Famsville Solicitors

Financing Model Options for Start-Ups in Nigeria and key legal considerations

It is a notorious fact that most business ideas never make it to the market, mostly because of lack of funds. The inability to get the needed funds to kickstart a business or to sustain it is the biggest challenge for most entrepreneurs in Nigeria and across the world. While the availability of funds does not guarantee a successful business venture, the absence of funds will certainly get the business nowhere.

In this article, we discuss some of the financing options available to start-ups in Nigeria, highlighting the pros and cons of each and the factors a start-up should consider before exploring any of them. This is essential because choosing the right source of capital is a decision that will influence a company for a lifetime

Jurisdiction of the National Industrial Court in maritime labour claims: A Review of the court of appeal decision in MT SAM PURPOSE V AMARJEET SINGH BAINS

On the 5th of March 2021, the Court of Appeal of Nigeria, Lagos Division, delivered a landmark judgment in the case of MT Sam Purpose (Ex MT. Tapti) & Anor v Amarjeet Singh Bains & 6 Ors (“MT Sam Purpose v Amarjeet Singh Bains”).[1]The appeal arose from the ruling of the Federal High Court (“FHC”), Lagos Division delivered on 22nd May, 2020.[2] In resolving the primary issue before the Court of Appeal, that is, which Court between the Federal High Court (“FHC“) and the National Industrial Court (“NIC”) has exclusive jurisdiction over maritime labour claims, the Court of Appeal relied on the provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended) (“Constitution”), the Admiralty Jurisdiction Act (“AJA”), the Merchant Shipping Act (“MSA”), the Labour Act and judicial precedence to hold that the NIC is the Court vested with exclusive jurisdiction to entertain maritime labour claims bordering on the wages of crew members and or seamen.

This decision has generated a lot of controversies and heated debates among labour and maritime practitioners and has brought to the front burner the need for a re-examination of the jurisdictional scope of the above-named Courts in the light of constitutional provisions, particularly as it relates to maritime labour claims.

Before delving into the facts of MT Sam Purpose v Amarjeet Singh Bains and a review of the judgment, it is important to briefly discuss jurisdiction in maritime labour claims.

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.


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.