Appraising the Essence and Effectiveness of Shareholders’ Democracy in Nigeria (Published)
This paper examined the essence and effectiveness of shareholders’ democracy in Nigeria. Several materials such as Statutes, Texts, Articles, Reports, Bulletins, Case Law as well as internet materials relevant to the paper were consulted. It was observed that shareholders’ democracy otherwise known as the rule in Foss v.Harbottle or the majority rule is central to Corporate Governance and if properly effected, can serve as management’s watchdog. The majority rule states that while every member of a company has a right to take part in the decision process, he cannot insist on having his way if it is inconsistent with that of the majority. In Nigeria, the rule in Foss v.Harbottle, was firstly adopted by the Supreme Court in the celebrated case of Abubakar v. Smith, where the court was of the view that, it is only the Company that is clothed with the locus standi to sue in order to remedy a wrong that has been done to the Company and only the Company can ratify same. This Common Law rule has been statutorily recognised in S.299 of CAMA. Howbeit, strict application of this rule may lead to injustice. Thus, the majority rule has a potpourri of exceptions recognised at common law and under statutes. These exceptions include members’ direct action, derivation action, and petition for winding up the affairs of the Company on just and equitable grounds amongst others. It was also discovered that lack of activism in shareholders’ associations, illiteracy, poverty, corruption, and abuse of proxy rights are clogs to the effectiveness of shareholders’ democracy in Nigeria. The paper calls for legal and institutional reforms.
Keywords: Corruption, Democracy, Shareholders, illiteracy, proxy rights
The Role of Magico-Spiritual Powers in Understanding the Culture of Impunity and Lack of Transparency in Nigerian Politics (Published)
The culture of impunity and lack of accountability on the part of the Nigerian politician is simply incredible. While democratic tenets, the world over, presuppose uncompromising observance of the rule of law, accountability and transparency, the Nigerian experience stands as classical case of irony and paradox. Thus, it deserves much more than a cursory interrogation, but an in-depth study. In order to understand the Nigerian situation, many researches have been carried out. Their conclusions point out corruption, weak institutional and legal framework, ethno-religious bias and inclinations as well as lack of free, fair and credible elections as factors responsible for the current state of affairs. However, the believe and indeed the practice of the Nigerian politician to indulge (almost incurably) in magico-spiritual activities in order to invoke powers that will enable them evade justice, mute public scrutiny and veil their culture of impunity and lack of transparency has received little or no deserving scholarly attention. Therefore, this paper examines this phenomenon and its impact on the body polity. Politicians and their allies, members of election petition tribunals, personnel of anti-graft agencies and magico-spiritual jobbers themselves attest to the endemic nature of the phenomenon. Interviews with these constitute primary source for this paper. Laced in segments of this paper are suggestions on how to put the practice of magico-spiritualism on the proper cause that will not be on a coalition part with democracy and good governance in Nigeria.
Keywords: Conflict, Democracy, Good Governance, impunity, magico-spiritual