NBAAGC 2024 GAMES COMPETITION

NBAAGC 2024 GAMES COMPETITION

Are you interested in winning cash prizes at the #NBAAGC2024 Games?

Join the Excitement at the NBA 2024 Annual General Conference Sports Events!

Get ready to showcase your athletic prowess and competitive spirit at the 2024 Annual General Conference of the Nigerian Bar Association.

This year’s conference promises not only intellectual stimulation but also an array of thrilling sports activities designed to foster camaraderie and healthy competition.

Sports Activities Include:

Football

Table Tennis

Swimming

Wheelchair Table Tennis

Chess

Scrabble

Prizes to be won:

FOOTBALL PRIZE MONEY (MALE & FEMALE CATEGORIES)

1st Prize – N2,000,000

2nd Prize – N1,500,000

3rd Prize – N1,000,000

*TABLE TENNIS, WHEELCHAIR TABLE TENNIS & SWIMMING*

200,000.OO 1st Prize

150,000.OO 2nd Prize

100,000.OO 3rd Prize

 

*CHESS & SCRABBLE*

N150,000.OO – 1st Prize

N100,000.OO -2nd Prize

N75,000.OO -3rd Prize

 

Registration opens at: www.nigerianbar.org.ng/conference or send an email to agcpcsports@nigerianbar.org.ng.

Registration Timeline: Wednesday, 12th June 2024 to Friday, 12th July 2024

For enquiries, please contact: Tony Atata, Chair, NBA AGC 2004 Sports Sub-committee: *08032163006*

Olujimi Olujide-Poko: *07065455869*

Do not miss out on this fantastic opportunity to engage with fellow lawyers outside the courtroom and enjoy a memorable conference experience filled with sportsmanship and networking. You can register for the 2024 Annual General Conference here: https://www.nigerianbar.org.ng/conference](http://www.nigerianbar.org.ng/conference)

Stay connected and follow us for updates:

Twitter: @nbaconferenceNG

Instagram: @nbaconference2024

Hashtags: #nbaconference2024 #PressingForward

NBALAGOSLAWWEEK: Welcome Address By NBA Lagos Branch Chairman

NBALAGOSLAWWEEK: Welcome Address By NBA Lagos Branch Chairman

WELCOME TO THE 2024 LAW WEEK OF THE NBA LAGOS BRANCH

Esteemed Colleagues and Legal Practitioners,

I welcome you to our highly anticipated Law Week, an event meticulously crafted to offer unparalleled insights and opportunities for professional growth. This year’s theme, “ChartingNew Legal Frontiers: Practice of Law in Nigeria, Cross-Border Alliances & Partnerships,” reflects our commitment to exploring the ever-evolving landscape of legal practice with precision and purpose. Picture this, not just as an ordinary gathering, but as a crucible of ideas where seasoned professionals and aspiring legal minds converge to engage in meaningful discourse.

Through insightful debates and thought-provoking discussions led by our carefully selected lineup of
speakers, panellists, and moderators, we aim to shed light on the most pressing challengesandexciting opportunities facing our profession today and tomorrow. Of particular interest will be the riveting discussion on the future of the Nigerian Bar Association. This presents a unique opportunity for us to scrutinize visions and actively participate inshapingthe future of our esteemed association.

In addition, it will be the platform for engagements between the bar and interests bench on matters of mutual interest and concern.

Moreover, our meticulously curated sessions covering essential topics such as legal technology, alternative dispute resolution, and international law are designed to armyou with practical
strategies and insights to navigate the complexities of modern legal practice successfully.

We have also put together social events for lawyers and their families to look forward to, sowecankick back and relax, as well as build stronger networks among ourselves and families.

I am confident that the Lagos Law Week will not only inspire but also empower us all to reach new heights of excellence in our respective fields.

Your presence and contributions will
undoubtedly enrich the event, and I eagerly anticipate welcoming you all.

Warm regards,

Olabisi Makanjuola
Chairman
Nigerian Bar Association, Lagos Branch

Understanding the Land Use Act: Key provisions and implications for property owners in Nigeria   

Understanding the Land Use Act: Key provisions and implications for property owners in Nigeria  

Introduction

The Land Use Act is a fundamental piece of legislation that regulates the ownership and use of land in Nigeria. Enacted in 1978, the Act was designed to address the issues of land ownership and the need for a unified system for managing land resources in the country. However, despite its importance, many property owners in Nigeria are not aware of the key provisions of the Act, and this can lead to disputes and legal complications.

In this blog post, we will provide an overview of the Land Use Act and its key provisions, and explore the practical implications of the Act for property owners in Nigeria.

Background and Context of the Land Use Act

The Land Use Act was enacted to address the problem of dual land ownership, which was a result of the colonial system of land administration in Nigeria. Before the enactment of the Act, land ownership was governed by customary law, and the government had limited powers to acquire land for public purposes. This created a situation where multiple land owners could claim ownership of the same piece of land.

The Land Use Act was designed to streamline the system of land ownership and to create a unified system for managing land resources in Nigeria. The main objectives of the Act include the creation of a system for obtaining and transferring land titles, the establishment of a framework for land use planning and development, and the provision of compensation for land acquisition.

Key Provisions of the Land Use Act

The Land Use Act contains several key provisions that are important for property owners in Nigeria. Some of the key provisions include:

  1. Vesting of all land in the government: The Act vests all land in the government, which means that the government is the ultimate owner of all land in Nigeria. This provision has significant implications for property owners, as it means that they do not have absolute ownership of their land.
  2. Rights of Occupancy: Under the Act, property owners are granted a right of occupancy, which is a leasehold interest in the land. This means that property owners have the right to use and occupy the land for a specified period of time, subject to the terms and conditions of the lease.
  3. Procedures for obtaining and transferring land titles: The Act sets out the procedures for obtaining and transferring land titles, which must be done through the appropriate government agency. This process can be complex and time-consuming, and property owners are advised to seek legal advice to ensure that their interests are protected.
  4. Compensation for land acquisition: The Act provides for compensation for property owners whose land is acquired by the government for public purposes. The compensation must be fair and just, and property owners have the right to challenge the amount of compensation in court.

 

Implications of the Land Use Act for Property Owners in Nigeria

The Land Use Act has several practical implications for property owners in Nigeria. Some of the key implications include:

  1. Need for valid land titles: Property owners must ensure that they have valid land titles, as failure to do so can result in disputes and legal complications.
  2. Role of government agencies: Property owners must be aware of the role of government agencies in managing land resources in Nigeria, and must comply with the regulations and guidelines set out by these agencies.
  3. Importance of legal advice: Property owners are advised to seek legal advice to ensure that their interests are protected and that they comply with the relevant laws and regulations.
  4. Challenges and opportunities: The Land Use Act presents both challenges and opportunities for property owners in Nigeria. On one hand, it provides a framework for obtaining and transferring land titles, and offers compensation for land acquisition. On the other hand, it limits the rights of property owners and vests all land in the government.

Conclusion

The Land Use Act is a fundamental piece of legislation that regulates the ownership and use of land in Nigeria. Property owners must be aware.

Thejubileelegal is powered by The Jubilee Chambers, 5 Udotung Ubo Street, Uyo, Nigeria

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link: https://thejubileelegal.com/2023/04/09/understanding-the-land-use-act-key-provisions-and-implications-for-property-owners-in-nigeria/

National Assembly Cannot Make National Anthem |Chukwuma Cosmas Onyekwelu

National Assembly Cannot Make National Anthem |Chukwuma Cosmas Onyekwelu

The National Assembly is established under Section 4 of the Constitution of the Federal Republic of Nigeria, 1999 (as altered). It is vested with the Legislative powers of the Federal Republic of Nigeria, and it shall have power to make laws for the peace, order and good governance of the Federation or any part thereof with respect to any matter included in the Exclusive Legislative List set out in Part 1 of the Second Schedule of the Constitution.

Some of the items in this List, under the Second Schedule, Part 1, include: Arms, Aviation, Currency, Drugs and Poisons, Mines and Minerals, Passports and Visas, Posts, Telegraphs and Telephones, Prisons, Railways, Ammunition and Explosives, Bankruptcy, Banks, Citizenship, Copyright, Patents and Trade Marks, Creation of States, Customs and Excise Duties, Defence and Military, Immigration, Insurance, Labour, Trade or Business Names, Powers of the National Assembly and the Privileges and Immunities of its Members, Regulation of Political Parties. We shall revisit this again, but my dear reader, please pause here and search for “National Anthem” in the Constitution.

For a moment, let us set some background for context. Over the past week, Nigerians have been discussing the National Anthem Act, 2024. An “Act to Provide for the National Anthem of Nigeria, and for Matters Related,” which was passed by the National Assembly and Assented to by the President on 29th May, 2024. For clarification purposes, I am not writing against the National Anthem Act, 2024. I am only challenging the legislative power and processes that brought it about.

At the chambers of the House of Representatives, the law maker who sponsored the Bill remarked, “I have taken time to look at the old anthem and the new, and as a Nigerian who has been involved in the struggle to make Nigeria a better place … I believe that the old anthem, encompasses, contains, exudes the kind of energy, resourcefulness, and a sense of vision that I believe is good for Nigeria,”. In a rethought, a minority lawmaker reportedly asked “While it is our function to make laws, but for every law there must be a spirit to it. If we are asked, what is the essence of this law. What value will it add to us as a nation?

Nevertheless, it is equally reported that President Bola Tinubu had in the past advocated the adoption of the old National Anthem in place of the current anthem. He is quoted to have said “Abandoning the post-independence anthem, which arguably evoked a strong spirit of patriotism and brotherliness, to compose a very drab replacement, is far less inspirational,” at a function in 2011. Perhaps, it is now apparent the work on reintroducing the National Anthem “Nigeria We Hail Thee” was accelerated, and aimed at satisfying the wishes of the President, using it to celebrate his first year in office. So, the speculation that the 10th National Assembly is at the President’s beck and call is materializing?

The paragraph above could be the answer to why there was no due diligence, no adherence to laydown legislative processes, and lack of proper scrutiny in the passage and assent to the law. This is happening at a time when the President, the Vice-President and the Chief of Staff to the President have legislative experiences. One is concerned that the Honourable Attorney General of the Federation who is supposed to guide the federal government in this regard has acquiesced without paying attention to the obvious Constitutional breach and its far-reaching implications.

For something that is meant to be a national symbol, why the urgency? No nationwide consultation to galvanize national consciousness? No public hearing! For the 10th National Assembly that prefers to call itself “the Peoples Parliament”, not minding the misnomer and the inappropriate usage of parliament, why sidestep the people concerned at this crucial episode in history?

The Act makes it mandatory for the anthem to be recited at some of the following events: Opening and closing ceremonies of Federal Executive Council, and State Executives Council meetings. Opening and closing of sittings of Legislative Houses in Nigeria, Constitutional oath-swearing ceremonies, Flag-raising ceremonies, Major celebrations, major award ceremonies, major commemorative ceremonies, national memorial ceremonies and the like, which are organized by MDAs, Major diplomatic activities, Major sporting events, Other occasions as may from time to time, be determined by the minister responsible for education with the consent of the president. Furthermore, clause four forbids the alteration of the lyrics of the anthem.

It is declared under clause 4 that “The Performance and singing of the national anthem shall follow the lyrics prescribed by the Federal Government of Nigeria,”. It equally mandates that “the Ministry responsible for information shall organise the review and approval of the standard for performance of the national anthem and record the official recording of the national anthem to be played. These are not new to Nigerians! It appears we now have a National Assembly that wants to collectively give a literary display of the meaning of the expression playing to the gallery. But the gallery is not amusing at all this time!

Now, let me re-emphasis the import of the title to this piece. The National Assembly lacks the Constitutional power to legislate on the National Anthem of Nigeria. I hope by now my dear reader has thoroughly searched through the Second Schedule, Part 1, the Exclusive Legislative List. Did you see “National Anthem” in the list? Is there any item, any other wording near “Anthem” in meaning? Such is not provided for in the Constitution. Should it be seen as a Constitutional lacuna, is it not correct that an alteration of the Constitution would be required in the first instance before any such power to so act is exercised? In effect, there is no other place from where the National Assembly could have drawn power to enact the National Anthem Act 2024. You cannot give what you don’t have, and you cannot lay something on nothing and expect it to stand!

From the foregoing it is safe to say the National Anthem Act, 2024 is unconstitutional, simply because the constitution has not provided for it. However, section 24 (a) of the Constitution states “It shall be the duty of every citizen to – (a) abide by this Constitution, respect its ideals and its institutions, the National Flag, the National Anthem, the National Pledge, and legitimate authorities. I stressed the phrase “National Anthem” because that is the only place one could find such in the entire document containing the Constitution. It is a duty imposed on the citizens, but there is no provision on how the anthem may be issued.

Assuming the National Assembly is vested with the power to act here, it breached its legislative processes in doing so. Already, some citizens have declared opposition to the reintroduced anthem. A group known as the Association of Legislative Drafting and Advocacy Practitioners, (ALDRAP) has indicated interest in approaching to Federal High Court to challenge the Act, citing among others, that “The expenditures associated with the National Anthem Act, 2024 (which was done on 29th May 2024 and on other dates) were not captured in the Budget of the Federal Republic of Nigeria Act, 2024 (as can be attested to by the Accountant-General of the Federation) and therefore the said National Anthem Act, 2024, should be declared illegal.” It added that going by Supreme Court decision in Attorney-General of Bendel State vs. Attorney-General of the Federation (1981) “any law that fails to comply with each stage of the legislative procedures of law-making as prescribed under the 1999 Nigerian Constitution, would be declared null and void and of no effect.”

I hereby submit that it is not the duty of the National Assembly to make any law on the National Anthem. The right thing to do now is that the federal government should consult the records of history on how the previous anthems were composed, adopted and used as the National Anthems. There is no record it was ever made through the Legislature, except in 2024!

*Chukwuma Cosmas Onyekwelu is the founder of Wunderbar Global Legal Practice. He is accessible on e-mail: conyekwelu@nigerianbar.ng, and on mobile: 08088626300.

 

Duale, Ovia & Alex-Adedipe Admits Omowunmi Sanni into the Firm’s Partnership

Duale, Ovia & Alex-Adedipe Admits Omowunmi Sanni into the Firm’s Partnership

The Partners of Duale, Ovia & Alex-Adedipe are pleased to announce the admission of Omowunmi Sanni into the Firm’s Partnership. Omowunmi will head the Corporate Secretarial and Governance Practice, with effect from June 3rd, 2024.

Omowunmi Sanni brings about 2 decades of extensive legal experience to DOA. Before joining DOA, she served as the Managing Director of Chris Ogunbanjo Nominees Limited, a part of Chris Ogunbanjo LP, where she led the Company Secretarial and Corporate Governance unit since January 2018. In this role, she was pivotal in driving strategic initiatives and enhancing governance frameworks, showcasing her proficiency in managing complex legal matters.

Her career also includes a notable period of almost a decade at Babalakin & Co., and Head of Legal and Corporate Services at Origin Tech Group Nigeria, where she formulated and executed comprehensive legal strategies to ensure meticulous compliance with corporate governance standards.

Duale, Ovia & Alex-Adedipe continues to stand out as a leading law firm in Nigeria, offering innovative and client-focused legal services across various sectors. The firm’s dedication to integrity, responsiveness, and excellence remains at the forefront of its operations, ensuring that clients receive top-tier legal support tailored to their business needs. (more…)

#NBALagosLawWeek24: Things You Need To Know

#NBALagosLawWeek24: Things You Need To Know

The #NBALagosLawWeek24 is here and here is a list of activities you should be aware of.

The highly anticipated Nigeria Bar Association Lagos 2024 Law Week is upon us and it promises to be a week filled with learning, fun, and collaboration.

This year’s theme is Charting New Legal Frontiers: Practice of Law in Nigeria, Cross Border Alliance & Partnerships.”

The event is scheduled to take place from Monday, 10th June 2024 to Saturday, 15th June 2024 at Harbour Point Hall, 4 Wilmot Point Road, Victoria Island, Lagos, Nigeria.

Kicking off on Monday 10th June 2024 the Law Week will feature a keynote address by Segun Osuntokun, a distinguished lawyer in the UK and Global Senior Partner at Bryan Cave Leighton Paisner (BCLP).

Plenary sessions will hold on Monday, 10th June and Tuesday 11th June 2024 at Harbour Point Hall from 8am -5pm with remarkable lineup of speakers.

To ensure a well-rounded experience, the week will include social activities which are as follows:

Democracy Day Walk /Chairty Visit/ Law Clinic on Wednesday, 12th June 2024 – Dont miss the Democracy Day Walk, Visit to a Charity home, and a Law Clinic starting at 7 am.

Elders Night will equally take place on Wednesday, 12th June 2024 by 5pm while the Young Lawyers will unwind with a movies night at Terra Kulture also at 5pm.

Bar & Bench Day – Dont miss the Bar & Bench Day slated for Thursday, 13th June 2024 at Harbour Point Hall by 9 am, followed by the Chief Judges Cocktail at 5 pm.

New Wigs/Young Lawyers Program – This will hold on Friday, 14th June 2024 by 8am to 2:30pm leading to the most anticipated closing party at 7pm at Harbour Point Hall.

Don’t miss out on the Novelty March holding on Saturday, 15th June 2024 by 8am to 11am followed by a Family Fun Day at Muri Okunola Park starting at 10 am.

This is a week you won’t want to miss!

Please register for the Law Week using the links below:

For Members

https://bit.ly/branchmembers

For Non-Members

https://bit.ly/Nonlagosmembers

For sponsorship and enquiries, please contact Harold Uku on +234 803 292 8072

DEMOCRACY DAY WALK 🇳🇬 🚶‍♀️ 🚶‍♂️

The Democracy Day Walk is part of the activities for the NBA Lagos Law Week, and it entails walking together to promote networking, awareness on mental health and wellness, and it serves as a means of exercising too!!

This walk is more than a stroll, it’s a statement to celebrate the power of our voices and the strength of our unity so come out for the democracy day walk as we honor our past and march towards a brighter tomorrow.

Let’s walk together for Nigeria. Your presence matters!

There’ll be free medical checkup services available that day, so you do not want to miss it.

DATE: Wednesday, 12th June 2024

TIME: 7: 00 am

VENUE: From Court of Appeal Igbosere to Falomo

 

 

PRISON VISIT

Join us for a prison visit dedicated to service and justice !!
One of the activities for the NBA Lagos Law week involves offering free legal services to inmates in need, ensuring they have access to the representation they deserve.

Join us as we assist in bringing hope and change to those who need it most.

To participate in this visit, please contact,
+234 803 394 0802
Esther Jimoh
Vice Chairman, NBA Lagos Branch
Chairperson, Human Rights Committee, NBA Lagos Branch

DATE: Wednesday, 12 June 2024.
VENUE: Ikoyi Prison
TIME: 9.30 am

Don’t be left out! To register, visit:
https://bit.ly/branchmembers (for members)
https://bit.ly/Nonlagosmembers (for non-members)

Create your personalised dp and tell your network of colleagues and friends that you will be attending the NBA Lagos Law Week 2024 at https://getdp.co/NBALagosLawWeek

ELDER’S NIGHT!!! 🪩

NBA Lagos Law week 2024 is indeed a week for learning sprinkled with bits of fun!!!

In a bid to ensure everyone has a lovely time during the week, we’ll be having an elders night where Law meets good food and thrilling music. 💃 🕺

DATE: Wednesday, 12th June 2024.

TIME: 5pm

ELDER’S NIGHT IS STRICTLY BY INVITATION

Formal invite will be sent to senior members of the Branch. Mark your calendars.

NBA Lagos Law Week 2024 Is Here!

The highly anticipated Nigeria Bar Association Lagos 2024 Law Week is upon us and it promises to be a week filled with learning, fun, and collaboration.

This year’s theme is Charting New Legal Frontiers: Practice of Law in Nigeria, Cross Border Alliance & Partnerships.”

The event is scheduled to take place from Monday, 10th June 2024 to Saturday, 15th June 2024 at Harbour Point Hall, 4 Wilmot Point Road, Victoria Island, Lagos, Nigeria.

Kicking off on Monday 10th June 2024 the Law Week will feature a keynote address by Segun Osuntokun, a distinguished lawyer in the UK and Global Senior Partner at Bryan Cave Leighton Paisner (BCLP).

Plenary sessions will hold on Monday, 10th June and Tuesday 11th June 2024 at Harbour Point Hall from 8am -5pm with remarkable lineup of speakers.

To ensure a well-rounded experience, the week will include social activities which are as follows:

Democracy Day Walk /Chairty Visit/ Law Clinic on Wednesday, 12th June 2024 – Dont miss the Democracy Day Walk, Visit to a Charity home, and a Law Clinic starting at 7 am.

Elders Night will equally take place on Wednesday, 12th June 2024 by 5pm while the Young Lawyers will unwind with a movies night at Terra Kulture also at 5pm.

Bar & Bench Day – Dont miss the Bar & Bench Day slated for Thursday, 13th June 2024 at Harbour Point Hall by 9 am, followed by the Chief Judges Cocktail at 5 pm.

New Wigs/Young Lawyers Program – This will hold on Friday, 14th June 2024 by 8am to 2:30pm leading to the most anticipated closing party at 7pm at Harbour Point Hall.

Don’t miss out on the Novelty March holding on Saturday, 15th June 2024 by 8am to 11am followed by a Family Fun Day at Muri Okunola Park starting at 10 am.

This is a week you won’t want to miss!

Please register for the Law Week using the links below:

For Members

https://bit.ly/branchmembers

For Non-Members

https://bit.ly/Nonlagosmembers

For sponsorship and enquiries, please contact Harold Uku on +234 803 292 8072

Introduction To Contracts In The Art Industry | AOC

Introduction To Contracts In The Art Industry | AOC

Art law encompasses various legal aspects related to creating, selling, and safeguarding art and cultural heritage. For artists, collectors, dealers, and other participants in the art world, understanding key contractual issues in Art Law is crucial and essential. Contracts play a pivotal role in the art world. They govern terms of sale, transfer of ownership, and the rights and obligations of parties involved.

A contract is a legally binding agreement between two or more parties that establishes the rights and obligations of each party involved. In the art industry, contracts play a crucial role in outlining the terms and conditions of various transactions, collaborations, and agreements. Contracts in the art industry cover a wide range of scenarios, such as the sale of artworks, commissioning of works, licensing of art, exhibition arrangements, and more.

 

Why Are Contracts Important When Dealing With Art

Contracts are essential in the art industry for several reasons:

Clarity: Contracts provide clear terms that both parties agree to, reducing the potential for misunderstandings and disputes. Clarity is important, for instance galleries and artists who enter into an exhibition agreement must be clear of what the terms are.

Protection: Contracts protect the interests of artists, collectors, galleries, and other stakeholders by outlining rights, responsibilities, and expectations. When parties enter into contracts, the rights and obligations of each party are clearly stated, therefore leaving no ambiguity.

Legal Enforceability: A well-drafted contract is legally binding and can be enforced in court if one party fails to fulfill their obligations.

Risk Management: Contracts can help mitigate risks by addressing issues such as intellectual property rights, payment terms, delivery timelines, and liability.

Professionalism: Using contracts demonstrates professionalism and seriousness in business dealings within the art industry.

 

Different types of contracts in the Art Industry

There are various types of contracts that artists, collectors, galleries, and other art industry stakeholders might encounter:

Sale Agreements: These outline the terms of the sale of artworks, including price, delivery, condition, and payment terms.

Commission Agreements: When an artist is commissioned to create a custom artwork, this contract specifies details such as the scope of the work, compensation, and deadlines.

Licensing Agreements: These agreements grant permission for others to use an artist’s work under specified conditions, such as reproducing an artwork for commercial purposes.

Exhibition Agreements: When an artist’s work is exhibited, the contract details the responsibilities of both the artist and the gallery or venue hosting the exhibition.

Consignment Agreements: Galleries might enter into consignment agreements with artists, specifying terms for displaying and selling artworks on behalf of the artist.

Collaboration Agreements: In cases of artistic collaboration, a contract outlines each collaborator’s contributions, rights, and responsibilities.

 

Contractual Issues In Art Law

In the art industry, several contractual issues may arise. This includes

Intellectual Property: Contracts should address who retains ownership of intellectual property rights, including copyright and reproduction rights.

Payment: Contracts must clearly outline payment terms, including the total amount, due dates, and methods of payment.

Delivery and Acceptance: Contracts should specify details about the delivery of artworks, inspection, and acceptance criteria.

Dispute Resolution: Including clauses for resolving disputes, such as through arbitration or mediation, can help avoid costly legal battles.

Termination: Contracts should outline conditions under which the contract can be terminated by the parties and the consequences of termination.

 

It’s important to note that while contracts provide a legal framework; their effectiveness depends on their clarity, completeness, and adherence to applicable laws and regulations. When dealing with contracts in the art industry in Nigeria, it’s advisable to consult with legal professionals who are knowledgeable about both contract law and the specific nuances of the art industry in the country.

For more information on Art Law, do post a comment or send us a mail via info@aocsolicitors.com.ng

Nigeria’s 2024 Bid-Round: Ensure Nigeria’s Net-Zero Emission Commitment  – Tolu Aderemi

Nigeria’s 2024 Bid-Round: Ensure Nigeria’s Net-Zero Emission Commitment – Tolu Aderemi

Nigeria’s 2024 Bid-Round: Ensure Nigeria’s Net-Zero Emission Commitment
– Tolu Aderemi

An oil and gas expert, Tolu Aderemi, has emphasized the importance of competence, capacity, and patriotism in guiding Nigeria’s 2024 oil and gas bid round, which opened on April 29, 2024.

Aderemi, a Visiting Professor at Afe Babalola University and Partner at Perchstone & Graeys, LP highlighted the significance of meeting Nigeria’s OPEC quota of 1.38 million barrels per day.

According to him, “Statistics from the fourth quarter of 2023 show Nigeria’s struggle to meet its OPEC quota, with production levels falling below the target. The OPEC Monthly Oil Market Report (MOMR) for March 2024 revealed a decline in Nigeria’s output from 1.427 million barrels per day in January to 1.322 million barrels per day in February, attributed to challenges such as crude oil theft, insecurity, asset vandalism, and sabotage.

Despite these obstacles, Aderemi, who is also the Chairman, International Law Association (ILA) Arbitration Committee,
expressed cautious optimism about the success of the 2024 bid round, citing the government’s implementation of a robust Regulatory Action Plan (RAP) and a transparent bidding timetable.

He noted that the regulator has set out a robust, realistic and transparent bidding timetable and a credible data partner and that where it (the regulator) is faithful to its own processes, the exercise will not only be successful but will deliver increased foreign exchange revenue to Nigeria, improved job creation and create a robust and vibrant market with new technologies and infrastructural development.

“It is also bound to birth greater opportunities for indigenous players.
As the bid round progresses, Aderemi stressed the importance of bidders’ commitment to Nigeria’s net-zero emission target. He also raised concerns about market exits following the passage of the Petroleum Industry Act in 2021, urging the government to attract competent investors while ensuring transparency and sustainability in the sector,” he stressed.

However, Aderemi warned against potential pitfalls in the bid round, including forced mergers of bidders, allegations of favoritism, unrealistic signature bonuses, and inflated asset values, which could result in failure if not addressed.

In his final analysis, whilst Mr Aderemi praised government’s initiative and doggedness to consistently stimulate the Nigerian oil & gas market with robust and friendly legal and regulatory framework and urged the world to look at the new Nigeria and its market landscape under the President Bola Ahmed Tinubu’s business-friendly administration.

Recap of The TMT Business Law Breakfast Series 2024 by DOALAW

Recap of The TMT Business Law Breakfast Series 2024 by DOALAW

The event took place on the 2nd of May, 2024 at the Ebony Life Place, Victoria Island, Lagos State. The event opened with welcome speech and opening remarks by Adeleke Alex- Adedipe, Managing Partner, Duale, Ovia&Alex-Adedipe after which a keynote address was given by Chairman, ARCA Payment Limited. Upon conclusion of the keynote address, a fireside chat commenced. In this session Mr. kyari Abba Bukar was asked questions by Aruoture Oddiri “Rotus” regarding his business, experience, challenges and insights about technology and policies. The members of the audience were also given the opportunity to ask questions.

Subsequently, the first panel discussion began following a brief interlude for tea. This panel comprised esteemed figures and emerging leaders within the financial technology realm, including Olatubosun Alake, the Honourable Commissioner for Science, Innovation, and Technology; Adesuwa Okunbo-Rhodes, the Founder of Aruma Capital Management; Kola Aina, the Founding Partner of Ventures Platform; Femi Ogunjimi, the Co-Founder of Cardinal Stone Capital Advisers; and Tosin Eniolorunda, the Founder of Moniepoint. This session was moderated by Adeniyi Duale, Partner at DualeOvia&Alex-Adedipe.

The interaction commenced with the moderator inviting Adesuwa to share insights on potential reforms for venture capital to fortify the ecosystem. Adesuwa highlighted significant declines in venture capital and advocated for leveraging local investments as a remedy. She proposed the establishment of a government-backed venture capital fund to bolster the economy, suggesting that untapped funds could be redirected for this purpose. Additionally, Adesuwa recommended implementing a framework for Local Capital Mobilization.

Tosin Eniolorunda was tasked with offering advice to startups. He began by stressing that the primary goal of any startup, like any other company, is profitability to provide dividends or returns to investors. He asserted that a startup must offer a product or service that resonates with customers and identify an industry to target for sales. He recommended that startups generate significant publicity for their offerings and ensure they have a plan to provide returns to investors while also focusing on the growth of their products and services.

Femi addressed the hurdles faced by Nigerian tech startups, emphasizing both internal and external challenges. He focused particularly on internal obstacles, emphasizing the importance of business model and strategy. He challenged the common narrative among founders, which typically revolves around identifying problems, developing solutions, and expecting product adoption. Instead, he proposed key questions that businesses should consider at the outset, such as how to generate revenue, the timeline for profitability, revenue projections, scalability of the product or service, and the business culture. He believed that addressing these questions comprehensively would not only help businesses thrive but also mitigate challenges encountered during the business-building process.

The moderator directed a question about mentorship to Kola Aina, who personally expressed his divergence from the concept for entrepreneurs. However, Kola emphasized the importance of entrepreneurs recognizing that capital alone is insufficient for business success; they also need to establish advisory boards and cultivate a supportive community. He concluded by highlighting the correlation between entrepreneurial promotion and business success.

The Honourable Commissioner was then asked to elaborate on the Lagos state government’s contributions to venture capital and startups. He explicitly mentioned that the government has awarded grants to 70 startups across various sectors and has consistently provided a launchpad for startups to prepare them for venture capital investments.

Subsequently, the panelists addressed another round of questions. Tosin discussed the challenges faced by startups during the scaling-up process, which encompassed regulatory hurdles, compliance issues, funding, talent acquisition, and the impact of external factors like the “Japa wave” and manipulations by crypto operators, prompting government policy shifts affecting fintech startups.

Kola tackled the measures required to bolster investor confidence in Nigeria’s fintech sector. He stressed the necessity of creating a robust investment environment in Nigeria to attract foreign investors and instill faith in startups. The first panel session concluded with an interactive question-and-answer segment involving both panelists and audience members.

The second panel session was moderated by Nichole Yembra, the founding partner of The Chrysalis Company. This panel featured Olumide Soyombo, the Co-founder of Voltron Capital and Bluechip Technologies Limited; Yanmo Omorogbe, the COO and Co-Founder of Bamboo; Olu Oyinsan, the Managing Partner of Oui Capital; Dr. Femi Kuti, the CEO of Reliance Health; and Tosin Faniro-Dada, a Partner at Breega. The session focused on the theme “Show me the money,” where panelists shared their experiences in securing funding for their startups.

Yanmo encouraged startup owners to consider several key factors to effectively reach their target customers. These factors include bringing on board founders with prior experience, understanding the market and the needs of the target audience, evaluating competitors, selecting co-founders who complement each other, and recognizing the significance of timing. Additionally, Yanmo advised entrepreneurs to pitch their ideas to themselves first before presenting them to others, emphasizing the importance of self-assessment in gauging investment potential.

Tosin addressed the question of “How to navigate choosing the right partners and attracting investors,” echoing Yanmo’s emphasis on timing. He also underscored the importance of thoroughly evaluating potential partners and investors to ensure alignment with the startup’s vision and goals.

Olu Oyinsan shared his experience as a startup owner, highlighting the importance of taking calculated risks despite unforeseen challenges. He emphasized that before anything else, startup founders must determine if their venture is necessary, assemble a capable team, and define what success looks like for the company. Answering these fundamental questions guides critical decision-making for startup owners.

All panelists emphasized the importance of clarity in defining the problem a startup aims to solve, crafting a compelling narrative to attract investors, and ensuring the business can generate returns for its investors. The event concluded with closing remarks from Soibi Ovia, a Partner at Duale, Ovia & Alex-Adedipe.

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