NBA’S Section on Business Law Holds Press Conference Ahead of its 12^th Annual Business Law Conference in Abuja

As anticipation builds up ahead of this year’s annual business law conference of the Nigerian Bar Association’s Section on Business Law (NBA-SBL) the SBL held a well-attended press conference to intimate the public on the preparations that have been made to ensuring the success of the conference – which is slated to take place at the prestigious NICON-Hilton Hotel in Abuja, Nigeria’s federal capital, from Wednesday, June 27, to Friday, June 29, 2018.

NEWSWIRE Magazine’s correspondent in Lagos reports that the press conference, which was attended by members of both terrestrial and online media organizations, was variously addressed by the chairman of the SBL, Olumide Akpata, Esq., the chairman of the conference planning committee, Okey Egbuchu, Esq, SBL vice-chairman Seni Adio, SAN, and Chinyere Okorocha, Esq.

In his opening remarks, Akpata drew attention to the theme of the Abuja conference, namely, ‘Bringing Down the Barriers – the Law as a Vehicle for Intra-African Trade,’  and said the gathering intends to determine the lay of the land across the continent after the expected signing of the African Continental Free Trade Agreement (AfCFTA) – and especially how this new environment would impact on Nigeria, which  has famously held back from signing up to it but is presently consulting widely through its relevant agencies on trade negotiations to determine the positions of various stakeholders across the country on the desirability or otherwise of the country’s participation in the proposed continental trade bloc.  He, however, warned of the dangers of withdrawing completely from the agreement – citing the contrasting fortunes of Germany and the UK in light of their respective involvement in the European Union – and the lingering issues with Brexit, as well as America’s recent withdrawal from a raft of international protocols, and the potential impact of these actions on America’s leverage in global matters – including trade.

The Abuja conference, he said, would determine whether Africa has the requisite infrastructure to become a Eurozone-like single trade bloc – and more particularly, whether lawyers were ready to maximize the opportunities that would emergence in the wake of such an agreement; it was, he said, nothing short of a ‘re-imagining’ of our law firms in a new era. This, he said, called for a proactive stance on the part of the SBL.

Egbuchu, the conference planning committee chair, began by acknowledging the concerns of various stakeholder in business and industry, as well from other African countries in respect of the proposed agreement and its likely impact on their fragile economies – with the unwelcome prospect of being a dumping-ground for substandard goods from other countries a key concern, along with issues in tariff management, inflow of labour, and security, as well as fears that the agreement might open the door to cheap goods from China. Egbuchu emphasized that in spite of these concerns, the benefits of AfCFTA far outweighed its drawbacks or risks – which was why, he said, so many stakeholders across the spectrum, and across the continent and the world as a whole, have expressed their interest in being part of the Abuja Conference.

Nigeria’s hedging on this matter, he said, was understandable; it was a tactical move in an election year when incumbent governments hardly made commitments of this magnitude. But he expressed confidence that the federal government would come around in due course – and it was in a bid to apply subtle pressure in that direction that the SBL has invited, among other dignitaries, the Rwandan President, Paul Kagame (in his capacity as the current chairman of the African Union).

The concerns of lawyers and their respective practices in the new environment, he assured, would be thoroughly discussed in Abuja, in terms of barriers, new tools, risks and opportunities.  The conference, he added, would be graced by about 70 speakers and quite a sizable contingent of international organizations. He praised the SBL’s role in bringing about a marked improvement in Nigeria’s ranking on the World Bank’s global Ease of Doing Business index – thank to its collaboration with the Presidential Enabling Business Council (PEBEC) under the leadership of Vice-President Yemi Osinbajo, SAN; as well as the improved work of the corporate affairs commission (CAC) in this regard. He ended by promising to deliver the best-ever SBL conference.

He lamented the fact that are so few truly continental – let alone global – law firms in Africa, and predicted that the proposed African free trade agreement would foster such a transmutation of ambitious law firms across borders.

Also speaking, the chairperson of the fund-raising committee for the conference, Chinyere Okorocha, expressed pride in the fact that lawyers (under the aegis of law firms) have taken ownership of the conference in terms of financial obligations, a development which has helped in no small way to make the SBL conference comparable to the best such conferences anywhere in the world. This, she said, has complemented the support of banks, other corporate bodies, and government organizations.

In his contribution, the SBL’s vice-chairman, Seni Adio, SAN, listed the various areas of cooperation between the SBL and both the executive and legislative arms of the federal government – the Presidential Enabling Business Council (PEBEC) on one hand, and the National Assembly Business Roundtable (NASSBER) on the other. He held up the presence of Senate President Dr. Bukola Saraki in a previous SBL gathering as an example of the robust partnership between NASS and SBL. The collaboration between the two bodies in endeavors such as the Investment and Securities Act; the enactment of tax laws and the new railways bill, among others, he reiterated, is complemented by similar collaborations with the executive – at both federal and state levels. Adio, who commended the fourth estate of the realm for their long-standing support for the SBL’s endeavors over the years, however added that he saw no reason why the media cannot be financial sponsors as well,. He also praised the efforts of Yemi Candide-Johnson, SAN for his yeoman’s work in various capacities in the run-up to the Abuja conference.

The speeches were followed by a question-and-answer sessions on the issues raised, such as Nigeria’s non-signing of the treaty and the likely implications of it; the SBL’s own position on the agreement; the programme and the faculty being lined up to drive the discussions; the practicality of the agreement in the face of the lack of political will among some of Africa’s political leaders, especially in the bringing down of current barriers; among others.