ASSESSING THE IMPACT OF DIRECTOR’S ROLE IN PROVIDING CREDIBLE FINANCIAL STATEMENTS

by Legalnaija | Oct 2, 2023 | Blawg

1.0 THE FUNDAMENTALS OF FINANCIAL STATEMENTS

Financial statements are crucial reports which provide information about a company’s financial results, its financial position, and cash flow. They provide essential accounting information that help businesses track financial activities, assist potential and existing investors in making investment decisions and government regulators make fiscal assessments.

To this intent, this article shall examine the liability of directors’ breach of duty of care, skill, and diligence, arising from presenting misleading financial statements, which could amount to either fraudulent or negligent misrepresentation, and the extent to which directors can rely on the advice of professionals such as independent auditors, the company’s audit committee and executive officers of the company.

Due to the transnational nature of corporate law, judicial decisions of the English and Australian jurisdictions are considered in establishing liabilities connected to a person discharging managerial responsibility who makes disclosures in financial statements which are not only untrue thereby capable of reasonably influencing users of financial information place reliance on them.

2.0 ISSUES ARISING FROM RELIANCE ON FINANCIAL STATEMENTS

The Companies & Allied Matters Act 2020 confers responsibility of preparing financial statement on directors of both private and public limited liability companies on an annual basis (also quarterly for public companies) and further provides for the type of accounting information directors are expected to include when preparing financial statements . These information are usually retrieved from a company’s financial activities and performance, providing an invaluable resource for assessing the financial liquidity, and capacity of a company to maximise shareholders’ value. It is also used by directors of a company to evaluate financing, investment, and taxation objectives. While auditors are to provide expert advice to directors, statutory provisions, and judicial decisions maintain that directors are primarily responsible for preparing accurate financial statements. On the other hand, the Chief Executive Officer, Chief Financial Officer or persons providing similar functions are responsible for certifying audited financials and are further mandated to discharge this corporate responsibility in accordance with specified standards.

For instance, the accountant certifying the financial statement complies with accounting standards i.e International Financing Reporting Standards (IFRS) for public companies and in the case of a private company, Accounting Standard for Private Enterprises (ASPE). Failure to discharge this duty accordingly amounts to a conviction specified in the CAC Regulation.

In the business world, buying, keeping, and selling company shares entail enormous risk taken by local and foreign investors because of the high degree of reliance made on financial statements which may sometimes be inaccurate. Global events are replete with instances where companies present false trajectories on liquidity, dividend and bonus shares pay out in order to attract users of financial statements i.e investors, financial institutions. The outcomes of such failings are usually tied to directors’ duty of care and diligence, poor corporate governance practices which could lead to the removal of any director found wanting.

In a recent Autonomy and HP litigation, ACL Netherlands BV & Ors v Lynch & Anor , The High Court found two executive directors, Mike Lynch and Sushovan Tareque Hussain, liable for making false financial statements in Autonomy’s annual report. The court held these directors responsible for providing false information regarding the company’s financial performance on its software product known as IDOL. They claimed that Autonomy was solely a software company, but in reality, Autonomy engaged in reselling computer hardware to generate more revenue. By combining the sales of hardware and software in Autonomy’s quarterly and annual reports, the directors created a false impression that Autonomy was a very successful technology UK start-up. Based on these presentations, the claimants acquired Autonomy, and purchased it at an overpriced value. On discovery of the true facts, they commenced an action I damages against the directors of autonomy and amongst other relief sought for their removal.

On the issues of fraudulent information, the court ruled that for the financial representation of the defendants to qualify as a misleading statement, it is sufficient that the misleading statements “has an impact on the mind” which led the claimants into making an investment decision . The court also held that in establishing liability connected with damages associated with a misleading statement, a person discharging managerial responsibility in this case a director, must have been aware that the statement is untrue at the time it was made or appreciate that relevant information was not being disclosed. Additionally, the court emphasized that the company’s auditors cannot be considered as the ultimate test or a safe guarantee for matters that fall under the directors’ responsibility .

On the issue of relying on negligent misrepresentation, the director duty of care, skill and diligence is essential in assessing the liability of the director. In Australian Securities and Investments Commission v Healey also referred to as the Centro case, the court considered the issue of whether an omission made by the director would give rise to liability in damages against such director.

Here, the directors of Centro Property Group (CNP) and Centro Retail Group (CER) classified current liabilities incorrectly as non-current liabilities. CNP also provided guarantees to an associated company which amounted to US$1.75 billion after the balance date, without disclosing this material post balance date as required by accounting standards. In one of the reliefs sought against the directors, the claimant maintained that the directors were in breach of sections 180 and 344 of the Corporations Act 2001. While Section 344 mandates directors to take “all reasonable steps to comply with, or secure compliance with sections 296 and 297”. Section 296 requires financial reports to follow applicable accounting standards, while section 297 stipulates that financial statements present a true and fair view of the company’s financial position and performance, and section 180 requires directors to exercise their duties with care and diligence. The claimant, thereafter, sought a declaration that the directors had contravened sections 180 and 344 and claimed damages and further sought an order disqualifying the directors.

Although the directors maintained that it was unrealistic to expect them to review voluminous board papers alongside the draft financial statements and they claimed that they were unaware of the specific pages containing CER’s debt, the court held that the directors could have prevented the information overload and held them responsible for not identifying the errors in the financial statements or seeking clarification from management and auditors. Consequently, the directors were liable to the breach pursuant to sections 180 and 344.

We also note that the court held that while directors can rely on expert advice, they cannot abdicate their own fundamental responsibility to review and approve the company’s financial statement.

From the foregoing cases, the courts consistently require directors to exercise care, skill, and diligence when preparing financial statements, regardless of whether any misleading statements were occasioned by fraudulent misrepresentation or mistakes arising from negligent misrepresentation. This position was also emphasised by the Court of Appeal in our jurisdiction, as demonstrated in the case of Okeke v. SEC & ORS where the Court of Appeal held that “the provisions of Sections 331 – 333 of the CAMA 1990 impose a duty upon a company to keep proper and accurate records of accounts and the penalties for non-compliance therewith. Likewise, Sections 334 – 337 impose a duty upon Directors of the Company to prepare annual accounts. Sections 345 – 348 of the Act have equally imposed a duty on Directors to deliver financial statements, and the penalties for non-compliance therewith”.

From the judicial decisions and statutory provisions cited, there’s a mandatory requirement by law imposed on directors of companies to prepare accurate financial statements, which is connected to their duties of care and skill. Failure to comply inevitably incurs penalties, extending from damages to removal of such director from office.

3.0 KEY LESSONS

Having established the fact that directors are personally liable for preparing financial statements, it also projects the corporate governance practices of such organisation which invariable leads to corporate reputational damage, loss of shareholders’ capital which could plummet into insolvency and the eventual job losses.

Despite the passage of Nigerian Code of Corporate Governance 2018 and the Companies and Allied Matters Act 2020, multinational and indigenous companies’ board and management are still found wanting when exercising their corporate responsibilities in this regard. In 2021, the World Bank refrained from executing any contract with nine Nigerian individuals and firms due to bad corporate governance practices, extending to fraud, and collusive practices. This implies that there is a huge demand for recruiting reputable and competent directors where the goal is not only to build profitable organisations but enduring ones. Statutes and judicial decisions are also consistent in qualifying the standards required by directors in discharging their corporate responsibilities when preparing financial statements: that they should act professionally at all times, possess the requisite knowledge of accounting practice and concepts in assessing financial books and preparing accurate statements, develop the right disciplines for their roles, balance the need for sufficient information from management, whilst carefully and diligently reviewing all of the financial information presented in annual reports including asking management and the auditors the right questions.

Ultimately, shareholders are also statutorily empowered to exercise their powers at general meetings to remove a director liable for making misleading statements to protect the company from further financial and/or reputational loss.

Author: Adeola Osifeko

Bio: Adeola is an IP lawyer, transactional and corporate governance practitioner with local expertise and global outlook. She curates corporate commercial contents on legal advisory and regulatory compliance needs for start-ups, SMEs and corporate entities seeking to establish, run and scale their businesses in Nigeria. She can be reached by sending an email to adeola@aeolawpractice.com

Join The Famsville Immigration Roundtable

by Legalnaija | Sep 18, 2023 | Blawg

🚀 Exciting News Alert! 🚀

Prepare to embark on an eye-opening journey into the world of immigration policies in Nigeria with Famsville, a Pan-African commercial law firm.

Join us for an exclusive immigration roundtable on the topic “Immigration Policies in Nigeria: Emerging Trends and Opportunities.”

Date: Wednesday, September 20th, at 1:00 PM (GMT+1).

What you will learn:

➢ Visa Categories: Understand benefits and challenges of new visa classes.

➢ Legal Framework: Explore laws and regulations governing visas.

➢ Permanent Residency: Learn eligibility, requirements, and procedures.

➢ Compliance Challenges: Identify regulatory hurdles and processing times

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Don’t miss out on this opportunity to expand your knowledge and seize new possibilities.

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Introducing the Journal Of Current Law & Arbitration Practice

by Legalnaija | May 8, 2023 | Blawg

This journal is a triannual reportage of essays in all branches of Law and Alternative Dispute Resolution (ADR), with a particular focus on evolving areas like Medical Law, Arts & Entertainment Law, Information Technology, Energy Law and much more.

There are currently 4 volumes and you can see the topics on Vol 1 – 3 below;

Volume 1 No1 2020

• Mediation and conciliation: Traditional rulers ‘Panacea for Settling Land Disputes’ – Olufemi Ogunleye and Olusesan Oliyide.
• The Lagos State Street Trading and Illegal Markets Law: Making Norms Work– Adedotun Onibokun and N. U donmba.
• Fragility of Law and the Environment Nigeria as a Case Study – Gbadamosi, Oladele Abass
• Discourse on Legal Scholarship: The Emergence of Sociology of Law as a Discipline– Akuchie Henry A.
• Online Dispute Resolution (ODR): A Viable Solution to Speed and Efficiency Issues in ADR– Morenike, Obi-Farinde FCIArb
• Providing a Legal Framework for the Committal of the Mentally ill in Nigeria– Deborah Okemiri-Ikonne
• ODR in Africa:The Emergent Face of Dispute Resolution Post Covid 2019 – Morenike, Obi-Farinde FCIArb
• Exploring Alternative Dispute Resolution In Medical Malpractice Disputes In Nigeria – wadzi Vivian aboki, FCIrb
• Mekwunye v Imoukhuede – The Consistent Strides of Nigerian Arbitration (or, is it?) – Adebayo Adenipekun SAN, FCIArb, FCArb.

Volume 1 No2 2021

• The Effect Of Corporate Governance On The Performance Of Money Deposit Banks In Nigeria – toluwase T. Ajibade LLB,B.L,ACIArb, and Deji olanrenwaju LL.B,LLM, B.L, MSC, FCIB, FIMA, FCMR.
• Legal and Other Impacts of Foreign Investments in Nigeria since the second Republic – Olusesan Oliyide LL.M (Lagos) , Chinaka Emmanuel LL.M(BU) and Bunmi Osifeso,LL.M.(OAU).
• Getting it right between Criminal Liability and Anti- Social Behaviour – Akuchie Henry, a. b.Sc, (Hons) M.A (Houston), JD (California), LL.M (Virginia), and LL.D (South Africa).
• The imperative of establishing appellate court over Industrial  Disputes in Nigeria – Festus Gboyega Oyebade B.Sc, LLB, BL, LLM (Ife). MA. Med, Mphil Law (Ife), Ph.D (Ibadan)
• Arbitration in Criminal Matters: Hoax or a possibility – Hon. Ipoola Aderemi Binuyo LL.B, ll.m, m.phil (Ife), B.L., FCIArb.
• The Companies and Allied Matters Act 2020 – Pastor ‘Niyi Odunsi
• Obafemi Awolowo University vs Inaolaji Builders Limited: A Needless Judicial Intervention– Funmi Roberts LL.M,C.Arb., FNCIArb., F.IOD

Vol.2, No.1.2022

• Bankole Sodipo, SAN, Prof.AYOYEMI Arowolo, and Oluwakemui Amudat Ayanleye – Legal Framework for Patent Protection in Nigeria.
• I.O. Agbedde and Kolawole Adeejat Kubra A. – Sexual Violence as a By-product of Agitation and Terror in the North-East of Nigeria : Boko Haram as a case study
• Stella Peters-Inyang – The Status and Obligations Of Mercenaries And Private Military Companies Under International Humanitarian Law.
• Olalekan Moyosore Lalude, and Ayodeji Fatehinse – Interrogating the Essence of Collective and Individual Rights.
• Ismael Funsho Yusuph and Abdulsalam Lukman Oladele – Deterrence in Committing Terrorism: A case Review of Ibrahim Usman Ali vs Federal Republic of Nigeria (2017) ALL WLR (PT 884) P.1567
• Francis Ohiwere Oleghe – A Critical Review of the Decision of the Decision of the High Court in Process & Industrial Developments Limited  v The Federal Republic of Nigeria.

Vol.2, No 2, 2022

1. Dr Effiong Esu – A Critical Appraisal Of Derivative Action Under The Companies And Allied Matters Act 2020
2. Ogunleye, Olufemi Adewunmi, LL.M– Protecting Religious Minorities within Nigeria for African Traditional Religion: A challenge for international Human Right and National Laws.
3. Francis ohiwere Oleghe – A Critical Analysis of Law and Justice as Instrument for Social Engineering in Nigeria.
4. Gazu Gideon Nyuimbe – Reinvogorating the Ethics of Corporate Governance in the Nigerian Banking Sector
5. Justice Adedotun Onibokun– Renewable Energy and the law in Nigeria
6. Oluwagbemiga Atere – The Denovo effect of the Fade to periphery principle in the court of arbitration for sports . a Threat to the Right of Appeal and and its Legal Merits.
7. Olufunmilola Olabode – Extending The Arbitration Agreement To Non- Signatories : A Contravention of The Consemsual Nature of Arbitration?
8. Bolarinwa Levi Pius – Arbitration of Securities Disputes in Nigeria: Issues And Viable Reforms.

To order copies of the Journal, follow these links below or contact 09029755663.

1. Get your copy of Vol 1 No. 1
2. Get your copy of Vol 1 No. 2
3. Get your copy of Vol 2 No. 1
4. Get your copy of Vol 2 No 2

Agreements: One Thing Every Business Should Get Right!

by Legalnaija | Nov 1, 2022 | Blawg

By the nature of business, it is impossible for any business entity to operate like an island. Every business has customers, suppliers, thereby interacting with the larger society in different ways. One very essential part of this interaction are agreements. Agreements for supply, for sale, and for services for instance.

Agreements are terms of defined expectations or guidelines in place to guide the parties in a contract. A well and sound drafted agreement is integral for commercial sustainability and success. Businesses that payed less attention to their agreements have had bitter experiences and most times jeopardized their chances of getting legal redress at the end of the day.

A major feature of agreements is that they help outline the expectations and deliverables of both parties, thereby removing any ambiguity to the intention of the parties. In any business environment, it is critical to have legal documentation in place to establish a system of rules and policies governing the legal enforcement of promises. Whether it be to simply memorialize a common understanding of an organizational relationship or govern future venture needs, the protections afforded by strong contracts are invaluable to operating a successful business.

Protecting your business in the event of a breach of contract is also a major advantage of having an Agreement. A breach of contract means that the party in breach has acted contrary to the terms of the contract by performing a contract negligently and not in accordance with its terms. When there is a breach of contract, the aggrieved party can be awarded damages. Damages are awarded to restore the plaintiff as far as money can to the position he would have been if there had been no breach.

There are other advantages of having an agreement but businesses can only benefit from them, when there is an Agreement. Such Agreement could be written or verbal, however, written agreements are better as they are easier to prove.
If you have any comments, questions or remarks about Agreements, you can simply drop a comment or send us an email.

AOC Solicitors
www.aocsolicitors.com.ng
info@www.aocsolicitors.com.ng
09029755663.

Originally published by AOC Solicitors 

An Overview of the Nigerian Startup Act 2022 | AOC Solicitors

by Legalnaija | Nov 1, 2022 | Blawg

Introduction

Nigerian entrepreneurs have long been harmed by adverse regulatory conditions that make it more difficult to launch, build, and scale an innovative enterprise. According to a 2020 report from World Bank[1] on doing business, Nigeria was ranked low in the ease of doing business ranking as it was ranked 131 out of 190 countries that made the list. Nigeria’s low ranking in this report did not come as a surprise because the nation’s business ecosystem with specific emphasis on the tech space contends with frustrating and stifling policies from the government and a number of other challenges. A number of promising tech startups in Nigeria with the potential to immensely drive profit of the Nation’s economy stopped operation because of the government’s approach to policies that relate to tech support. To remedy this situation plaguing the Nation’s business environment, the Nigerian Startup Bill was forwarded to the senate on March 1, 2021. On October 19, 2022, President Muhammadu Buhari signed the Nigerian Startup Bill into law. As such, the nation for the first time has a unifying law to regulate its startup ecosystem; The Nigerian Startup Act (“the Act”).

Prior to the Nigerian Startup Act, the laws that govern Startups and SMEs were found in different legislations, which made for proliferation of taxes to be paid to numerous agencies. These legislations also provide for the payment of tax to different regulatory agencies. Some of these legislations includes The Companies and Allied Matters Act, 2020, The Investment and Securities Act, The Companies Income Tax Act and The Personal Income Tax Act.

The introduction of the Nigerian Startup Act (the “Act”) is an innovative development that aims to improve the business environment for startups in Nigeria. The major objective of the Act is to create an enabling environment for startups by providing a legal and institutional framework for the development of startups, creating incentives for the development and growth of technology related talents, removing regulatory constraints, and positioning Nigeria’s startup ecosystem as the leading digital technology centre in Africa. The bill eradicates the legal uncertainties that have trailed the startup industry in the past. It provides for what qualifies a company to register and obtain startup status. This article aims at giving a brief overview of the salient provisions of the Act which embodies 51 Sections, and one Schedule.

Salient Provisions of the Nigerian Startup Act 2022

Definition of Startups under the Act

Startups are defined under the Act as a company in existence for not more than 10 years, with its objectives being the creation, innovation, production, development, or adoption of a unique digital technology innovative product, service, or process.[2]

According to this definition, the Act will be applicable to tech-enabled startups, which are businesses that use current, cutting-edge technical advancements to address operational problems or enhance consumer experience. Small and medium enterprises (SMEs) that are not tech related would consequently not be covered by it.

Startup Labelling

The Act provides that before a company can be labelled a startup, it must obtain a certificate known as the startup label. This means that only companies with the startup label will be recognized as startups. By virtue of section 13(2) ; a startup will be granted a startup label where it is registered as a limited liability company under the Companies and Allied Matters Act for a period not more than ten years, with its objects being innovation, development, production, improvement  and commercialization of a digital technology innovative product or process; to be regarded as a startup by virtue of section 13(2), such company must have at least one Nigerian as a founder or Co-founder of the startup, provided that the Nigerian founder or co-founder will share from profit or revenue from the sale of shares and at least 51% of its shares should be held by Nigerians. Companies whose foreign participation exceeds 49% will still qualify where the ultimate beneficial owners of its foreign corporate shareholders are Nigerian citizens. Companies issued with a startup label are required by the Act to adhere to the requirements stated above and failure to comply with these obligations can revoke their startup label.[3]

The Act mandates that a Startup Support and Engagement Portal should be established to facilitate the issuance of the startup label and also bridge the gap between regulators and startups. The Startup portal shall also be responsible for creating opportunities for startups to participate in challenges and programs that would enhance financing, innovation and provision of incentives among others.[4]

The Startup Consultative Forum

The Act established a Startup Consultative Forum (the “Forum”)[5], which will be made up of industry stakeholders and representatives, to prevent onerous regulatory policies. The Forum provides stakeholders with a constant channel of communication with the Nigerian government for the advancement of the startup ecosystem. The Act also mandates the National Digital Innovation, Entrepreneurship, and Startup Policy’s implementation in order to foster the growth of the startup ecosystem. The introduction of aggressive government measures that impede the ecosystem’s growth is expected to be reduced to a minimum by the execution of the Policy and ongoing engagement with stakeholders.

Establishment of the Council for Digital Innovation and Entrepreneurship

The Act establishes a council known as the national council for digital innovation and entrepreneurship.[6] The council has the duty to ensure the realisation of the objectives of the Bill, harmonise laws that regulate startups and ensure the development of digital technology through grants to persons and institutions involved in research and technology.[7] The council shall also have the power to examine the regulations and directives of Ministries, Departments and Agencies that directly affect the functioning, funding and operations of startups in Nigeria.[8]  The National Information Technology Development Agency shall serve as the Secretariat of the Council (“the Secretariat”)[9], and shall be in charge of managing the labelling process of a startup, providing access to information and performing such other duties as required by the bill.

Establishment of Startup Investment Seed Fund

The Act establishes a fund known as Startup Investment Seed Fund to be managed by the Nigeria Sovereign Investment Authority otherwise known as the fund manager.[10] The startup investment seed fund by virtue of section 19 aims to provide special seed funds to startups. The fund will provide finance and tech reliefs to startups. This will undoubtedly increase access to funding for startups and improve the startup ecosystem in Nigeria.

Training, Capacity Building, and Talent Development

The Act introduces a program that will enhance the training[11] and development of talents[12] in the Nigerian startup ecosystem. It provides support for academic research institutions geared towards startup development[13]. The implication of this is that startups and their employees will have access to educational programs that will empower them with the right skills and enhance their competitiveness in the industry.

The Act empowers the secretariat to collaborate with the National Universities Commission, universities, and polytechnics within Nigeria to develop modules, programs and hold workshops aimed at impacting knowledge necessary for the establishment and running of a startup in Nigeria. The Secretariat shall establish centres for the acquisition of digital technology in the six geopolitical zones of Nigeria for the promotion of digital technology utilisation, strengthening of digital technology management capability, and information systems. The Secretariat shall also support the activities of an academic research institution to the development of a startup.

Introduction of Tax and Fiscal Incentives

Companies labelled as startups will benefit from some tax reliefs and incentives under the Act. These labelled startups are eligible for pioneer status incentives and other tax reliefs[14]. Labelled startups with at least ten employees where 60% of the employees have no prior work experience within three years of graduation or any vocational program have access to percentage-based tax relief of 5% on income tax[15]. Labelled Startups under the Act will also be eligible for export incentives and financial assistance from the Export Development Fund, Export Expansion grant and the Export Adjustment Scheme Fund.[16]

The Act further provides for access to government grants, loans and financial support through a credit guarantee scheme.[17]

The Act encourages investment in startups by providing tax incentives and reliefs for investors investing in a labelled startup.[18] Tax incentives are also provided to employees and external service provides for labelled startups.[19] By virtue of section 31, an eligible employee of a labelled Startup shall be entitled to personal income tax exemption of 35% on the income of the employee for a period of two years from the date of engagement by the labelled Startup. The criteria for eligibility of an employee will be determined by the Secretariat and the Joint Tax Board.

Provision of Regulatory Support

The Act enhances regulatory support for startups. It provides for collaboration with regulatory bodies to facilitate seamless processes for labelled startups. The provision for regulatory support applies to bodies like the Corporate Affairs Commission[20], Nigerian Copyright Commission, and Trademarks, Patent and Design Registries,[21] Securities and Exchange Commission,[22] National Office for Technology Acquisition and Promotion,[23] Central Bank of Nigeria,[24] and Nigerian Exchange Limited.[25]

Introduction of Incubation and Accelerator Programs

The Act also provides for the establishment of accelerator and incubator programs that will grow the startup ecosystem. The Act seeks to create a policy that will aid the establishment and development of accelerators and incubators, it also aims to regulate the relationship and promote collaboration between accelerators, incubators and startups.[26]

These incubators will help startups solve operational issues they are bound to encounter in running their business.

Shortcomings of the Act.

Despite the several innovations introduced by the startup act, it is not devoid of certain shortcomings.

One major shortcoming of the Act is the proliferation of laws and regulators, although the act is in line with international standards, it introduces additional bodies and regulations to enterprises that will typically fall within the ambit of CAMA, thus resulting in the proliferation of laws. Similarly the introduction of more administrative bodies would add an extra hurdle in the operation of startup companies.

Conclusion

The introduction of the Act is truly a step in the right direction in creating an enabling environment for Startups to thrive in Nigeria. It seeks to reduce regulatory hurdles currently faced by Startups and relevant regulators including the Corporate Affair Commission and the Securities and Exchange Commission in controlling the startup ecosystem in Nigeria. However, like with previous laws, there is no certainty that the Nigerian government will put the provisions of the Act into practice, but the new law, in the opinion of Oswald Osaretin Guobadia, Senior Special Assistant to the President on Innovation, leaves room for business owners to take the initiative.

The Act seeks to leverage the growing digital economy in the country. A regulatory framework like this will improve the ecosystem for startups as well as encourage investors to invest in startups which will in effect create more employment and improve the economy of the nation.

AOC Solicitors

Adedunmade Onibokun & Co.

info@aocsolicitors.com.ng

www.aocsolicitors.com.ng

[1]  World Bank  “Doing Business 2020” available at https://openknowledge.worldbank.org/bitstream/handle/10986/32436/9781464814402.pdf?sequence=24&isAllowed=y (Accessed 20 October 2022)

[2] Section 13(2) of the Nigerian Startup Act 2022

[3] Section 17 of the Act, withdrawal of a Startup Label

[4] Section 10(1) and (2) of the Act.

[5] Section 12 0f the Act

[6] Section 3(1) of the Act

[7] Section 7(1) of the Act

[8] Section 7(2) of the Act

[9] Section 9 of the Act

[10] Section 19 of the Act

[11] Section 21 of the Act

[12] Section 22 of the Act

[13] Section 23 of the Act

[14] Section 24 of the Act

[15] Section 26 of the Act

[16] Secton 27 of the Act

[17] Section 29 of the Act

[18] Section 30 of the Act

[19] Section 31 of the Act

[20] Section 33 of the Act

[21] Section 34 of the Act

[22] Section 35 of the Act

[23] Section 36 of the Act

[24] Section 37 of the Act

[25] Section 39 of the Act

[26] Section 41 of the Act

Originally published by AOC.

Agreement Templates For Individuals & Businesses

by Legalnaija | Jul 29, 2022 | Blawg

DIY Legal Agreements!

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Bet your friends, colleagues and family members will find this useful.

@legalnaija

www.legalnaija.com

One-stop-shop for legal

09029755663