Why general counsels are critical in business, corporate transactions

Legal professionals have explained why general counsels (GCs) are important in business and corporate transactions.

According to them, GCs are trained to understand business transactions of corporate bodies, making them valuable in the legal profession.

“A lot of people forget that the GCs are actually behind the scenes, ensuring that from legal, regulatory and even product perspectives, things get done,” Irene Robinson-Ayanwale of Omni Retail Technology said during the second edition of Legal 500, which was hosted by TNP, at the Lagos Motor Boat Club, Ikoyi, recently.

She pointed out that while external counsels are frequently in the spotlight, in-house legal teams work behind the scenes to ensure regulatory compliance, risk management and business strategy alignment.

“GCs are behind mergers and acquisitions, having the opportunity to know the 360 degrees of a business, ensuring that documentation is aligned with the objectives and purpose of the organisation,” she said.

“Even in litigations, even if a lawyer says, ‘I have won a case,’ the truth is that you couldn’t have won the case if, first of all, the GCs and the in-house team did not do their job,” she said.

She further noted that the role of GCs is evolving beyond legal responsibilities, with many professionals now overseeing revenue assurance, risk management, and compliance teams.

Baba Alokolaro, managing partner at TNP, highlighted the importance of honouring the legal profession, describing GCs as the driving force behind business operations in Nigeria.

Alokolaro also reflected on his own experience in the public sector, acknowledging the often-overlooked role of government-affiliated GCs.

He suggested that organisations such as the Nigerian Bar Association (NBA) could integrate similar initiatives to honour legal professionals within their ranks.

While acknowledging the role played by GCs to corporate bodies, Akachukwu Nwokedi, general counsel, NLNG, said: “I see GCs as catalysts for keeping the legal profession going and this is where the in-house talent for the legal profession sits.”

Bukola Bankole, partner at TNP, emphasised the necessity of celebrating GCs, noting that they are instrumental in the legal industry’s ecosystem, facilitating business transactions and supporting law firms.

“Recognition serves as a morale booster,” Bankole said, stressing that lawyers often work behind the scenes without public acknowledgment. She expressed hope that the event would inspire professionals to strive for excellence and foster greater industry collaboration.

Christine Shojoade, general counsel and COO at Tangerine Group, and Madonna Okpaleke, head of legal for Sub-Saharan Africa at Reckitt & Benckiser, both emphasised the importance of creating spaces where lawyers can connect, share solutions, and discuss emerging challenges.

Okpaleke highlighted the role of mentorship in the legal profession, expressing commitment to guiding young lawyers and fostering the next generation of legal talent.

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