A Professor of Corporate and Business Law, in the Faculty of Law, University of Ibadan, Professor Adekunle Adebisi Aina, has disclosed 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 this call while delivering the 552nd Inaugural Lecture of the University of Ibadan (UI) on behalf of the Faculty of Law. It 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 noted that 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 added that 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 th.
