Famsville Solicitors

REMOVAL OF DIRECTORS OF FIRST BANK OF NIGERIA LIMITED: AN ANALYSIS OF THE ACTION TAKEN BY THE CENTRAL BANK OF NIGERIA

On the 29th of April, 2021, the Central Bank of Nigeria (“ CBN”), the apex regulatory body for banks and other financial institutions in Nigeria created under the CBN Act 2007 (“CBN Act”),[1] announced the removal of all the directors of First Bank of Nigeria Limited (“FBN”) and its holding company, FBN Holdings Plc (“FBN Holdings”). The CBN also re-appointed 14 out of the 21 directors affected by the removal to form a new board of directors for the two institutions and reinstated the removed Managing Director/Chief Executive Officer of FBN (“MD/CEO”), Dr. Adesola Adeduntan.[2]

This action raises important legal issues, which will be addressed in this article, especially with regards to the regulatory powers of CBN to make decisions concerning the constitution of the board of directors of financial institutions in Nigeria.


PROTECTION OF BUSINESS CONCEPTS UNDER INTELLECTUAL PROPERTY LAW IN NIGERIA

A business concept is the foundational idea behind a business. It is a framework which provides how an individual or a company can create value in the market. It is therefore intended to provide a meaningful direction for the process of developing a business plan and launching an organization. Basically, a business concept entails a full, well thought-out construct of all of the key items required to build a profitable business, including overall offering, specific products or services (at least to start out), how the product would be delivered to the target audience and why the concept is unique enough to succeed. These ideas or innovations give businesses commercial edge over their competitors in the market.


It is pertinent to state that ideas are generally not capable of protection. The Nigerian Copyright Act (“NCA”)1 requires that certain criteria must be fulfilled in order for works, in this instance, business concepts to be eligible for protection under the law. The fundamental requirement is that the business concept must be expressed in a written form and not just something that exists in the mind.


This article focuses on the different ways business concepts can be protected in Nigeria.

OVERVIEW OF THE CONCEPT OF RECOVERY OF PREMISES UNDER TENANCY LAW OF LAGOS STATE

The procedure for the recovery of premises is generally regulated by statute. In the absence of any separate agreement with respect to period of notice to be given to a tenant, a landlord is expected to comply with the provisions of the Lagos State Tenancy Law especially in terms of notice before he can recover his premises from a tenant, and going contrary implies that such eviction is invalid. In Lagos State, the following laws govern recovery of premises:

  1. Lagos State Tenancy Law 2011;
  2. Rent Control and Recovery of Residential Premises Edict No. 6, 1997 of Lagos State;
  3. Recovery of Premises Law, Cap. 118, Laws of Lagos State 1973; and
  4. Magistrate Court Law, Laws of Lagos State 2009.

Famsville’s partnership with Viya Law & Consulting Firm

We are glad to announce that Famsville solicitors has entered a partnership with Viya Law & Consulting Firm, the largest, leading and the most focused service provider for Turkey’s Citizenship Program.
We can advise and help compile documents to be submitted for citizenship by investment in Turkey.
Please send an email to pamilerin.adepoju@famsvillesolicitors.com