Analysis of performance pre and post consolidation of thirteen mega banks in order to consider if there had been improvements. Cmi ship finance questionnaire submission by nigerian. Cap m11, laws of the federation of nigeria 2004 is amended by inserting the following new section 290 ib. Evidence from nigeria sylvester feyi akinbuli, university of lagos, distance learning institute ikechukwu kelilume, lagos business school abstract it is a widely held view that a strategic solution to financial distress in corporate organizations is mergers. This has, however, not been without some teething problems. Regulation of mergers in nigeria afoke igwe, bayo onamade i. Check the pdf version of the admiralty jurisdiction act here. Nigeria chapter to merger control 2019 does not exists. The constitution of nigeria is the supreme law of the country. No restriction on jurisdiction permits both inbound and outbound mergers requirements relating to notified foreign jurisdiction nfj compliance with prescribed rules consideration to shareholders of merging entity could be in form of cash or depository receipts overseas co india co companies act, 1956 companies act, 20 merger overseas co. Article 38 of arbitration rules in the first schedule. Merger control laws and regulations nigeria covers common issues in merger control laws and regulations including relevant authorities and legislation, notification and its impact on the transaction timetable, remedies, appeals and enforcement and substantive assessment in 55 jurisdictions. Original research article impacts of mergers and acquisition.
The national industrial court of nigeria nic was established in 1976 by the trade disputes act, cap 432, laws of the federation of nigeria, 1990 and was in 2010 elevated to a superior court of record and of coordinate jurisdiction with the federal high court, the various state high courts and other courts of coordinate jurisdiction with a. Section 4 of the act provides for registration and application of judgments for enforcement in foreign countries. In april 2015, the securities and exchange commission sec introduced new rules containing specific penalties for failing to comply with the notification requirements for mergers, acquisitions, external restructuring and other forms of business combination. Admiralty law may be distinguished from the law of the sea, which is a body of public international law dealing with navigational rights, mineral rights, jurisdiction over coastal waters, and the maritime relationships between nations. The long title of the nic act noted that the act is enacted to provide for the establishment of the nic as a superior court of record and confer jurisdiction on the court with respect to labour and industrial relations matters. A major reason for conglomerate takeovers, or mergers is diversification of activities into other. Section 99 2 of the investment act and rule 228 i of the sec rules requires every company in nigeria, whether private or public, to submit an application for every merger and acquisition to the securities and exchange commission sec.
Other sectorspecific legislations such as the nigerian communications act, 2003, have also attempted to foster competition and regulate. Recently, in october 2011, nigerian breweries acquired majority equity interests in sona systems associates business. In nigeria, the principal legislation governing trade disputes in nigeria is the trade disputes act the act and section 48 of the act defines trade dispute as any dispute between employers and workers. The act applies to all commercial activities carried out or having an effect in nigeria and includes provisions dealing with merger control, restrictive agreements, abuse of dominance, monopolies. Understanding the concept of freedom of contract in. Introduction in nigeria, mergers by private or public companies are principally regulated under the investments and securities act 2007 the isa and the rules and regulations made pursuant to the isa the sec rules. Admiralty jurisdiction procedure rules 1993 nigerialaw. To do this, pre merger and post merger financial statements of 4 consolidated banks were obtained, adjusted, carefully analyzed and compared. Subject to the provisions of the constitution of the federal republic of nigeria, the court of appeal act and the rules of the court of appeal, appeals shall lie from the decisions of the court in its original or appellate jurisdictions to the court of appeal. The philosophy underlying its enactment has been expressed thus. Originally, the nic was a court of very limited jurisdiction but the nic act granted it expanded original and. The act provides that the admiralty and maritime jurisdiction of the united states shall extend to and include all cases of. Act contemplated by section 61a encounters a heavy weather. The principal legislation governing pilotage in nigeria is the nigerian ports authority act no 38 of 1999.
Merger control 2020 laws and regulations nigeria iclg. Banks consolidation in nigeria covenant university. The nic was reestablished by section 1 of the nic act. Though the port act was repealed by the npa act of 1999, the various orders and regulations contained in the subsidiary legislation remain in force. The merger of law, equity, and admiralty under the federal rules, and the emergence of the civil. Under the laws of your jurisdiction, could the mortgagee incur any liability in tort, delict or similar to charterers or cargo interests if the mortgagee arrests the vessel. The banking reform carried out on the 6th of july, 2004, had been a major wave towards a formidable diversified, strong and reliable banking sector in nigeria. Effect of mergers and acquisitions on banking sector performance in nigeria okoye, lawrence uchenna department of banking and finance, covenant university, ota, ogun state email. Marine insurance claim whether an admiralty claim jurisdiction of federal high court to entertain same sections 71d, 81, 24 and 634, federal high court act, 1973 interpretation of. These are the courts of first instance where foreign judgments are registered and enforced.
The admiralty jurisdiction act 1991 clearly defines the jurisdiction of the federal high court and makes the jurisdiction exclusive. The moneylenders act 1900 was enacted as the result of the report of a house of commons select committee on money lending which revealed the existence of serious. In exercise of the powers conferred on me by section 21 of the admiralty jurisdiction decree 1991 and of all other power enabling me in that behalf, i, muhammad babatunde belgore, chief judge of the federal high court, hereby make the following rules. The act repeals the consumer protection act, cap c25, 1992 the consumer protection act and introduces a dedicated competition law regime to nigeria. Whenever a foreign corporation authorized to transact business in the commonwealth is a party to a merger permitted by the laws of the state or other jurisdiction under whose laws it is incorporated, and such corporation is the surviving entity of the merger, it shall, within 30 days after such. In nigeria, some examples of conglomerate include the merger between lever brothers nigeria ltd. The judicature supreme court act arrangement of sections preliminary 1. Be it enacted by parliament in the sixtyeighth year of the republic of india as follows. Self interest critique of section 20 of the admiralty jurisdiction act of nigeria. The extension of admiralty jurisdiction act eaja, however, extends admiralty jurisdiction to include all cases of damage or injury, to person or property, caused by a vessel on navigable water, notwithstanding that such damage or injury be done or consummated on land. Nonappealable decisions of the national industrial court of.
The federal military government hereby decrees as follows. The law of nigeria consists of courts, offences, and various types of laws. Arbitration and conciliation act n45 30 1 and 2 arbitration and conciliation act 1988. The act defines superior courts in nigeria as the high court of a state or of the federal capital territory, abuja or the federal high court. Marine insurance and accidents in nigeria lexology. Merger of foreign corporation authorized to transact business in commonwealth. On 19 july 2017, the namibian supreme court, was tasked with settling a long standing dispute not the first of its kind as to whether or not the respondents fell within the jurisdiction of the namibian competition commission ncc in terms of the namibian competition act of 2003 namibian act. The present nigerian position as seen above, however, is based on section 2511g of the 1999 constitution and statutes like the admiralty jurisdiction act 1991 and the federal high court act 2004, as amended. The effect of merger and acquisition on the performance of. The maritime forum is a student association in the faculty of law created for the.
The merger of law, equity, and admiralty under the. Arbitration mechanisms in settlement of maritime disputes. There are other subsidiary legislations made under the port act cap 361 lfn 1990. Nigerian ports authority act arrangement of sections part i establishment, etc. Acts done partly within and partly beyond the jurisdiction. Admiralty jurisdiction act chapter a5 laws of the federation of nigeria 1 extent of the admiralty jurisdiction of the federal high court. Prior to the promulgation of the admiralty jurisdiction decree 1991, nigeria relied on the colonial admiralty act of 1890 and the nigerian courts also applied the administration of justice act, 1956 referred to above in exercise of their in rem jurisdiction. Constitution of the federal republic of nigeria 1999. Procedure for mergers and amalgamations under the companies. There are four distinct legal systems in nigeria, which include english law, common law, customary law, and sharia law. The agency was created from the merger of national maritime authority and.
Pdf jurisdictional reform and the role of the supreme court of. This is because south african law did not increase its admiralty jurisdiction between the coming into effect of. Nigeria is a party to the hague rules unification of certain rules relating to bills of lading 1924, which have been incorporated into domestic legislation as the carriage of goods by sea act. Establishment and membership of the governing board. Limitation brought under section 363, merchant shipping act, 1990, section 9 of the admiralty jurisdiction act, 1991, order.
Legislations relevant to the jurisdiction of the federal high. Having done that, it is very apt to consider now the jurisdiction of the national industrial court as provided under the statutes and the constitution. The merchant shipping act provides for the application of. Umoren and olokoyo 2007 studied merger and acquisition in nigeria. An overview of mergers and acquisitions under nigerian.
An act to consolidate the laws relating to admiralty jurisdiction, legal proceedings in connection with vessels, their arrest, detention, sale and other matters connected therewith or incidental thereto. Disputes arose over what matters fell within the admiralty jurisdiction of the courts and also as to which courts had admiralty jurisdiction. The supreme jurisdiction of the national industrial court of. The federal competition and consumer protection act 2019.
By section 7ghi of the 1956 english act, the admiralty jurisdiction of the high courts covers. This act may be cited as the nigerian maritime administration and safety agency act 2007. Nigeria witnessed an unprecedented wave of mergers and acquisitions in its banking sector in the post1995 and 2009 periods as a result of regulatory mandates issued by the central bank of nigeria, aimed at strengthening the capital base of nigerian banks. If you wish to enquire as to whether this country chapter is available in a previous edition of energy in print or pdf format, contact us here check availability. Ship arrest recent developments in nigerian arrest law1 introduction this paper considers the recent developments in nigerian ship arrest law the admiralty jurisdiction procedure rules ajpr 2011 for the federal high court of nigeria. Although section 23r of the admiralty jurisdiction act 2004 the aja is. It is the court that is conferred with jurisdiction in respect of all maritime claims as part of its admiralty jurisdiction. Pdf admiralty jurisdiction under the 1990 nigerian. The general regulation of competition and antitrust matters in nigeria has historically been subject to the regulatory oversight of the securities and exchange commission the sec, the apex regulator of the securities market in nigeria. In addition, section 254c of the onstitution of the federal republic of nigeria third alteration act 2010 the onstitution confers exclusive jurisdiction on the nic with respect to civil and. The terms merger and amalgamation have not been defined in the companies act, 1956 hereinafter referred to as the act though this voluminous piece of legislation contains 69 definitions in section 2. English law in nigeria is derived from the colonial nigeria. Regulatory implications for merger transactions in nigeria. Admiralty jurisdiction procedure rules 1993 commencement.
After years of deliberations, the legislative process is now complete, and with the establishment of a competition commission and competition tribunal, nigeria is the latest african jurisdiction to establish a dedicated antitrust authority. Admiralty jurisdiction procedure rules 2011 akabogu. The law creates many new opportunities for nigerian cargo plaintiffs, and extends the jurisdiction to maritime claims wherever arising. One of the most prevalent concerns of prospective foreign investors in the nigerian economy is whether nigerian courts will hold the parties to their agreement and whether nigerian courts will give effect to their choice of a foreign jurisdiction. This legislation includes the nigeria ports authority act, 2004, the carriage of goods by. Jun 27, 20 nigerias source of admiralty jurisdiction is traceable to the colonial courts of admiralty act 1890.
Legislations relevant to the jurisdiction of the federal. It is today the only court with jurisdiction in matters relating to admiralty in nigeria. Aug 17, 2015 the above background seems apposite with a view to laying down the appropriate foundation for discussing the jurisdiction of the national industrial court. Congress enacted the extension of admiralty jurisdiction act in 1948.
Money lending law and regulation of consumer credit in nigeria 199 first moneylenders act in 1900. An act to provide for and regulate the imposition of quarantine and to make other provisions for preventing the introduction into and spread in nigeria, and the transmission from nigeria, of dangerous infectious diseases. Statutory requirement under companies income tax act cita the cita in section 2912 cap 21, lfn, 2004 provides that no merger, takeover, transfer or restructuring of the trade or business. With respect to admiralty, the admiralty jurisdiction act lists subject matters the jurisdiction of the federal high court can attain, whereas a closer appreciation of. Enforcement of foreign judgments 2020 nigeria iclg. Moneylending 5 5 nothing in this section shall be construed as derogating from the existing powers or jurisdiction of any court. A brief overview of bigamy and adultery under nigerian law. Jurisdiction and procedure in admiralty and maritime. The principal legislation governing pilotage in nigeria is. The governor of central bank of nigeria, professor charles soludo in defense of the new capital base of n25billion and consolidation by merger and acquisition did analysis of the position of the government of the federal republic of nigeria and their reform programme to have a banking system that will be a strong bedrock for economic building. New developments in the admiralty jurisdiction of the.
In addition to the provision of the constitution of the federal republic of nigeria, section 7 of the federal high court act and section 11 a of the admiralty jurisdiction act 1991 confer on the federal high court the jurisdiction to hear and determine any question relating to a proprietary interest in a ship or any admiralty claim. Securities act or the government promissory notes act, raise loans in nigeria, the proceeds of which after deducting expenses in raising the loans, shall be paid to the development fund mentioned in the finance control and management act, and, notwithstanding the provisions of that act relating to the purposes for which the fund. Nigerian president muhammadu buhari has signed the federal competition and consumer protection bill into law the competition act. Pdf the supreme court of nigeria is a system under severe stress. The effect of merger and acquisition on the performance of banks in nigeria ajayi lawrence boboye obisesan oluwaseun grace department of banking and finance, faculty of management sciences, ekiti state university, adoekiti, nigeria. Nigeria has its own constitution which was established on 29 may 1999. Constitution, judges, osjicers, their salaries, the seal and osjices of the supreme court 4. Department of banking and finance, university of nigeria, nsukka achugamonu, uzoma. It will cover some selected commercial banks in nigeria, which have engaged in one form of corporate restructuring exercise or the other and. Extent of the admiralty jurisdiction of the federal high court. It states that a person being a judgment creditor under a judgment may apply to a superior court in nigeria at any time within six years after the date of the judgment, or. Im writing my undergraduate long essay on section 20 of nigeria admiralty jurisdiction act 1991 and how it infringes on the freedom to contract i will appreciate any help.
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