UI Don Calls for Serious Regulations for the Sustainability of Companies in Nigeria

UI Don Calls for Serious Regulations for the Sustainability of Companies in Nigeria

By Fly Cable News

A Professor of Corporate and Business Law, in the Faculty of Law, University of Ibadan, Professor Adekunle Adebisi Aina, has stated that the sustainability of companies in Nigeria needs serious regulation and focus so that the rest of the world will not leave Nigeria behind.

He made the statement while delivering
the 552nd Inaugural Lecture of the University of Ibadan on behalf of the Faculty of Law.

The lecture was entitled “Companies Also Cry: Finance, Regulation, and Sustainability of Companies.”

Professor Aina
noted that Nigerian Company Law needs proper scrutiny and legislative interventions to properly amend and modernise it in line with international best practices.

He said it was time for Nigeria to adequately start to develop and fashion a uniquely Nigerian Company Law that will essentially break away from the apron strings of our colonial masters.

He said the snail speed at which Nigeria amends companies acts is discouraging, adding that the process of amending the law is so slow that it is difficult to catch up with the rest of the world.

The inaugural lecturer said the regulation of debenture, protection of debenture holders, and the registration of charges need amendments along the lines of reasonable internationally measurable standards that can be objectively measured.

He said the Nigerian Code of Corporate Governance should be amended urgently to provide for and give the required standards for Nigerian companies on sustainability matters and the environment, social, and governance objectives.

Professor Aina said there must be a locally developed standard index evaluation that will be of internationally acceptable standards which will enhance the status of Nigerian companies, give an objective basis for their assessment and thereby ultimately attract Foreign Direct Investments and Socially Responsible Investment funds and investments into the country.

The inaugural lecture was the second in the series of inaugural lectures for the 2023/2024 academic session.