Crasvenit Horizon Legal Practice (CHLP), a multidisciplinary law firm, has empowered business owners with strategies to build a legal landscape for growth in Nigeria through its Law and Business Conference in Lagos.
The event themed “The Nigerian Business Terrain: Structuring Businesses in a Fast-paced Economy,” spanned three sections — Business Corporation, Tech, and Real Estate — providing strategies for navigating the legal complexities of business formation and growth in Nigeria.
“Business structuring entails adopting or creating appropriate legal structures and the related business systems that ensure stability and drive growth. However, in properly structuring a large company, it is non-negotiable to have a strong management team backed by a diverse, functional board of directors,” a statement from the company said.
It added that business name, private company limited by shares, public company limited by shares, company limited by guarantee, and unlimited company, limited, and limited liability partnerships are the most basic structures a business may have according to the Companies and Allied Matters Act, 2020.
In continuation of the event, the guest speakers are Abiola Babatunde-Ojo, MD, Prudent Energy, Courage Obadagbonyi, CFO, APM Terminals, West Africa, Olusanjo Fawole, Partner, Ubosi Eleh & Co.
The rest are Olumide Balogun, Director, Google Africa, Dede Lori, Doj Gaminz, Oladeinde Nelson-Cole, GM, Legal & Compliance, Ardrova Plc, and Oladitun Oloyede, MD, Roland Properties.
Abiola Babatunde-Ojo, managing director of Prudent Energy and Services Limited while giving her speech emphasised that the key challenges businesses face in the Nigerian Business Terrian are regulatory challenges, economic instability, infrastructure deficits, and corruption.
“Despite all the challenges, opportunities still abound in Nigeria because Nigeria is a large and growing consumer market. Innovation and increasing adoption of technology, continuous consumer spending on goods and services, increased demands for FMCG, natural resources, and being a strategic location are key opportunities businesses have in Nigeria,” she added.
However, she further explained that effective business governance can be established through strategic decision-making, oversight of operations, and risk management.
“Proper structuring attracts investments and transparency in businesses. Establishing effective governance is crucial even for small businesses because every business no matter the size benefits from good governance, what are the benefits you can see on the screen benefits of structure,” Babatunde-Ojo added.
As a business start-up in a rapidly changing business environment, it is important to understand your market and get involved in market research to achieve success, Courage Obadagbonyi, chief financial officer of APM Terminals West Africa said.
“Most businesses need to understand the purpose of their business and spend more time on resources to help them understand the diverse market trends. However, leveraging social media platforms is also an important tool needed to succeed in a fast-paced economy. It helps to connect with larger audiences,” he said.
According to Olumide Balogun, director of Google West Africa, businesses can structure for benefit by understanding how to not only satisfy their customers but also delight them.
“It’s critical to note that business owners need to be adaptable to their financial model without adopting a low-price strategy. They can be strategic about increasing the price of their business if they increase the value of their business and these can be executed effectively if they carry the team along,” he said.
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