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 multiple jurisdictions including but not limited to Nigeria, California, the Fiji Islands and six other Jurisdictions in the United States. The law firm also has close association with reputable firms in the United Kingdom and other Asian countries. Anthony Egbase & Associates has practiced law in California for about a decade. California which remains the fifth largest economy in the world had its fair share of company mergers and acquisition with the bubble burst of the dot-com venture capitalist. Against this background, the law offices of Anthony Egbase & Associates is willing to offer the following “bare-bones synopsis” on mergers and acquisition in Nigeria. |Contents |
|[pic]Mergers & Acquisitions |
|[pic]Defining Terms |
|[pic]Basic Strategic Planning |
|[pic]Planning Considerations |
|[pic]Asset Acquisitions |
|[pic]Stock Acquisitions |
|[pic]Legal Issues To Be Addressed |
|[pic]Successor Liability |
|[pic]The Need For Professional Consultants |
|Full Text - [Acrobat Format] |
The following position paper which is meant for informational purposes only must not be construed as legal advice. The law offices of Anthony Egbase & Associates has not obtained any consent from its clients to reveal matters it has handled and thus no specific reference is made to any matter herein. Mergers and Acquisition [back]
Mergers and acquisition...