Browsing by Author "Akanmidu, Oludara"

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    The Case for Public Enforcement of Directors’ Duties: An Australian Case Study and Application to Nigeria
    (Kluwer Law International, 2020-01) Akanmidu, Oludara
    Like many other common law countries, Nigeria imposes statutory duties on its companies’ directors. Breach of these duties are expected to be enforced ‘privately’ by the company, its shareholders or any other proper person. Despite this, evidence suggests that in Nigeria there has been very little enforcement of directors’ duties. Consequently, this paper examines whether there is a place for public enforcement of directors’ duties. It questions whether the failings of the private enforcement regime necessitate a complementary enforcement regime. To address this question, it draws on a theoretical framework, the deterrence theory, in exploring whether public enforcement offers superior deterrence over private enforcement. It also examines Australia’s civil penalty regime as a case study of a jurisdiction that has effectively used the public enforcement regime for breach of directors’ duties. Overall, then, it argues that to enhance enforcement, Nigeria ought to introduce a public enforcement regime for breach of directors’ duties.
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    Criminal Enforcement of Directors' Occupational Crimes in Nigeria: Issues and Challenges
    (SAGE, 2018-07-25) Akanmidu, Oludara
    The issue of enforcement has concerned economists, legal practitioners and criminologists over the years. Where criminal conduct is concerned, enforcement is often considered necessary to punish current offenders and deter prospective ones. Consequently, this article critically analyses criminal enforcement of directors’ occupational crimes in Nigeria. It seeks to discover the obstacles to effective use of criminal enforcement against directors in Nigeria. It argues that there are several generic- and country-specific problems which affect the criminal enforcement regime with regard to directors’ occupational crimes in Nigeria. Consequently, in respect of such crimes, criminal enforcement is unable to effectively deter or punish prospective and current offenders in Nigeria.
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    The Deterrence Theory: A Case for Enhanced Enforcement of Directors' Duties
    (Virtus Interpress, 2017) Akanmidu, Oludara
    This article is concerned with providing a justification for effective enforcement of directors’ duties. It aims to consider whether enforcement of directors’ duties is necessary. It argues that enforcement of directors’ duties is crucial to effective corporate governance. Drawing on the deterrence theory, it argues that there is a clear link between increased enforcement and increased compliance. Consequently, enhanced and effective enforcement of directors’ duties is essential for securing compliance.
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    Explaining and Evaluating Transnational Tortious Actions against Parent Companies: Lessons from Shell and Nigeria
    (Edinburgh University Press, 2022-05-01) Akanmidu, Oludara; Riley, Christopher
    In recent years, some of the most interesting and challenging corporate litigation has involved transnational tortious claims against parent companies. Such transnational cases raise a number of important issues which are downplayed in the literature addressing parental liability in purely ‘domestic’ cases. This article seeks to explore three such issues. The first concerns how we should explain victims’ motives for suing the parent in these cases. We argue that transnational actions, unlike ‘domestic’ cases against parents, are less often a means of circumventing the subsidiary’s insolvency, and more often about the search for a better forum, inflicting reputational damage on a corporate group, and avoiding doctrinal problems which may afflict the subsidiary action. The second issue is the legitimacy of using parental actions for these reasons. The third issue concerns whose law should govern transnational actions against parents. To illustrate these issues, we use three recent examples of transnational actions against parent companies.
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    The Inefficacy of Private Enforcement of Directors' Duties
    (Taylor and Francis, 2019-10-24) Akanmidu, Oludara
    Company directors play an important role in society. Their activities have significant effects on the interests of their companies, shareholders and other stakeholders. Consequently, the law regards them as fiduciaries and imposes duties which set out behavioural expectations. The private enforcement regime is the primary mechanism adopted by many common law jurisdictions for securing compliance with directors’ duties. The crucial question is whether this regime is effective in securing enforcement of directors’ duties. This article addresses this question by examining the fundamental weaknesses of the private enforcement regime. In exploring these weaknesses, it focuses on the UK and Nigerian experience. It crucially argues that the private enforcement regime, due to its weaknesses, is unable to provide deterrence and compensatory benefits. It is therefore ineffective as an enforcement mechanism for breach of directors’ duties. This article therefore concludes that there is need for a complementary enforcement regime.
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    REFLECTIONS ON NIGERIA v. PROCESS & INDUSTRIAL DEVELOPMENTS LIMITED
    (New York University, 2021) Omiunu, Ohiocheoya (Ohio); Akanmidu, Oludara
    Following an unprecedented ruling by an English High Court on an application in the Nigeria v. Process & Industrial Developments Limited (P&ID) case granting Nigeria an extension in time to bring challenges under sections 67 and 68(2)(g) of the English Arbitration Act 1996 (“the 1996 Act”), this article reflects on the implication of the public policy elements of fraud relied on by Nigeria. The article interrogates the reasoning behind the Court’s decision, especially the allegations of fraud in the procurement of the underlying contract - a Gas Supply and Processing Agreement (‘GSPA’). The article also explores some economic justice themes arising from Nigeria’s reliance on fraud as a basis for challenging the arbitration award. Drawing on a recent decision of the Mozambique Constitutional Council over illegally procured commercial loans, the article argues that there are parallels and opportunities for learning, especially as it relates to the role of civil society organisations (CSOs) in holding public officials accountable and exposing fraudulent deals with corrupt foreign conspirators. The reflection concludes with some thoughts about ongoing debates in Nigeria on whether adopting a national arbitration policy is a viable option for reducing dependence on foreign courts and arbitration tribunals as a forum for settling disputes with foreign investors.
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    Towards Corporate Sustainability in Nigerian Multinational Oil Companies: Opportunities and Disruptions
    (Routledge, 2021-09-22) Akanmidu, Oludara; Akintoye, Simisola
    Across the globe, businesses have begun to pay closer attention to sustainability concerns as regards promoting long term economic, social, and environmental value. Aligning themselves with this trend, multinational oil companies (MNCs) operating in Nigeria have shown their ‘commitment’ to corporate sustainability by introducing corporate social responsibility (CSR) initiatives. The crucial question, however, is whether the CSR initiatives incorporate all strands of corporate sustainability or whether there are gaps in this regard. This chapter addresses this question. It explores the corporate sustainability measures introduced by MNCs operating in Nigeria. It notes that while corporate sustainability has featured in the decisions and actions of MNCs, these initiatives have focused excessively on community development projects. Much less attention has been placed on environmental sustainability. Hence, there remains a gap with regards to the environmental dimension of sustainability. This gap is attributed to various factors some of which are discussed in this chapter.