIndustry(1974)QB52316) Moriartyv.Regent’sGarageandEngineeringCo.Ltd(1921)1K.B.42317) Newtonv.BirminghamSmallArmsLtd(1906)2Ch.37818) Okoikov.Esedalue(1974)3SC1519) OmisadevAkande(1987)2NWLR(pt.55),15520) O’Neillv.Philips(1999)1WLR109221) Parkev.Dailynews(1962)3WLR56622) Pavlidesv.Jenson(1956)allER51823) Percivalv.Wright(1902)2Ch.42124) Regal(Hastings)Ltdv.Gulliver(1967)2AC134n25) ReAlmaSkimmingCo.(1880)16Ch.D.41326) ReCityEquitableFireInsuranceCo.(1920)1Ch.40727) ReForestofDeanCoalMiningCo.[1879]10Ch.28) ReKingstonCottonMillCo.(1996)1Ch.629) ReLondonandGeneralBank(no21895)30) ReSmithv.FawcettLtd(1942)Ch.3031) ReWelsBachIncandescentGasLightCo.Ltd(1904)1Ch.8732) ReWestbourneGalleries(1973)AC36033) Salomonv.Salomon[1897]AC2234) ScottishInsuranceCorp.v.WilsonsandClydeCoal(1949)AC46235) Smithv.Anderson(1880)Ch.D.24736) Tika-torepressLtdv.Abina(1973)12S.C.(reprint)6737) WesternNigerianFinanceCorporationv.WestCoastBuildersLtd(1971)1U.I.L.R.

LISTOFSTATUTES

1) CompaniesandAlliedMattersAct1990

2) CodeofCorporateGovernanceforSouthAfrica2010

3) EnglishCompaniesAct2006

4) NationalInsuranceCommissionCode5)

5) PensionActCap346LawsoftheFederation

6) PensionCommissionCode

7) SecuritiesandExchangeCommissionCodeofCorporateGovernance2010

8) UnitedKingdomCorporateGovernanceCode

TABLEOFABBREVIATION

1) AC-Appealcases2) AllER-AllEnglandReport3) FN-FootNote4) KB-KingsBench5) NLR-NigerianLawReport6) WACA-WestAfricanCourtofAppeal7) WLR-WesternLawReport8) SC-SupremeCourt

ABSTRACTThemainobjectiveofthisworkistoconsiderhowthecompanylawframeworkcouldbeutilisedasadevelopmenttoolinthecontextofdevelopingcountries.Theresearchisdonefromacommonlawcompanylawperspective.NigeriaisusedascasestudyandtheUnitedKingdom(theoriginofcommonlaw)asacomparator.Insightswerealsodrawnfromotherjurisdictions.Thisresearcharticlemainlyemployshistorical,desktopandcomparativelawmethodologies.Itexplorescaselawdevelopments,statutoryhistoryandreforms,corporategovernanceinnovationsandcorporatesocialresponsibility.ThisresearchconcludesthatNigeriaisabuddingstatewithitsownsetofvaluesandidentity.Thisresearchthenpostulatesthatinactualisingdevelopmentthroughcompanylaw,referenceshouldbeaccordedtotheimportanceofadaptingsomeotherjurisdictionspoliciesintotheNigerianframework.

1. INTRODUCTION

Companylawisthefieldoflawconcerningcompaniesandotherbusinessorganizations.Theseincludecorporations,partnerships,andotherassociations,whichusuallycarryonsomeformofeconomicorcharitableactivity.Italsoincludesthemeansofregulatingthebusinessmarket.Itisalsocalledlawofbusinessassociationsorcorporatelaw.Lawisthebedrockofeverysociety.Ifthereisadefectinthelaw,thesocietywillnotthrive.Companiesoperationsandtheirregulationarecrucialtoeconomicdevelopment.

Therearedifferenttypesofbusinessassociations;somecouldbeforprofitmakingwhileothersforaddingsocialvalue.Primarilycorporatelawgovernsthem.Thereforecorporatelawdrivestheeconomyandtheeconomyaffectstheoveralldevelopmentofanation.

Nigeriancorporatelawhasnotefficientlyfunctionedratheritischaracterizedbyahighdegreeoffailedbusinessmodules,interandintrafirmcorruptionanddifferentfraudulentmisconducts.Thisleadstothequestions:

Whatdoesthisresearcharticlehopetoachieve?

IthopestoaddresstheissueofcompanylawreforminNigeriaspecificallylookingintotheissuesofCSR,corporategovernanceinnovations,statutoryhistoryoftheCompaniesAndAlliedMattersAct1900andcaselawdevelopments.

Whatmethodologieswillthearticlebeusing?

Itwillemploycomparative,historicalanddesktopmethodologies.ItwillusetheUnitedKingdomasacomparatorsinceNigeriancompanylawislargelymodeledafterEnglishcompanylaw.

2. HISTORICALDEVELOPMENTOFCOMPANYLAWINNIGERIA

NigeriaisthemostpopulousBlackCountryintheworldwithanestimateofabout170millionpeople.Itisinfluentialbothinsub-SaharanAfricaandintheglobaleconomy.Nigeriaismadeupofabout250distinctethnicgroups.Eachofthesehastheirowndistinctculture.Beforecolonialism,Nigeriawasageographicalentitymadeofthesegroupslivingseparatelybutinterconnectedbymarriage,tradeandconquest.Theideaandpracticeoflawandjusticewas

centeredonthetraditionalbeliefs.Forexample,intheYorubaregionitwasaroundtheconceptof"omoluabi"whichliterallymeans"ofgoodcharacter"1.

CompanylawinNigeriaislargelysubstantive.Itsmainfeaturesincludeincorporationofcompaniesandregulationsoftheirconducts,stakeholders'rights,dutiesandliabilities,corporatesocialresponsibilityandmanyotherconcepts.

InthedescriptionofthehistoryofAfricanorinthiscaseNigeriancompanylaw,adequatereferenceisnotgiventotheindigenousmeansoftradeandpracticesofbusinessassociations.IndigenousinthiscontextmeanscustomarymethodsoftransactionpeculiartoAfricansasfarbackas12thcenturybeforethecolonialeraandChristianizationofAfricans.

Forinstance,themodernsystemsofraisingcapitalsthroughdebentures,loans,interests,andcredits;thesewereallavailableinindigenousNigeriaandarestillavailableincustomarypracticestoday.Peoplewhowantedtodobusinesshadopportunitiestoraisecapitalsthroughwhatiscalled"OwoEle"i.e.creditsandinterest,loansanddebenturesetc.Inthiscase,therewasusuallyaninstitutionofperson(s)whoisthelender.SometimestheagreementmightincludeaguaranteebylandasinthepositionofcustomarypledgeasdescribedinthecaseofOkoikovEsedalue2.Therewascustomarytenancywhereoccupationalrightoverthelandisgrantedbyanoverlordinthecustomarytenantinreturnforthegrantee'srecognitionofthetitleofthegrantorandpaymentofcustomarytribute.3Theseconceptsaresimilartomodernconceptofmortgagethatisutilizedincompanypractices.

Moreover,thepaymentofcustomarytributecouldalsobecomparedtothemodernconceptoftaxation.Thistributeisusedfortheadministrationandbettermentofthevillageortribe.

Also,intheindigenousNigeria,someentitieshadsomeformsofperpetualsuccessionandgeographicaldominance.Thisissimilartoperpetualsuccessionasaresultofincorporation.Itisalsonoteworthythatmostofthemevenhavegeographicaldominance.E.g.,theOjikutuPileorofamilyhavebeenknowntobethemastermeattradersinEko(Lagos)sinceabout1700s4.Inthesamevein,everybodyknewthattheIjebusweremastergarri(cassavaflakes)tradersetc5.

Furthermore,therewastheprincipleofcorporatesocialresponsibility[CSR].Thisprincipleisabouttheroleacompanyshouldplayinitsrelationshipwithitsimmediatecommunityandenvironment.6Successfultradersgaveoutfoodandclothestothelessprivileged,particularly

1Interviewsconductedduringresearch.2(1974)3SC153EliasCJNinAghenghenv.Waghoreghor(1974)1SC14Interviewsconductedfortheresearch5SeeFN66ProfessorJosephE.O.Abugu,PrinciplesOfCorporateLawinNigeria(published2014)610

duringfestiveperiods.Theyalsoheldcharitypartiesforthesepeople.Businessphilosophywasnotdrivenbyprofitmaximizationbuttheneedtoaddvaluetothesocietyatlarge.

Theaboveareevidencesofrudimentarybusinessorganizations.TheseformsareparallelstotheEnglishrudimentarybusinessliketheGuilds,7theCommendaandSocietas.8

Withtheadventofcolonialism,therewerechangesinthenormalmodeofdoingthingsinallaspectsofliving.TheUnitedAfricaCompany(UAC),wasoneoftheearliestmodernfirmsthatoperatedintheareathatlaterbecameNigeria9.ItwasthisfirmthatreceivedtheBritishconcessionforcontrolofareassurroundingtheNigerRiverunderthecharteroftheRoyalNigerCompanyin1886.Therewerealsootherlargecompanies.TheearlycompaniesinNigeriawereBritishbased.ByvirtueofColonialstatutesenactedbetween1876and1922,thelawapplicabletocompaniesinNigeriaatthistimewasthe‘commonlaw,thedoctrinesofequity,andthestatutesofgeneralapplicationinEnglandonthefirstdayofJanuary,1900’subjecttoanylaterrelevantstatute.TheimplicationofthisapproachwasthatthecommonlawconceptssuchastheconceptoftheseparateandindependentlegalpersonalityofcompaniesasenunciatedinSalomonv.Salomon10wasreceivedintotheNigeriaCompanylawandhassinceremainedpartofthelaw.11.Howeverwithcontinuedgrowthoftrade,thecolonialistfeltitwasnecessarytopromulgatelawstofacilitatebusinessactivitieslocally.ThefirstcompanylawinNigeriawastheCompaniesOrdinanceof1912,whichwasalocalenactmentoftheCompanies(Consolidation)Act1908ofEngland;andeventhecurrentcompanylawofNigeria12islargelymodeledontheU.K.13CompanyAct,1948.14Arguably,whatwehavenowisacomplexmodernizationofourindigenoussystem.Itisquitetenabletostatethatthissystemisusefulbecauseoftheincreaseandexpansioninsocio-economicactivities.

3. SOURCESOFNIGERIANCOMPANYLAW

TherearefivesourcesofNigerianLaw.Theseare:CustomaryandIslamiclaw15,ReceivedEnglishLawwhichincludesthedoctrinesofEquity,CommonlawandStatutesofGeneral

7FN10Page468FN10Page489Google10[1897]AC2211Orojo,CompanyLawandPracticeInNigeria(1992)page1712CompaniesandAlliedMattersAct1990,hereinCAMA13HereinmeansUnitedKingdom14Guobadia,200015LewisvsBankole(1908)1NLR81atp.83.SeealsoDawoduv.Danmole(1962)1WLR1053

Application16,NigerianLocalLegislationincludingDelegatedLegislation,JudicialPrecedents,LawreportsandTextbooks.

3. SOMESPECIFICISSUESINNIGERIANCOMPANYLAW:THEPROBLEMS,REVIEWAND

RECOMMENDATIONS

AccordingtotheNigerianCodeofCorporateCovernance2010,itisgenerallyagreedthatweakcorporategovernancehasbeenresponsibleforsomerecentcorporatefailuresinNigeria.Itisthereforeofparamountimportancetopayattentiontothecorporatesectorinordertopromotegoodpracticesandtoalignitwithinternationalbestpractices.Theseare:

3.1. Directors’DutiesandRemuneration

Asdescribedbysection650ofCAMA,althoughadirectorheisanofficerofthecompany,heisnotaservantofthecompany.Hecouldbesaidtobeatrustee,17agent,controllerofthecompaniesaffairs.Provisionsaccruingtotherequisitenumberofdirectors,18theirappointment,19sharequalification,disqualificationandvacation20,removal21arecontainedintheCAMAorestablishedbythearticlesandmemorandumasvestedbyCAMA.

3.1.1. Director’sdutiesanditsreviewunderNigerianlaw.

Theprimarydutyofmanagersofacompanyrevolvesaroundutilisingtheresourcesofthecompanyefficientlywithaviewtoachievingitscorporateobjectives.22Thesearewellembeddedinthebroadcategoriesofequitablefiduciarydutytoactinutmostgoodfaithalwaysinthebestinterestofthecompanyandacommonlawdutyofcareandskill.23

TheCAMAinothersectionslike270,280,291,283and284expatiatesmorewhenreadtogetherwiththeActandjudicialcaselawonthesubject.

Underthecommonlaw,adirectormustexerciseskillandcareintheexecutionofhisduties.InNigeria,thecourtshavenotclearlythedefinedtowhatextentadirectorwouldbesaidtobe

16A.G.v.JohnHolt1910,2NLR1atpage21;IGPv.Kamara(1943)2WACA18517SeeJesselM.R.INREFORESTOFDEANCOALMININGCO,(1879)10Ch.D480at451-45218Sec246(1);ReAlmaSkimmingco(1880)16Ch.D413;Britishasbestoscov.Boyd[1912]Ch439.19Sec247ofCAMA20Sec257and258ofCAMA21Sec262ofCAMA22See2003reportofthecommitteeoncorporategovernanceofpubliccompaniesinNigeria23Thedutiesareowedtothecompanyitselfandnottoindividualshareholders;seePercivalv.Wright[1902]2Ch..421.;section279ofCAMA

actingwithduecareandskill.24ReCityEquitableFireInsuranceco25formulatedathreefactorruleonthissubject.Thesecraftingofdirectorsdutiesareeitherverygeneralorframedintermsofprohibitionsratherthanaffirmativestatements.

UsingU.K.asacomparator,therehasbeenaproposedcodethatsetoutthebasicprinciplebutleavesroomforthecommonlawtodevelopinthelightofbutnotnecessarilylimitedbythoseprinciples.TheseprincipleswhereenunciatedbytheCompanyLawReviewSteeringgroupforwhichtheyputupacode.26TheSteeringgroupapproachandrecommendationisverysubstantial27buttherewouldstillbescopeforsomedevelopmenttomaketheideasfullyadaptabletoNigeriancontextaswellasthepossibilityorindeedlikelihoodofusingexistingcaselawtoexplainitsmeaning28.

InNigeria,thelawisfairlycomprehensiblebutgivenitdenselegalcrafting,itwouldappearhardlyunderstandabletoanon-lawyer.Oneoftheprimarypurposesforthisrecommendationistobringthelawclosertothedirectorsthemselves,itwouldbethenmoreappropriatetogiveaclearerindicationofthesamesubstanceofwhatdutytheymayowe.Also,thesedutiesshouldbeexpressedinapluralistictoneasopposedtohowthisreportexpresseditinsingulartonealone.

OntheissuesofcorporategovernancedebateinNigeria,ProfessorAbuguhasarguedthatcompaniesshouldincludethefollowingprinciplesinconflictofinterestsituations:29

“Directorsshouldpromptlydiscloseanyrealorpotentialconflictofinterest…Adirectorshouldabstainfromdiscussionsorvotingwherethereisconflictofinterest…Ifanyquestionarisesbeforetheboardastotheexistenceofarealor;perceivedconflict,theboardshouldbyasimplemajoritydetermineifaconflictexist…Directorswhoareawareofareal,potentialorperceivetheconflictofinteresthavetheresponsibilitytopromptlyraisetheissueforclarification…Disclosurebyadirectorofarealpotentialorperceivedconflictofinterestoradecisionbytheboardastowhetheraconflictofinterestoradecisionbytheboardastowhetheraconflictofinterestexistshouldberecordedintheminutesofthemeeting.”

24Section282CAMA25[1920]1ch407at427-43026Moderncompanylawforacompetitiveeconomy:finalreportvolume2(URN01/943)-PublishedJuly200127SeetheReformofUnitedKingdomcompanylaweditedbyJohndelacypublished2006atpage16028SeeModernCompanyLawforaCompetitiveEconomy:completingtheframework,(URN00/1335)-PublishedNovember200aboven7atpara3.12.29PrinciplesofcorporatelawinNigeriapage544

TheseareindeedlaudableandwhentakentogetherwiththeSteeringgroup’srecommendationsshouldbeincorporatedintolaw..

Itisthethensuggestedthatthecodeshouldsetouttheprinciplethatdirectorsarefiduciariesandassucharesubjectedtothelongstandingequitablerules.

Section280ofCAMAforbidsdirectorsfromtakingunnecessarygifts.Giftsinthisaspectshouldnotbequalified.Thispaperopinesthattheword‘necessary’shouldberemovedfromthesection.

5.1.2. Directors’remunerationanditsreviewunderNigerianlaw

Onthesubjectofdirector’sremuneration,theformulationofdirector’sremunerationundertheNigerianlawliesinsection267ofCAMA.Section268doesnotofferanymonitoringoftheremunerationpackageofthemanagingdirector.Afewbutnotallembracingstatutoryrestraintareembeddedinsection269(1)and(2).Also,wherethereisamixtureofdispersedandconcentratedownershipasintheNigeriancompanies,itisnotcertainthatthemembersinthegeneralmeetingwillhaveaneffectivesayontheamountofremuneration.

Anotheraspectrelatingtoremunerationisthegoldengoodbyeorgoldenparachutepractice.Itisthepracticeoftheboardgivingthedepartingmanagingdirectorgratuitousbenefitsnotusuallyunderthetermsofcompensationevenwithhispoorperformancethusincreasingagencycostandreducingtheprofitavailabletoowners.

ProfessorAbugu’sopinionbasedonNigerianadaptabilityisinstructive.Hestatesthus:30

“Levelsofremunerationshouldbesufficienttoattract,retainandmotivatedirectorsofthequalityrequiredtorunthecompanysuccessfully,butacompanyshouldavoidpayingmorethanisnecessaryforthispurpose.Thereshouldbeaformalandtransparentprocedurefordevelopingpolicyonexecutiveremunerationandforfixingtheremunerationpackagesofindividualdirectors…

Corporategovernancemechanismsindevelopingeconomies,Nigeriainclusiveareweakparticularlyintheareaofenforcement…Executivedirectorsshouldnotreceivethesittingallowancesordirectorsfeespaidtonon-executivedirectors….Theboardshouldapprovetheremunerationofeachdirectorindividuallyincludingthemanagingdirectortakingintoconsiderationthedirectrelevanceofskillandexperiencetothecompanyat

30PrinciplesofcorporatelawinNigeriapage543-54

anytime.Onlynon-executivedirectorsshouldbeinvolvedindecisionsregardingexecutivedirectors’remunerationorcompensation,theboardshouldensurethattheyarenotpricedatadiscountexceptwiththeauthorisationoftheSEC.Anysuchdeferredcompensationshouldnotbeexercisableuntiloneyearaftertheexpirationoftheminimumtenorofdirectorship.Shareoptionslimitshouldbesetinagivenfinancialyearandsubjecttotheapprovalofthegeneralmeeting.Compensationfornon-executivedirectorsshouldbefixedbytheboardandapprovedbyshareholdersingeneralmeeting….Thecompany’sremunerationpolicyandallmaterialbenefitsandcompensationpaidtodirectorsshouldbepublishedinthecompany’sannualreport.”

Inconclusion,itisproposedthatlawsandcodesshouldbeformulatedinareasneededtodealwiththeseproblematicissues.Thewordingsofthereformshouldbeunderstandablewithclearernotesofguidancetotheordinarypersonwithoutspecialisedknowledgeoflegallanguage.

5.2. NigerianCorporateSocialResponsibilityPolicies:ItsFrameworkandreview

Thecorporatesocialresponsibility31referstotheroleifanythatthemoderncompanyshouldplayinitsrelationshipwithitsimmediatecommunityandenvironment.32It’sthedeliberateinclusionofpublicinterestintocorporatedecision-making.

Nigeriahasabundantnaturalandhumanresourceswithapopulationofabout170million.Itseconomyislargelydependentonitsoilsector,whichsupplies95%ofitsrevenue.ItisthelargestoilproducerinAfrica,the5thlargestwithinOPECandtheeighthlargestintheworld.Themajormultinationalcompanies(MNC)areintheoilandgassectore.g.Shell,Chevron,etc.Despiteherrichnaturalresources,Nigeriahaspercapitaincomeofaround$390ifnotlowernowasthevalueofNairatodollarfurtherdecreasesandlifeexpectancyof52years,about82%ofitspopulationlivingbelow$2adayandinequalityoddistributionofwealthindexof43.0accordingtoworldbankGDPandeconomiesdata2015.Nigeriasuffersfrompoorinfrastructuraldevelopment.Theeducationsystemisunderfundedandilliteracyrateisupto40%.Nigeriahasoneoftheworsthealthcaresystemsintheworld.

NoteworthyisthefactthatthepressuretobeengagedinCSRmaynotbesomuchonmostNigerianindigenousfirmsasnonehasmultinationaloperations33andlessthan20%ofallregisteredcompaniesarepubliclyquoted.Mostareprivatelyheld,familyownedandoperate.ThisisnottosaythatonlytheoilandgascompaniesareneededinenhancingCSRinNigeria.Indeedeventhisothercompaniesoutsidetheoilandgassectorhavetheirrolestoplayin

31HereinreferredtoasCSR32PrinciplesofcorporatelawinNigeria,page611 33AlthoughsomehavebranchesinneighboringWestAfricancountries

enhancingCSRinNigeria,forexample,somebankshaveengagedintherehabilitationofinfrastructuresintheeducationalsector,donationstocharityandsportsactivitiesamongstothers.

UndertheNigeriancompanylaw,directorsowethecompanyanditsshareholdersandhavenoresponsibilitytoembarkonpublicduty.Thecourtseemstobefollowingtheprinciplethat

“…thatthereshouldbenocakesandaleexcepttothebenefitofthecompany.Charityhasnobusinesstoseatattheboardofdirectorsquacharity.Thereishoweverakindofcharitabledealingwhichisfortheinterestofthosepracticingit,andthatextentinmygarbcharitymayseatattheboardbutnootherpurposes.”34

AsnotedbyAmaoinhisarticle“...section49(3)oftheNigerianconstitutionveststheentirepropertyandcontrolofoilsandnaturalgasinthegovernmentofNigeriatobemanagedforthebenefitsofNigerians…chapter2undersection16(b)and(c)to“controlthenationaleconomyinsuchamannerastosecurethemaximumwelfarefreedomandhappinessofeverycitizenonthebasisofsocialjusticeandequalityofstatusandopportunity”and“tomanageandoperatethemajorsectoroftheeconomy.”Itwouldthusseemthathavingpassedthemanagementoftheseresourcesi.e.throughexplorationandproductiontotheMNCsthegovernmenthaspassedafunctionofapublicnaturetothem”.Thereforecorporationinthiscontextaremorethanaprivateinterests.35ThepointhereisthattheNigerianconceptionofcorporationbasedonU.S.contractarianmodelisunderminingthespiritoftheNigerianconstitution.

Itisimportanttonotethatalthoughindigenousorstartupcompaniesthatarenotpubliclyquotedarenottobeinadequatelypressured,theyalsohavearoletoplayinrealizingCSRinNigeria.Somehaveevenstartedtheirs;theyusediscountcodesandsalespromotiontoensuretheircommodityisequallydistributedamongthepublic.Discountcodesuseisawayinwhichdiscountaregottenbyusingthecodegottenfromasocialpersone.g.blogger,celebrity,etc.inagreementwiththecompany.ThismethodofCSRshouldbehighlyencouraged,asithasgonealongwayinhelpingthepublicaccessgoodsandservices.

ItisimportanttonotethatashifttowardtheE.U.modelwillnotonlybebeneficialtostakeholdersbutalsotocorporations.Ashiftwillalsoinfluencegovernmentpolicydecisionsandlegislations.Governmentcouldincentivizecompaniesbyreducingtheircutfromtheproductionsincethesecompaniesarealreadyindirectlyperforminggovernmentalduties.Stakeholderssuchasemployees’representationontheboardofthecorporationcouldalsobeintroducedasinotherEuropeancountrieslikeGermany.

34Huttonv.WestcorkRailway[1883]Ch.d,654;Parkev.Dailynews[1962]3WLR56635H.C.6698/95,Kaadanv.IsraelLandAdministration54(1)P.D.258

TheUnitedNationshasnotbeenleftbehind.ithascomeupwiththeUNdraftnormsonTheResponsibilityofTransnationalCompaniesandOtherBusinessEnterpriseswithRegardstoHumanRights.ThisestablishesaninternationalframeworkformandatorystandardsofCSR.

ItisimportanttostateherethatthereiscurrentlyabillonCSRbeforetheNigerianNationalassembly.ItseekstoprovideforacomprehensivereliefofnegativelyaffectedcommunitiesandprovideforpenaltyforanybreachofCSR.Itaimsatestablishingasupervisoryorganthatwillmandatecorporationstospend3.5%oftheirprofitbeforetaxonCSR.Thispaperpositsthatnotonlyissuchlawnotrecommendableitisalsounnecessaryandundulyexpensive.Nigeriaisabuddingeconomyandtoimposesuchoncompanieswillnotonlymakethemfleeformthecountry,itwillreduceinternationalinvestmentandunderminecorporatephilanthropy.Nigeriahasshouldratherconsiderincreasingitsbreadthoftaxationratherthanwidth.ExistinglawsandtheirreformedversionshouldbeusedtoenforceCSR.

ThepresidentoftheLagosChambersofCommerceandIndustryChiefSolomonOnafowokaninhiscommentontheproposedbillpointedoutcorrectlythatlawsaremadetobeenforced.Someprovisionofthebille.g.part3,5(1)onsanctionsandpart5,7(2and3)(2)onshuttingdownofcompaniesarepotentiallydangerousandcouldbepotentiallyunenforceable.Althoughthemindofthebillisworthy,theexistinglawsarewellcapableofensuringthatcompaniesobserveandapplyCSRintheiractivities;whatweneedtodoistoidentifyandrectifythelacunaeinthoselawsinclearunambiguouslanguageandputinplaceanefficientandimpartialjudicialforumfordeterminationandresolutionofdisputes.E.g.,amendingtheCodeofBestPracticesonCorporateGovernanceinNigeriatoincludeothernon-shareholderstakeholders’issues.

Inconclusion,todaycorporatesocialresponsibilitygoesfarbeyondtheoldphilanthropyofthepast–donatingmoneytogoodcauseattheendofafiscalyear–andisinsteadanallyearroundresponsibilitythatcompaniesaccept…wherewejudgeresultsnotjustbyinputsbutbyitsoutcomes:thedifferencewemaketotheworldinwhichwelive,andthecontributionwemaketopovertyreduction.36ItisinthislightthatthispaperisurgingashifttotheE.U.progressivemodel.Althoughthegovernmentisthetraditionalsourceofpower,theMNCswieldadifferentkindofpowerwhichrivalsthepowerofgovernment,thereforewithsuchpowercomesequalresponsibility.

5.2.2. Useofmoderntechnology

36PerGordonBrown,CounselloroftheExchequeroftheU.K.government

Mostdevelopedcountrieshavealreadymadesomereformstotheircorporatelawtoaccommodatetheuseofmoderntechnologiesandcommunicationavenues.ItisproposedthatNigeriafollowsuit.Shareholdersmaynowcommunicatewiththeuseofinternet;thegeneralmeetingcouldevenbeheldonair.Thiswillallowshareholdersmoreaccesstoinformationandmonitoringactivities.Thiswillreducethecostofshareholdersphysicallyattendingmeeting.

5.3.4.Minorityrightsandmappingtheboundariestothedoctrineofunfairprejudice

Thepertinentquestionhereishowwecanensureminorityshareholdersinsmallprivatecompanieshaveeffectiveavenuesforredressincasesofconflictwiththemajorityowners,andalsoreducethelength,complexityandcostsoflitigationundertheprovision.

UndertheprovisionsofCAMAitappearsthatallactsofthemajoritythatdeprivesthecompanyoritsshareholdersofrightsorprotectionwillbegroundforactionundertheunfairlyprejudicial,discriminatoryandoppressiveground.Thiscallsforjudicialreform,asthispositionwillopenafloodgateofactionsbecauseeveryshareholderwillabletomaintainanactionagainsteverydirector,officerorfellowshareholders.Someminoritymightalsobeservingasafrontfordirectorsormajorshareholdersforselfishreasons.

Inconclusion,itissubmittedthatthelawsandjudicialdecisionsshouldbereviewedinordertoembracegrowingdevelopmentsandcircumstancesinNigeriancorporatesphere.

5.4.FinancialstatementsandAuditing

Inrecenttimes,companyfailureshavebeenduetomismanagement,manipulationoffinancialstatementsandlackofaccountability.TheNigerianlegalframeworkismodelledalongtheoldEnglishrulesofdisclosure,companiesarerequiredtokeepaccountingrecords.37

5.4.1.Auditors’ReportandAccountability

Section359requiresthatanauditor’sreportshouldbeattachedtothebalancesheetanditshouldstatingwhetherthefinancialstatementcomplywiththeprovisionsofCAMAandwhetheritgivesatrueandfairviewofthecompanyaffairinthatfinancialyear.38IntheU.K.auditorsoflistedcompaniesalsohaveadutytoreviewthecompany’scompliancewiththecombinedcode,andtoobtainevidencetosupportthecompany’sstatementintheannual

37Section331ofCAMA38Section360(2)

report.Also,listedcompaniesarerequiredbythecombinedcodetoincludeacompliancestatement39intheirannualreport.

TheconceptoftrueandfairviewisthestandardofaccountspreparationinNigeria.Thelegalinterpretationhasalwaysbeendifferentandincontrastwiththeaccountingview.InReLondonandGeneralBank(no.21895)thepurposeofthestatutoryauditwasdescribedassecuringtoshareholdersindependentandreliableinformationinrelationtothetruefinancialpositionofthecompanyatthetimeoftheaudit.40

Theaccountingviewholdsthatcompliancewithacceptedaccountingprinciplesisprimafacieevidencethataccountsaretrueandfair.Itwillbedevoidofsuchonlywherethestatementscontaininformationwhichisnotsufficientinqualityandquantitytosatisfythereasonableexpectationsofthereaderstowhomtheyareaddressed.Bysigningthestatementspreparedbythedirectors,theyaregivingassurancetothegeneralpublicastothehealthofthecompanythisviewhasalwaysbeendevoidofsubstanceofthetrueandfairconceptbutbasedonformandprocedure.41

Thismakes“theviewinterpretationelusive,anachronisticandunrealisticintermsofcontemporarycorporatemarkets”.42Theprofessionalviewcannotformthebasisofourunderstandingandstanceonthesubjectasitisstereotypedanddesignedtoprotectauditorsfromtheirmajorresponsibilitywhichtheyhavebeenstatutorilyimputedupon.Thispaperurgesjudgesandlawyerstogiveprecedencetothelegalviewinlegalinterpretationandarbitration.

Thereshouldbeacodificationoftheamountoftimeauditorfirmscanengageincontinuousservicetoacompany.Thecodeofcorporategovernanceinparagraph33providesthatexternalauditfirmsshouldbechangedafterten-yearcontinuousserviceandmaybereappointedafteranothersevenyearssincetheirdisengagement.Thispaperopinesthatthismayleadtounnecessaryfamiliaritybetweenthecompanyandtheauditfirm,whichisabroodinggroundforjointfraudulentendeavours.Therefore,auditorsshouldnotactinthatcapacityformorethanfive(5)years.

5.4.2.AuditCommitteeandtheirAccountability

39CompliancestatementisareportbylistedcompaniesshowingiftheyhavecompliedwiththerequirementsoftheNationalCodeofCorporateGovernanceandifitdidnot,thewaysinwhichitfailedtodosoandreasonsastosuch.

40Atpage682perLindley,L.J.41PrinciplesofNigerianCorporatelaw,page70242PrinciplesofNigeriancorporatelaw,page703

AnotherdevicecreatedbyCAMAistheauditcommittee.Itwasdesignedtobeaninstrumentforaccountabilityandtransparencyinpubliccompanies.Itwasthusmademandatoryforpubliccompanies.Section359(4)ofCAMAprovidesthattheauditcommitteeshallconsistofanequalnumberofdirectorsandrepresentativesoftheshareholders.Themembersarenotentitledtoremunerationandaresubjecttore-electionannuallyandinordertoensureadequaterepresentationoftheshareholders.Thisisreinforcedbysection30(1)ofthecodeofcorporategovernanceinNigeria2011andotherindustry-specificcodeswithintheirrespectivesectors.Thefunctionsoftheauditcommitteearestatedinsection359(6)ofCAMA.

Firstly,theActissilentasofthequalificationorexperienceofauditcommitteemembers.ThecorporategovernancecodeattemptstofillthislacunainCAMA.NAICOM43codeprovidesthatitshallbecomposedofnon-executivedirectorsofwhichatleasttwoofwhomshallhaverequisiteknowledgeofaccounting,financialanalysisandfinancialreporting,44theyneedpossesshighlevelofintegrity,commitmentanddiscipline45andatleastonemembershouldhavegoodunderstandingofthebusinessofinsurance.46The2011SECinsection30(1)ofthecodeatleastonemembershouldbefinanciallyliterate.Alsomembersshouldhavebasicfinancialliteracy,beabletoreadfinancialstatements.47

Furthermore,thetrainingofthemembersisanotherproblemthatleadstowasteinviewofthefactthatshareholder-membersareelectedannually.Itisnotbeneficialtoexpendmoneyonmembersthatarenotlikelytobere-elected.Theimportanceoftrainingofwhichcannotbeoveremphasisedhasbeendemeanedespeciallyinthispresenteconomicmeltdownanddifficultchallengesandaccountingpoliciesfacingthebusinesssector.Insomejurisdictions,tenureisnotannual.Itissubjecttotheboardreconstitutingitscommittee,andanymemberwhodoesnotperformwellcanberemovedsubjecttoannualperformanceappraisal.Thisleadstostabilityandcertainty;italsoallowsthecompanytobepositiveabouttrainingthemsincetheexpertisewouldstillbeusedforthegoodofthecompany.

Also,thereistheproblemconcerningtheprovisionofCAMAonauditcommitteeofficers.Amajorsetbackistheappointmentofthechairmanoftheauditcommitteeinrespectofothercompaniesotherthanbanksandinsurancerelatedcompanies.ItisopinedthattheboardofdirectorscannotappointthechairmanofauditcommitteesbecausesuchcommitteearetypicallynotboardcommitteeinNigeria.Alsothedecisionofwhichshareholderistoserveisusuallytakenbyshareholdersinthegeneralmeeting.ItwouldbebetteroffifNigeriacorporatelawcouldfollowtheleadofotherjurisdictionwherethecommitteeisacommitteeofthe

43NationalInsuranceCode44NAICOMcodesection7(2)(ii)45Ibidsection7(2)(iii)46Ibid.,section7(2)(iv)472011SECcodesection30(2)

board,setupbytheboardandmadeupofboardmembersbecauseitisessentiallytoassisttheboardinitsoversightresponsibilityoverfinancialstatementsofthecompany48therebyreducingtheextentofbureaucracyintheNigeriancorporateatmosphere.

Ontheissueofremuneration,theprovisionifsection359(4)thatprovidesthatremunerationshouldnotbepaidtothemembersexceptforotherancillaryallowancesissomewhatdevoidofadequatereasoningastothefuturedevelopments.TheeffectofthisiswellstatedbytheNigerianlawreformcommissionin2007“...theprobablerationalewastomakemembershipnon-lucrativeandlessattractive.Howeverexperiencehasshownthattheoppositeisthecase…ithasalsobeenallegedbydirectorsthatnon-executivedirectorspesterdirectorsforcontracts,distributorshipandevenjobfortheirrelatives…itissuggestedthataprovisotosection359(4)beamendedtopermitapaymentofareasonableout-of-pocketexpensestomembers.”

Thecommitteeshouldbevestedwithpowerstoseekexternalprofessionaladviceinspecificareasinordertohavefirst-handknowledgeneededtoassistthemwithperformanceoftheirduty.Anotheraspectthelawshouldbeproactiveaboutisthetreatmentofauditcommitteemembersasregardsliabilitytothirdpartiesandthecompany.Thisissueisyettobeadjudicateduponbythecourtanditwillbegoodtohaveastatutoryrequirementonthisorapronouncementofareputablecourtinthisareatherebyincreasingtheefficiencyofthecommittee.

Inconclusion,itishighlyrecommendedthattherequisitelawsbeamendedtocorrectthedefectsstatedabove.

5.5.ReformingtheCorporateAffairsCommission(CAC)

TheCorporateAffairsCommission49wasestablishedbysection1oftheCompaniesandAlliedMattersActasacorporatebodywithperpetualsuccessionandacommonseal,capableofsuingandbeingsuedinitscorporatename,andofacquiring,holdingordisposingofalltypesofpropertyforthepurposeofitsfunctions,50powerandduties51.

Inabidtostrivetobebetter,itisimportanttostatethechallengesfacingtheCAC.Thesechallengeshavetoalargeextenthindereditsprogress.Theyare:

48Section3(1)oftheU.K.CorporateGovernanceCode;CodeofCorporateGovernanceforSouthAfrica2010section3(2)(1)49HereinCAC50Section1(2)ofCAMA 51Section7ofCAMA

1) Theelectricityproblemfacingthecountry.AsMrAhmedALMustapha,theRegistrar-GeneraloftheCommissionashethenwasstated“computerizationofthecompaniesregistryneedsconstantpower,thatlackofpowerwithfluctuationsonourcomputer,serverandotherequipmentwillshutthemselvesupandwhentheystartthemselvesupfrequently,therebywillbeproblem.”52

2) Thereisalsotheproblemofanon-existentcentraldatabase.Thisisachallengetoascertainingtheveracityofinformationpeopleproduceatthepointofregistrationofcompaniesinthecountry.53

3) Thereisnoregionalautonomy,ascompaniesneedtobeincorporatedattheheadquartersinAbuja.Thismakestheprocesscumbersomeandslowwithrespect.

4) TheRegistrar-Generalalsowieldstoomuchpower,asheistheonlypersonwhocanappendhissignatureonthecertificateofincorporation.

5) Corruptionalsoservesasahindrance.Peopleregistercompaniesatthecommissionforthepurposeofobtainingcontracts;tothisendtheylackstructureandauditedannualreport.Thecommissionisalsonotabletoregisternewcompanieswhosharethesameorsimilarcorporatenameswiththesefakecompanies.

6) Poorpostalservices7) Highilliteracyleveltogetherwithlowcomputerandinternetawareness8) Inadequateinfrastructure9) LackofsenseofdutyonthepathoftheCACofficers.

ThispaperthereforerecommendsthefollowinginordertomitigatetheproblemsfacingtheCAC:

1) Theofficeandpoweroftheregistrargeneralshouldbedecentralisedsothatincorporationofcompaniescanbemadealoteasierasbranchofficeswouldnowbeabletoincorporateautonomously.

2) ThereshouldbeamechanismwhereincorporatedcompaniesareoccasionallyaccessedandCompaniesthataredormantorbankruptmustbedeclaredso.Suchcompaniesmustwithinareasonableorwithinaspecifictimeprovethattheyarestillhealthilyengagedinbusiness.

3) TheCACshouldbeincludedintheSchedule2ofthePensionsAct.54Allitsofficialsshouldbeentitledtopensionasthiswillserveasanincentivetothem.Asystemshouldbelaiddownstatingthestandardofdiligenceexpectedofthemandiftheyarereporteddefaulttheywillbesackedorsuspended.Thiswillhelptoincreasetheirsenseofresponsibility.

52www.cacnigeria.org,inhisreportin201053VanguardNewspaperonJune17,201354Cap346Lawsofthefederation1990

4) Thereshouldbemassivecomputerandinternetawareness.Itislaudableandimportanttostateherethatthecommissionintroducedsecurity-proofcertificatein2010asasafeguardtofraudandforgeries.Thisinnovationandotherstocomeshouldbefrequentlyupdatedtomeetupwithglobalstandards.

5) Financialprovisionshouldalsobemadebythegovernmenttocommissiontoenablethemprovidefortheirneedsandtoincreaseitsoutputsandmaximiseefficiency.

6) OnthepowersoftheCACtoinvestigatecompanies,thecharacterandcompetenceofsuchinspectorsmustbeconsideredbeforeappointingthemsuch.55Itwouldalsobehelpfulifthecompanyisempoweredtorequireproductionofdocumentsforinspectionwithoutorderinganinvestigation.56

Inconclusion,theCACisdoingareasonablygoodjobatmodernisingcorporateregulatoryprocessesbutthereisalwaysroomforimprovementthatwillhelpNigeriameasureuptointernationalstandards.

5.6.4.DecentralisationoftheEconomy

Thisisperhapsthemostimportantrecommendationoutlined.TheNigerianeconomyishighlyreliantontheoilindustrywithabout70%oftotalrevenuegottenfromit.Withthecurrentrecessionintheindustry,theNigerianeconomyisexperiencingseriousproblems.

ThisreasoningofthispaperisembracedinMrGodwinEmefiele’s57speech.Hestatedthat“….Nairawasnowexchangingat309nairatooneUSD…thesimplefactofthematteristhatapartfromoilaccountforover90%ofourrevenue,wereallydon’thavemuchofaneconomy.Wehardlyproduceanything….WhereareourApples,Disneys….empirestatebuildings,JPMorgans,superbowlsetc.?...therewasalongtimeagowhenNigeriahadatrulystrongeconomyandthenairawasonetothedollar-evenexchangedforhigherthanthedollar…wehadaboomingeconomy.Wewereeitherthetoporamongthetopexporteroftimber,etc…weattractedinternationaltourists…,wehaddifferentcarassemblyplants-Peugeot,Aramcoetc…Wehadathrivingsportindustry…wehadthethrivingNigerianairways…Backthen,itmeantsomethingtoknowbook.Ourtextileindustrywasalive…howevertodaywehavedestroyedeverything.EveryyearwecollectivelyburnbillionsofNairabeingfansoffootballclubthatgiveusnothingback…evenwithourlittlemoneyweallwanttoweardesigners…wearenolongertopexporterofanythingandthedemiseofoilmeanswehavezilch…wereweamoreseriouspeople,thehighlypopularKingswaystoresofthepastwouldprobablyhaveathousandoutletspanNigeriatodaysupportingamassiveagricultureindustryamongothers…”

55LordDenninginMaxwellv.DepartmentofTradeandIndustry[1974]Q-B52356Section315(a)ofCAMA57ThepresentCBNGovernor

Weneedtodecentraliseoureconomy.Weneedtoencourageagricultureandindustry.WeneedtofollowthefootstepsofU.K.,Chinaetc.andprotectoureconomybylookinginternallyandsatisfyingourneedsthroughourinternalproductionsandwealthcreation.WehavesomanyNigeriansdoingsowellabroad.TheyareunabletothriveinNigeriabecausethefacilitiesarenotabletohelpthemmaximisetheirpotentials.

GovernmentneedstosetupschemetofinancesuchinnovativeprojectsproposedbyindustriousNigerians.Governmentsalsoneedtosetupcorporationsandstopusingforeignownedcontractors.Companiescanalsobeencouragedbyreducingtheirtaxleviesiftheyarelocallyowned.Thiswillencouragepeopletosetupbusinessestherebydecentralisingandgrowingoureconomy.

5. CONCLUSION

Intheintroductorypartofthispaper,theroleofcompanylawineconomicdevelopmentwasexamined.Itisobservedthat,CAMA,after26yearsofexistenceisinadequatetodealwiththeunanticipatedchallengesthataroseafteritsenactment.Thispaperhasexaminedtheseinadequaciesandhasmadesomerecommendationsconcerningthem.ItusedtheU.K.lawasacomparatorbecauseNigeriancompanylawismodelledontheU.K.law.ItishopedthatthispaperwillinfluencecorporatelawreformsbothinNigeriaandwithinAfrica.ItisalsohopedthatitwouldhelpachieveabetterbusinessenvironmenttherebyenhancingtheNigerianeconomy.Inaddition,thiscouldhelppromotegrowthanddevelopmentbothnationally,withinAfricaandglobally.

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PublicCompaniesbyNatOfo(LLM,BL,ACIS)8) ReconstructingtheRoleoftheCorporation:MultinationalCorporationsasPublicActors

inNigeriabyDrOlufemiAmao

NEWSPAPER1) Vanguardnewspaper,June17,2013