The 17th Annual Conference of the Nigerian Bar Association’s Section on Business Law (NBA-SBL) got off to a rousing start, intellectually speaking, with a deep dive into Nigeria’s current business landscape – in line with the overall theme of the Conference – from the standpoint of unlocking the country’s enormous potential through progressive legislative and policy reforms. Moderated by Rolake Akinkugbe-Filani , the opening session conprised of Dr. Yemi Kale , Partner & Chief Economist at KPMG Nigeria; Mrs. Ronke Sokefun, a former commissioner in Ogun State, and former Chairperson of the Board of the Nigerian Deposit Insurance Corporation (NDIC); Olukorede Adenowo , CEO at Standard Chartered Bank; Dr. Yemi Osindero , Managing Partner at Uhuru Investment Partners; and Zeal Akaraiwe , CEO at Graeme Blaque.
NEWSWIRE Law & Events Magazine’s correspondent at the Eko Hotel & Suites venue of the confab reports that the panelists bared their thoughts on topical issues such as taxation (a vexed issue, they admitted, considering the amount of bureaucracy involved, its multiplicity, and the perceived loopholes and inefficient uses to which taxes of various categories are put); customs; and risk management on the part of regulators, policymakers and private sector players, among other issues. In summary, they reiterated the long-standing call for a regulatory and policy framework, at both national and subnational levels, that marches alongside – rather than stands in the way of – businesses in their quest for growth and expansion.
The financial services sector in Nigeria is arguably one of the most robust in Africa, and one of the fastest-growing on the planet – with seemingly-endless prospect for exponential growth. However, there are questions as to whether such growth is sustainable in the long term, given the current regulatory environment. That caveat was the thrust of the second plenary session of the day, titled, ‘The Future of Financial Services Regulation in Nigeria: Is There a Need for a Paradigm Shift?’ The session, which was moderated by Desmond Ogba , a Partner at the law firm of Templar’s, also had the likes of Dr. Folashade Adeyemo, a senior law lecturer at the University of Liverpool (who participated virtually); Tunde Oladosu , a Partner at Clifford Chance; Dr. Ajibola Asolo , a Partner at Aluko & Oyebode; Franca Eguekwe , Company Secretary at NG Clearing Ltd.; and Temitope Sowunmi , a Consel at The New Practice (TNP).
Adeyemo kicked off the conversation with an overview of current legislation and a profile of regulatory bodies, their purpose and importance, shortcomings, challenges and solutions to them. Oladosu, in his intervention, considered the question of how to prevent a run on the banks in response to current economic shocks, notably occasioned by the policies of the new administration at the centre, and also the feasibility of the suggestion, in some quarters, for the ‘unbundling’ of the Central Bank of Nigeria (CBN) and how, or if, this aligns with global best practices. The panelists also took a hard look at the insurance industry in the country – in its ongoing quest for greater market penetration; the need to maximize the provisions of the Nigeria Startup Act in the quest to grow the SMEs ecosystem; and managing energy transition in a manner that doesn’t impact negatively on economic growth, among other salient issues.
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