The Case for Mergers and Acquisition in the Banking Sector
CORPORATE LAWYER’S SOLUTION AMIDST SOLUDO SOLUTION(SS) ”
THE SOLUTION AS PART OF THE CORPORATE LAWYER’S JOB
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On or about July 6, 2004, the CBN through its Governor Charles Soludo made a regulation increasing the Minimum Paid up Capital for Nigerian Banks from 2 Billion Naira to 25 Billion Naira. This regulation now nicknamed Soludo Solution (SS) has sent panic and jitters through the Nigerian Economic polity.
For the legal mind, the Soludo Solution was made pursuant to Sections 9 of Banks and Other Financial Institutions Decree ( BOFID) which gives legal authority to the President to determine from time to time the minimum paid up share capital of banks.(Consolidating the Nigerian Banking Industry to meet the development challenges of the 21st century).....[more]
The case for Mergers and Acquisition in the Banking Sector in Nigeria
Introduction
The law on company mergers and acquisition is codified in the Nigeria Companies and Allied Matters Act of 1990. Like many sophisticated laws in Nigeria, the law on company mergers and acquisition has been largely untouched by the judiciary. There are very few decided cases in this area of the Nigerian law. In fact as noted by one pundit in an article recently in a Nigerian Newspaper, only two major Nigerian companies have merged since 1960. However, various multinational companies engaged in multi-billion Naira businesses in Nigeria have availed themselves of the benefits of mergers and acquisition.
The law Firm of Anthony O. Egbase & Associates is an international business law firm with main offices in Lagos, Nigeria and Los Angeles, California. The Associates of the firm have among them four decades experience in the pre-litigation and litigation of business laws ranging from companies merger and acquisition, companies and individual business reorganization and liquidations.
The Associates of the firm are licensed to practice law in
THE SOLUTION AS PART OF THE CORPORATE LAWYER’S JOB
____________________________________________________________
_________
On or about July 6, 2004, the CBN through its Governor Charles Soludo made a regulation increasing the Minimum Paid up Capital for Nigerian Banks from 2 Billion Naira to 25 Billion Naira. This regulation now nicknamed Soludo Solution (SS) has sent panic and jitters through the Nigerian Economic polity.
For the legal mind, the Soludo Solution was made pursuant to Sections 9 of Banks and Other Financial Institutions Decree ( BOFID) which gives legal authority to the President to determine from time to time the minimum paid up share capital of banks.(Consolidating the Nigerian Banking Industry to meet the development challenges of the 21st century).....[more]
The case for Mergers and Acquisition in the Banking Sector in Nigeria
Introduction
The law on company mergers and acquisition is codified in the Nigeria Companies and Allied Matters Act of 1990. Like many sophisticated laws in Nigeria, the law on company mergers and acquisition has been largely untouched by the judiciary. There are very few decided cases in this area of the Nigerian law. In fact as noted by one pundit in an article recently in a Nigerian Newspaper, only two major Nigerian companies have merged since 1960. However, various multinational companies engaged in multi-billion Naira businesses in Nigeria have availed themselves of the benefits of mergers and acquisition.
The law Firm of Anthony O. Egbase & Associates is an international business law firm with main offices in Lagos, Nigeria and Los Angeles, California. The Associates of the firm have among them four decades experience in the pre-litigation and litigation of business laws ranging from companies merger and acquisition, companies and individual business reorganization and liquidations.
The Associates of the firm are licensed to practice law in