COMMUNIQUE ISSUED BY THE NIGERIAN BAR ASSOCIATION SECTION ON BUSINESS LAW ON THE INAUGURAL EDITION OF THE NBA-SBL EASTERN ZONAL CONFERENCE, HELD ON 20TH OF MARCH 2024, AT THE BASE EVENTS CENTRE, INDEPENDENCE LAYOUT, ENUGU, ENUGU STATE.
1.0 BACKGROUND
1.1 On the 20th of March, 2024, the Nigerian Bar Association Section on Business Law (NBA-SBL), held its inaugural Eastern Zonal Conference in the Coal City of Enugu with the theme: “Unlocking Prosperity: Exploring the Legal and Entrepreneurial Business Opportunities in the Eastern Zone of
Nigeria”. The conference brought together seasoned business lawyers, corporate bodies, captains of industries, institutions, business organisations and other stakeholders in the Nigerian economy from different fields/jurisdictions with a view to unlocking economic progress and prosperity, exposing members to current trends in business law as well as facilitate networking opportunities.
1.2 The conference afforded participants the opportunity to be exposed to broader entrepreneurial knowledge and the laws guiding new trends in business evolving institutions.
1.3 The conference had in attendance, the President of the Nigerian Bar Association (NBA), Mr. Yakubu Chonoko Maikyau, OON, SAN, represented by the General Secretary of the Association, Mr. Adesina Adegbite; Hon. Justice Raymond Ozoemena, the Chief Judge of Enugu State; Hon. G. C. Nnamani, President, Customary Court of Appeal, Enugu State; Sir David Serena-Dokubo Spiff, ADA IX, Paramount Ruler of Spiff Town, Brass, Bayelsa State; and other notable dignitaries and conferees. The conference was declared open by the Governor of Enugu State, Dr. Peter Ndubuisi Mbah, who was represented by the Deputy Governor of Enugu State, Ifeanyi Ossai, Esq.
1.4 There were five (5) sessions, six (16) panelists, five (5) chair of sessions
and four (4) coordinators in attendance. The sessions deliberated on Taxation, Electricity/Power, Energy, Corporate Governance and Intellectual Property.
1.5 OBSERVATIONS/RECOMMENDATIONS
1.6 After exhaustive and well-articulated sessions, the conference brought forth
a series of significant concerns and insightful observations and recommendations, to wit:
1.7 TAXATION AND THE LEGAL PRACTITIONER
1.8 Conference observed that most lawyers are challenged by the fact that taxation involves the computation/calculation of figures, and it is wrongly perceived to be meant for accountants or economists. However, every commercial relationship has tax implications that are regulated by laws.
Hence, in readiness to unlock the prosperity inherent in this area of practice, lawyers are called to develop interest and skills for other promising practice areas like taxation.
1.9 Conference noted that taxation in Nigeria offers diverse opportunities for legal practitioners. These opportunities arise from the protection of group interest and the prevalent regulatory framework evident in the various tax legislation.
Recommendation
1.10 Conference resolved that, there is a major role to be played by lawyers in tax practice and it involves the understanding of the implications of tax assessment and administration, particularly as it affects taxpayers. Lawyers are charged to maximise the underlying opportunities in this field of practice.
1.11 Enterprising Prospects for the legal Hub in the Electricity/Power Sector 1.21 Conference resolved that Artificial Intelligence (AI) is becoming increasingly integrated into the lives and business of legal practitioners. Ultimately, it is shaping the future of legal practice. Conference notes that, AI will not replace
lawyers, but lawyers, who utilize AI, will have a competitive edge over their colleagues.
1.22 Conference acknowledges lawyer-client relationships, and advised lawyers to implement water-tight strategies for the protection of their intellectual property rights and to also prevent counterfeiting.
1.23 THRESHOLDS OF IN-HOUSE LAWYERS IN CORPORATE GOVERNANCE
1.24 Conference acknowledges the threshold in corporate governance and transitioning from litigation to an in-house role. It was adduced that the lawyer with readiness to undergo this transition, must be acquainted with the corporate/regulatory bodies, maintain a high level of perfection, and be ready to work behind the scenes without expecting immediate gratification.
1.25 Conference called for collaboration between legal colleagues, who are versatile and skilled in a specific practice area with those, who are not, thus allowing for shadowing to deepen practical knowledge.
1.26 Recommendations
a. Lawyers should rise to the occasion to see that the challenges faced in the corporate business institutions are tackled.
b. To explore the opportunities inherent in the Eastern Zone, legal practice should be structured in a partnership arrangement to enhance continuity and clients’ satisfaction.
c. The provision of the Rules of Professional Conduct for Legal Practitioners on advertisement should be amended to be in line with modern trends in other jurisdictions that permit the advertisement of legal practice.
d. The NBA-SBL should create an avenue where lawyers, who are proficient in diverse fields of practice should be easily identified by would-be clients, irrespective of their locations.
e. The NBA-SBL should create a medium for major stakeholders/international
businesses to set up branches in Nigeria with the aims of expanding their operations and to create opportunities for the local industry.
f. Conference resolved that lawyers should engage in capacity building in order to exploit the emerging markets in the zone.
CONCLUSION
The Nigerian Bar Association Section on Business Law must continue to explore the legal and entrepreneurial business opportunities, not only in the Eastern Zone, but throughout the country.
Dr. Jude Ezegwui, Esq (Chairman, NBA-SBL)
Nnaemeka Egonu, Esq (Chairman,
Eastern Zone Committee Conference Planning Committee)