RESEARCH INFORMATION
✎: AN EXAMINATION OF INVESTORS’ PROTECTION UNDER NIGERIAN LAW
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Keywords: AN EXAMINATION OF INVESTORS’ PROTECTION UNDER NIGERIAN LAW
ABSTRACT
A company has over time proven to be a very viable form of business, the company has
grown tremendously in size and number of shareholders base making it necessary that a
few people be selected to manage the company on behalf of the investors since all of them
Laws are put in place to put a check on these managers to prevent corporate abuse and
ensure that the company is managed with due care and skill to the benefit of the investors.
This research has shown that the government lacks the will and determination for the
prompt implementation of its laws despite all the efforts made in providing the law, there
are also some loopholes can through which fraudulent and dishonest persons can take
advantage of for their own personal gains thereby defeating the very essence of the laws
which are investors protection. An examination of some of the laws provided to protect
investors in Nigeria shows their inadequacies and the fact that it has become a mere
academic exercise, ink on paper and is quite different from what is obtainable in practice.
Doctrinal method of research was used in this research referring to statutory laws,
textbooks, journals, newspapers and internet materials. The findings were that; there is the
lack of will by the regulatory bodies to implement the law, company meetings have been
provided as an important tool for investors’ protection in Nigeria but that has been
circumvented through late delivery of the notice of meetings or inefficiency of the postal
system, the Companies and Allied Matters Act did not provide for qualifications for people
to be appointed as members of the audit committee and the inspectors to investigate the
affairs of a company and also in a bid for the provision of Section 63 of the Companies and
Allied Matters Act to provide for division of powers among the board of directors and the
shareholders it ended up bringing in terms as’ good faith’ and ‘due diligence’ which are
subjective terms. It is therefore recommended that; The regulatory bodies should ensure
prompt implementation of its laws and policies; it should be mandatory that companies
should use the message alerts and emails in addition to the traditional form of notice to
inform share holders of any company meeting; The Companies and Allied Matters Act
should provide for people to be appointed as members of the audit committee should be
people with knowledge in accounting, company law and vast experience and section
63(4)of the Companies and Allied Matters Act should be Expunged. In conclusion it can be
said that investors’ protection does not lie on the Government alone but on all
stakeholders, it lies on the investors sought to be protected to be vigilant, exercise all their
rights provided by law and for the regulatory bodies to live up to their role and enforce the
provisions of the law when there is any violation.
TABLE OF CONTENTS
Title page……………………………………………………………………..………….i
Abstract……………………………………………………………………………….…vi
Table of content………………………………………………………………………….vii
Table of cases……………………………………………………………………………viii
Table of statute……………………………………………………………………………ix
CHAPTER ONE
GENERAL INTRODUCTION
1.1 Background to the study…………………………………………………………..…1
1.2 Statement of the problem……………………………………………………………..5
1.3 Aims and objectives of the study…………………………………………………….5
1.4 Justification……………………………………………………………………..……5
1.5 Scope of the study……………………………………………………………..……..6
1.6 Research methodology……………………………………………………………….6
1.7 Literature review………………………………………………………………..……6
1.8 Organisational layout………………………..……………………………………….9
CHAPTER TWO
THE EVOLUTION OF CORPORATE FORM OF INVESTMENT…………10
2.1 Introduction…………………………………………………………………………10
2.2 The Evolution of Company…………………………………………………………11
2.2.1 The Joint Stock System…………………………………………………………….13
2.2.2 The Beginning of Public Dealings…………………………………………………14
2. 2.3 The Companies Act of 1844……………………………………………………..…18
viii
2.2.4 The Introduction of Limited Liability………………………………………………19
2.2.5 The Consolidation of Company law…………………………………………….…..20
2.3 The Evolution of Company in Nigeria……………………………………………..23
2.4 The Capital Market…………………………………………………………………27
2.5 The Stock Exchange………………………………………………………………..29
CHAPTER THREE
THE LEGAL FRAMEWORK FOR INVESTORS’ PROTECTION IN
NIGERIA……………………………………………………….…………….……35
3.1 Introduction…………………………………………………………………………35
3.2 The Companies and Allied Matters Act 1990 (CAMA)……………………………36
3.2.1 Division of corporate powers………………………………………………………37
3.2.2 Investigation of companies affairs…………………………………………………………38
3.2.3 Disclosure………………………………………………………………………….45
3.2.4 Company accounts……………………………………………………….…………48
3.2.5 Financial statement…………………………………………………………………51
3.3 The Investment and Securities Act 2007…………………………………………..66
3.3.1 Disclosure under the Investment and Securities Act 2007………………………..67
3.3.2 Public issue and the disclosure system………………………………,……………70
3.3.3 Investigation under the Investment and Securities Act……………,,………..……74
3.3.4 Investors protection fund………………………………………,,…………………75
3.4 Nigerian Investment Promotion Commission Act 1995…………………………..77
3.4.1 Investment Protection Assurances…………………………………………….…..78
3.5 The Trustees Investment Act 1990………………………………………………………..79
CHAPTER FOUR
CHALLENGES TO INVESTORS’ PROTECTION IN NIGERIA…………………82
4.1 Introduction………………..………………………………………………………82
4.2 Lack of effective corporate governance……………………………………………83
ix
4.3 Corporate powers…………………………………………….……………………..85
4.4 The poor performance of auditors and the audit committees………………………88
4.5 The directors control of general meetings and shareholders apathy………………93
4.6 Directors control of proxy instrument………………………………………………96
4.7 High illiteracy rate in Nigeria………………………………………………………97
4.8 The postal system in Nigeria…………………………………………………..….100
4.9 Corruption in Nigeria……………………………………………………………..101
CHAPTER FIVE
SUMMARY, CONCLUSION, FINDINGS AND RECCOMMENDATIONS………105
5.1 Summary…………………………………………………………………………..105
5.2 Conclusion………………………………………………………………………………….108
5.3 Findings……………………………………………………………………………110
5.4 Recommendations…………………………………………………………………111
Keywords: AN EXAMINATION OF INVESTORS’ PROTECTION UNDER NIGERIAN LAW
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Keywords: AN EXAMINATION OF INVESTORS’ PROTECTION UNDER NIGERIAN LAW
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