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IBLC RETREAT 14 TH – 18 TH MAY 2008 SOUTH AFRICA

IBLC RETREAT 14 TH – 18 TH MAY 2008 SOUTH AFRICA. EMERGING CORPORATE GOVERNANCE REGIMES IN NIGERIA Ayuli Jemide, Lead Partner. ESSENCE OF PAPER. To highlight interesting and encouraging Corporate Governance trends in Nigeria

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IBLC RETREAT 14 TH – 18 TH MAY 2008 SOUTH AFRICA

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  1. IBLC RETREAT 14TH – 18TH MAY 2008 SOUTH AFRICA • EMERGING CORPORATE GOVERNANCE REGIMES IN NIGERIA • Ayuli Jemide, • Lead Partner

  2. ESSENCE OF PAPER • To highlight interesting and encouraging Corporate Governance trends in Nigeria • Several of these trends are novel for Nigeria and are changing the Corporate Landscape.

  3. CLASS ACTIONS • CADBURY PLC: • SHAREHOLDERS sue company, directors, accountants and stockbrokers for losses suffered due to account overstatements and negligence. • FIRST BANK PLC: • SHARE SUBSCRIBERS sue for damages after their monies where held over and returned because the Public Offer was oversubscribed. (Need a brief on Law & Facts????) • BRITISH AMERICAN TOBACCO: • STATE GOVERNMENTS sue British American Tobacco claiming compensation for health bills incurred by the States due to Tobacco induced ailments.

  4. 2005 BANK CONSOLIDATION POLICY • - Paid Up Share Capital Before 2005 =??? • - Paid Up Share Capital Max Post 2005 =??? • Results: • a) Diversifies Ownership Structure • b) Greater ability to meet financial commitments • c) More Long term funds available • d) Higher accountability regimes • e) ???------banks now reduced to 25

  5. NEW CENTRAL BANK REGULATIONS • Government cannot hold (directly or indirectly) more than 10% of any Bank • At least 2 Independent directors must be on the Board • Above 10% Equity in any Bank needs CBN prior approval • Board Chairman cannot be Managing Director • No 2 members of an extended family shall be Chairman and CEO or Executive Director at same time.

  6. Securities & Exchange Comm. Interventions • Sanctioning Powers are used: E.g Cadbury; Excess Cash for oversubscribed Public Offers • Rigorous registration for Capital Market Operators • Introduced Professional Indemnity Insurance • Introduced half yearly report format for PLC’S • Insist on Internationational Financial Reporting Standards (IFRS) for PLC’S • Post Transaction Inspections • Increase Share Capital for Stockbrokers

  7. SCUML – SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING • Who is in the Suspicious Transaction Trap? • ??????

  8. NEW FACE OF BANKING • Reporting Requirements to EFCC • - • - • - • Know Your Customer Standards • - • - • -

  9. COMPANIES ACT • Directors Culpability under the Act ???

  10. PENSION REFORMS • Pensions Act of 200--?? now enforces the following: • -??? • -??? • -??? • -???? • How does this affect corporate governance?

  11. THANK YOU FOR LISTENING

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