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Young Nigerian Lawyers Gather in Abuja for IBA/NBA-SBL- Sponsored Training
The cavernous interior of the prestigious Transcorp Hilton Hotel in Abuja, Nigeria’s federal capital was the scene of intellectual engagement as the International Bar Association (IBA) conducted a one-day training programme for young Nigerian lawyers on Tuesday, June 26, 2018.
The session, which was convened to explore the topic, “FUNDAMENTALS OF INTERNATIONAL LEGAL BUSINESS PRACTICE” was part of a package of incentives for one hundred beneficiaries, which also include a scholarship scheme and free participation at the 2018 annual Business Law Conference of the Nigerian Bar Association’s Section on Business Law (NBA-SBL), which opens the following day.
In her remarks of welcome, which doubled as an introduction to the workings of the IBA, the young lawyers’ liaison officer of the African Regional Forum of the IBA (in charge of Nigeria), Oyeyemi Aderibigbe, said it wasn’t every day that young lawyers enjoyed the privilege of rubbing shoulders (and minds) with experienced – indeed, renowned – legal gurus on ways of advancing their knowledge of the profession. The International Bar Association, she explained, was established in 1947 and is the world’s leading international organization of legal practitioners, bar associations and law societies. It influences the development of international law reform and shapes the future of the legal profession throughout the world. The body has a membership of more than 80,000 individual lawyers and more than 190 bar associations and law societies spanning over 170 countries. It has considerable expertise in providing assistance to the global legal community. Its key aims, she continued, are to promote an exchange of information between legal associations worldwide; to support the independence of the judiciary and the right of lawyers to practice their profession without interference; to support human rights activism worldwide, through its Human Rights Institute.
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Her remarks were followed by those of Anthony Atata, the vice-chairman of the African Regional Forum of the IBA, as well as a Partner with the Nigeria-based Hallblack Law Firm, who zeroed in on the essence of the training programme being organized for young lawyers. This training programme, he explained, was, along with an earlier one in Accra, Ghana, was part of 4 near-simultaneous continental IBA young-lawyer training forums – in Madrid, Spain (for Europe); Santo Domingo in the Dominican Republic (for the Americas) and Jakarta, Indonesia (for Asia). Funds for these sessions, he said, were always a challenge, but the ARF was determined to enhance the capacity-building of young lawyers, especially in emerging practice areas that were not taught in Law School.
Atata’s remarks were followed by the keynote address by the President of the NBA, Abubakar Balarabe Mahmoud, SAN, which was delivered on his behalf by the association’s General Secretary, Aare Isiaka A. Olagunju. The NBA helmsman began by acknowledging the increasing significance of young lawyers who, he said, constituted 35% of NBA’s current membership. Mahmoud welcomed the NBA-SBL’s partnership with IBA in this regard, and expressed confidence that this engagement would address prevalent challenges facing young lawyers, such as inadequate employment; limited opportunities in emerging entrepreneurial areas; poor use of technology in response to current global challenges; and inadequate competitiveness or adherence to global best practices.
Also Read: Commencement of Registration Nigerian Bar Association 2018 Annual General Conference/
The NBA President’s remarks set the tone for the business end of the programme, which began with an opening session under the theme, ‘Understanding the Essentials of Cross-Border M&A Transactions.’ Moderated by Olubukola Olabiyi (Partner at the Lagos-based law firm Odujinrin & Adefulu), the session also featured a discussion panel comprising of Chike Obianwu (Head of the Corporate Finance department of the Nigerian law firm, Templars); Folasade Olusanya (of Jackson, Etti & Edu); Fatima, Diane Marcus-Okoko (Principal Partner of Abuja-based law firm of Marcus-Okoko & Co.); and Fatima Muhammad (a young lawyer with Abuja-based Miyetti Law).
The first discussant, Diane Marcus-Okoko, gave a brief definition (from a legal perspective) of Mergers & Acquisitions transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. She gave a wide-ranging overview of cross-border M&A transactions in particular, its advantages and pitfalls (especially when considering that globalization and its corollaries are a key motivator of these transactions).
Before dwelling on cross-border M&A transactions, the second discussant, Emeka Obianwu explained some of the nuances of M&A for the uninitiated. Far from being just a merger between companies, he said, M&A could also be about parts of a particular company, assets, licenses, etc. Focusing on the structuring of M&As, Obianwu listed its various considerations, such as its objectives, legal considerations, liabilities, buyer/ seller, minimizing liabilities, adjusting price after sales, cost of advice, regulatory considerations, and compliance (with ethics, local laws, environment, etc.), indemnities and warranties to take care of future liabilities, cost, timing, and, of course, pitfalls.
The third discussant, Fola Olusanya gave a comprehensive analysis of a typical transaction process, in particular, the principal documentations in cross-border M&As (such as sale & purchase agreement (SPAs); purchase price mechanisms (PPM); warranties & indemnities; shareholders’ agreements; governance provisions; transfers & exits; as well as what happened in deadlocked situations.
The last panelist, Fatima Muhammad (whose is on her third year post-call) spoke from the perspective of a young lawyer, spoke on the need for strict compliance to local and other laws in concluding M&As.
Muhammad’s remarks, which were followed by a lively question and answer session, brought the first session to an end.
See photos below:
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