Towards economic growth and professional development in Nigeria, we follow updates of the forthcoming International Business Law Conference organised by the Nigerian Bar Association (NBA) Section on Business Law (SBL), taking place in West Africa’s commercial nerve centre, Lagos.
As a follow-up to last week’s chat with the Chair of the Intellectual Property Committee, more Chairpersons shared highlights of their breakout sessions with LEGAL BUSINESS
CAPITAL MARKETS COMMITTEE
The committee chaired by Olubunmi Fayokun will focus on the nascent Over-the-Counter Market (OTC) in Nigeria this year.
“In order to raise awareness about this segment of the Nigerian capital market. The theme for this year’s Capital Markets breakout session is “Spotlight on the OTC Market in Nigeria” and we have a line-up of high profile speakers and panelists who will be speaking at the event.
Mr. Bola Onadele, the Managing Director/CEO of FMDQ OTC Plc, will be speaking on the evolution of the FMDQ OTC while Mr. Bola Ajomale, the Managing Director of NASD Plc will be speaking about how the NASD OTC is filling in certain gaps within the capital market. The papers to be delivered by the speakers will be discussed by a panel of seasoned legal practitioners and industry participants.”
ON CONFERENCE THEME
“The general theme of this year’s conference is ‘Exemplary Governance: Enhancing Economic Development in Nigeria’ and those who are familiar with the OTC Market will understand that one of its salient characteristics is price transparency. Price transparency is essential for building investor confidence and fostering the growth of the OTC Market.
In the same vein, one of the key elements of exemplary governance is transparency, which leads to increased trust. As it is impossible to achieve economic development without transparency and trust, we are hoping that this will be one of the learning points that participants will take away from the breakout session.
SPEAKERS AND PANELISTS
“As I have already mentioned, our speakers are Mr. Bola Onadele and Mr. Bola Ajomale, the Managing Directors of FMDQ OTC Plc and NASD Plc, respectively. Our choice of speakers was informed by a desire to hear from individuals who have a thorough understanding of the OTC Market in Nigeria and, thus, are able to educate participants on the workings of a sector which remains rather complex to many. It is truly a privilege to have these speakers participate in our breakout session this year.
“Our panelists are Mr. Nnamdi Nwizu, Head of Fixed Income, Citibank Nigeria Limited, Mr. Tominiyi Owolabi, Partner, Olaniwun Ajayi LP, Mr. Kalu Abosi, Partner, SPA Ajibade & Co. and Mrs. Olayemi Anyanechi, Partner, Sefton Fross. In constituting the panel of discussants, we were keen to have the perspective of stakeholders in the sector and, being a lawyers’ event, also thought it important to have the perspective of legal practitioners. Generally, we are keen to ensure that our participants have a balanced view of the topics.”
FUNDAMENTAL HIGHLIGHTS OF THE CAPITAL MARKETS BREAKOUT SESSION
“One of our mandates as a committee is to enhance capital market practice among Nigerian lawyers. One of the methods of enhancing capital market practice is to highlight, and educate legal practitioners on, new developments within the economic landscape, with a view to building capacity and providing opportunities for more diverse legal service offerings.
“As the OTC market is a relatively new concept within the Nigerian capital market, we hope that participants at the breakout session will be better educated and embrace the OTC Market by becoming participants in the sector either as investors or through improved and more diverse legal service offerings.”
FAYOKUN’S EXPECTATIONS AT THE CONFERENCE
“We expect a large turnout at this year’s conference as the Conference Planning Committee has invested a significant amount of time, effort and resources towards ensuring the success of the conference. It is expected that this, along with the support and goodwill of our sponsors and partners, will result in a very successful 2014 conference.”
OPPORTUNITIES
“Although Nigeria is experiencing very challenging times, we cannot allow these challenges to stop us in our quest for a better future.
“There are vast commercial opportunities in Nigeria, which we can only gain an insight into and learn about from individuals who are actively involved in the creation of such opportunities. As the NBA SBL Annual Conference is a convergence point for such individuals, participants will have the privilege of learning directly from these individuals.
“The conference also presents excellent networking opportunities. In view of the rich content of the 2014 conference, every participant will have a chance to gain new knowledge and greater insights into various aspects of Nigerian commercial law. Therefore, the conference will provide participants with an opportunity that should not be missed.”
SBL TRAVEL TOURISM & HOSPITALITY COMMITTEE
Okey Egbuchu, Chair, SBL Travel Tourism & Hospitality Committee (TTHC) says his committee will address the topic, “Harnessing The Power Of The State Governments To Drive Tourism Development”
The committee whose main topic and sub-topic, “Regulation Of Tourism In A Federal System- A Case Study Of Nigeria” resonates with the theme of the conference, will give specific attention to the case of Attorney General of the Federation v. Attorney General of Lagos State where the Supreme Court decided last year that tourism is within the Residual Legislative list and hence within the province of the state governments.
According to Ebuchu, economic development can only be achieved when the government at all levels harness their resources efficiently and strategically within the right vision and framework. The states are now in charge of tourism.
“We have invited the states to tell us what they have done, and are doing and plan to do in the tourism sector which has the potential to lift a substantial number of Nigerian out of poverty. After all you cannot talk about exemplary governance and economic development without government who manage the economy. “
RESOURCE PERSONS include, Honourable Sikiru Aiyedun the Honourable Commissioner for Home Affairs and Tourism, Osun State; Wilfred Usani the Special Adviser to the Governor of Cross River State on Tourism; and the Attorney General of Lagos State, Ade Ipaye.
“It is obvious that the choice of theme/ topic requires the states to take the lead in the presentations. The states chosen are along with a few others in the forefront of tourism development, with internationally recognized heritage sites and tourism events.
“The Calabar carnival and Obudu cattle ranch, Tinapa, prestine forests and rare species of animals comes to mind when you mention Cross River State. Osun- Oshogbo Festival with the Osun Groove as a UN Heritage site is synonymous with Osun State; and Lagos State has won a land mark judgment putting tourism squarely within the purview of the States.
“We hope to have the Director General of the Nigerian Tourism Development Corporation as the Chairperson of the session. Tourist Traffic is exclusively within the province of the Federal Government, we thus need to have close working relationship between the Federal and State Governments. It is hoped that this will be only one of many for a where we can help build that cooperative attitude now that the dispute of who controls what has been largely resolved.”
WORD TO DELEGATES & INTENDING PARTICIPANTS
“We hope that the many practitioners of tourism who will be present can seize the opportunity to engage government. He who feels it knows it. We will all be able to take something away.
“For lawyers we will deepen our knowledge. The fight is not even finished yet. The issue of consumption taxes on hospitality companies, vis –a- vis VAT is to me still a bit of a grey area. Is it double taxation? Lagos State is still engaged in that battle in court while in the meantime relying on the Supreme Court decision aforementioned in demanding payment of the consumption tax. We expect a robust learning experience.”
A TASTE OF TOURISM
“We have a special event for our delegates- “A Taste of Tourism”. We are facilitating some lucky delegates to enjoy some tourism and hospitality. Aero Contractors will give away a return ticket to a lucky delegate to visit any of its destinations in Nigeria.
“Novotel Port Harcourt and Epe Resort &Spa will each host a couple to a complimentary weekend including breakfast, lunch and dinner.
“There are many other goodies in the pipeline. We must not only talk, we must walk the talk. We always like our delegates to take away something.”
OUTLOOK ON THE 2014 CONFERENCE
“I expect as always a world class conference with delegates asking for more. It is always a confusing experience for delegates who are not sure which of the numerous breakout sessions to attend, due to the abundance of choices.
“Delegates should please participate fully to get the benefits. With so many goodies available at the Travel Tourism and Hospitality Committee Break –out Session, I expect to tilt the choice of many delegates towards our direction.”
THE YOUNG LAWYERS COMMITTEE CHAIRED BY EFEOMO OLOTU has a slightly changed but significantly different activity for young lawyers’ this year, with its foundation training and Power Master Class at the conference.
The committee made up of young, cutting-edge lawyers this year, decided to move from its usual routine of mentoring to a more practical and topical approach, in order to avail young lawyers with the opportunity to understand the rudiments of the power sector.
With power as the bedrock of economic development around the world, this approach by the Young lawyers’ Committee is considered apt.
Olotu speaks. “We will be looking at an overview of the power sector, mechanisms of dispute resolution using the interim rules, Power Purchase Agreements and other key ingredients that make up the power sector.
“We believe that power is the driving force of economic development. As a result, we have put together a convergence of key policy makers and practitioners who are at the cutting edge of the ongoing privatization of the sector, to share their knowledge with the young lawyers.”
SPEAKERS AND DISCUSSANTS
“The power sector is a regulated sector and we are aware that we cannot discuss power without the input of the regulators. We have key officers presiding such as the likes of Dr Steven Anzenge OON, Commissioner NERC and Mr. Eyo Ekpo, Commissioner NERC to speak on the pivotal role of the regulators.
“We have also drawn resource persons from key practitioners in the legal field who have directly or indirectly contributed immensely to the development of the power sector. We also have the likes of the Pioneer Chair of the Section on Business Law, George Etomi, Gbite Adeniji, Osaro Eghobamien SAN and Austin Alegeh SAN, just to mention a few.”
THE YLC OBJECTIVE AT THE 2014 CONFERENCE
“What we intend to achieve with the session is basically to provide young lawyers with the basic knowledge of the power sector. Our topics have been broken into modules to enable us have a full grasp of the power sector. We intend to begin with an overview of the privatization of the sector, which will entail the reforms, policies, the Electric Power Sector Reforms Act and issues arising from the Act.
“We are also dealing with the contractual framework of the power value chain but our main focus is on the Power Purchase Agreement & risk allocation and also the Gas Supply Agreements and its constraints, knowing fully well that gas plays a major role in energy generation. Financing which is also a key part of power projects will be discussed.
“We believe that at the end of the session, young lawyers would have the basic understanding of the key facets of the power sector.”
A WORD FROM THE CHAIR
“Delegates should attend with a mindset to enrich their knowledge base with new information, ideas and divergent views on topical issues, relating to the development of the economy.”
The Section on Business Law (SBL) is the Specialisation arm of the Nigerian Bar Association which aims to influence policy and business development. It enforces global standards in business law and corporate commercial practice in Nigeria.
The SBL is further strengthened by its committees, set up to cover areas such as Arbitration & Alternative Dispute Resolution, Intellectual Property, Aviation, Banking, Finance & Insolvency, Travel, Tourism & Hospitality, Law Practice Management, Capital Markets, Energy & Natural Resources & Environment, Employment & Industrial Relations, Infrastructure, Information and Communications Technology, Insurance, Maritime, Mergers, Acquisitions & Corporate Restructuring, Rail & road Transportation, Taxation and a Young Lawyers’ committee that caters for younger practitioners.
