Insider Dealings in Nigeria - 2178 Words

â€Å"EXAMINE THE EFFECTIVENESS OF THE PROVISIONS OF THE INVESTMENT AND SECURITIES ACT (ISA 2007) ON INSIDER TRADING AGAINST THE BACK DROPS OF THE PROVISIONS OF THE CAMA 1990 AND THE COMMON LAW ON THE DUTIES OF DIRECTORS OF COMPANIES IN PREVENTING INSIDER RELATED OFFENCES AND PROTECTING THE INTEGRITY OF THE SECURITIES MARKET IN NIGERIA PRIOR TO AND IN THE MODERN ERA OF THE INTERNET.† SUBMITTED BY AYODELE DOYINSOLA .O LAW/2007/100 DEPARTMENT OF LAW OBAFEMI AWOLOWO UNIVERSITY ILE-IFE OSUN STATE TO PROFESSOR M.T. OKRORODUDU-FUBARA IN PARTIAL FULFILMENT OF THE COURSE â€Å"LAW OF BUSINESS ASSOCIATION† (BUL 502) Concept of Insider dealing One of the areas of company law in which the general equitable rules seem to be inadequate to protect the†¦show more content†¦For example, a fiduciary relationship exist between two parties, when a party expects the other to act for him in such a manner as he would act in absolute honesty, faithfulness and diligence, not minding the fact that he is acting for someone else. If he cannot steal his personal money, then he cannot steal the money put in his care. Common law provides quite a number of duties of a director to a company, however, only few of them relates with insider dealings. Some of these duties include: The duty to act bonafide in the Company’s interest. A director is expected to act honestly, diligently and faithfully in the best interest of the comp- any. This duty is however relative. What happens to be in the best interest of the company to a director may differ from the shareholders view. In the case of Park v. Daily Times Ltd., the court held that the directors had acted improperly and not bonafide for the company’s interest, when they made redundancy payments to the company’s employees on the cessation of the company’s business. Duty to avoid conflict of Interest. In the performance of his duties, a director must not allow a conflict of interest between him and the company. To be strictly avoided are instances in which a director’s personal interest would conflict with the interest of the company, which he is expected to protect. This was the situation in Industrial Development Consultants Ltd.Show MoreRelatedInsider Dealings in Nigeria2188 Words   |  9 Pagesâ€Å"EXAMINE THE EFFECTIVENESS OF THE PROVISIONS OF THE INVESTMENT AND SECURITIES ACT (ISA 2007) ON INSIDER TRADING AGAINST THE BACK DROPS OF THE PROVISIONS OF THE CAMA 1990 AND THE COMMON LAW ON THE DUTIES OF DIRECTORS OF COMPANIES IN PREVENTING INSIDER RELATED OFFENCES AND PROTECTING THE INTEGRITY OF THE SECURITIES MARKET IN NIGERIA PRIOR TO AND IN THE MODERN ERA OF THE INTERNET.† SUBMITTED BY AYODELE DOYINSOLA .O LAW/2007/100 DEPARTMENT OF LAW OBAFEMI AWOLOWO UNIVERSITY ILE-IFE OSUN STATE TO PROFESSORRead MoreThe Importance of Law (Legal Back Up) to an Individual, Organization and Economy of a Country at Large2170 Words   |  9 Pagesoften said that there is no better test of the excellence of a government than the efficiency of its leaders, hence this programme; Leadership Training and Career Development is relevant in this period of the political dispensation of our country, Nigeria. I am indebted to the Almighty God who has laid it upon your hearts as youths to know the importance of good leadership. One of the major problems and serious hindrances to actualising our potentials as developing countries is bad leadership. ARead MoreA Report On Boko Haram4313 Words   |  18 Pagesextremely radical. He was opposed to the western faith which he described as Haram and the root cause of the troubles in Nigeria. He began teaching youth on the effects that western culture had on them. A number of factors were responsible for the success of Yusuf’s radicalization. At the time, Nigeria was very economically unbalanced wealth wise. This is the same case now. Nigeria is home to almost two hundred million people. According to a census, more than sixty percent of this number lives belowRead MoreMaalaysian Automobile Exports of Spare Parts to Nigeria4950 Words   |  20 PagesResearch Methodology And Design 18 5.1 Concept 18 5.2 Research Types. 19 5.3 Research Design: 19 5.4 Data Gathering Method 20 6.0 Ethical Consideration 20 7.0 REFERENCES 21 TOPIC: A study on Malaysian automobile export of spare parts to Nigeria. 1.0 COMPANY OVERVIEW: Proton The Malaysians considered the automotive industry as one amongst the most important and strategic industries when talking about the manufacturing or industrial sector. The automotive industry in the country alone isRead MoreDifferent Approaches to Corporate Reporting Regulation22097 Words   |  89 Pagescountries with a stronger reliance on external ï ¬ nance and arm’s length transactions tend to have stronger reporting regulation (both in terms of rules and enforcement) in securities, investor protection and self-dealing laws than countries with a stronger reliance on relationships and insider governance. Consistent with prior work, I also demonstrate that reporting practices in countries with stronger regulation and enforcement tend to be more transparent based on widely used transparency (or opacity)Read MoreFraud as a Negative Catalyst in the Nigerian Banking Industry5170 Words   |  21 PagesEmerging Trends in Economics and Management Sciences (JETEMS) 2(5):357-363 (ISSN:2141-7024) Fraud as a Negative Catalyst in the Nigerian Banking Industry Akindele R.I Department of Management and accounting Obafemi Awolowo University, Ile Ife, Nigeria ___________________________________________________________________________ Abstract Fraud in the Nigerian Banking Industry before the recent merger and acquisition and recapitalisation efforts was at alarming rate. It has caused many banks to collapseRead MoreFemale Genital Circumcision Female genital circumcision (FGC) is a cultural ritual that is2800 Words   |  12 Pagessafer environment for the ritual to be performed in. The goal of this essay is to know what Female Genital Circumcision is and different types of FGC and why this is performed and why it is important for outsiders to not have ethnocentric views when dealing with this. This essay also deals with why it should be medicalized instead of enforcing laws to ban this years long tradition in all African countries. When challenging female genital circumcision, we are also challenging the people who perform thisRead MoreThe Accounting Profession and Nat39077 Words   |  157 Pagescorrespondence, enquiries, contributions and research notes should be submitted to: The Editor, The Journal of Accounting, C/o Nigerian College of Accountancy, Plot 42T Bauchi Ring Road, Dogon Dutse, P. M. B. 2734, Jos, Plateau State, Nigeria. Subscription Rates: Nigeria Outside Nigeria - N1000 (Exclusive of postage) N1000 $10 (Exclusive of postage) Prof. Edet R. Iwok Editor-in-Chief iv EDITORIAL Like any other profession, Accounting is not static. It constantly responds to the dynamism ofRead MoreAbolition of Universal Banking in Nigeria - Implication for Nigerian Banks10849 Words   |  44 Pagesdomesticating the proposal and making further amendment in line with the peculiarities of their country’s financial system. In apparent response to the developments in global financial community especially the new Basel III, the Central Bank of Nigeria in a Circular No. BSD/DIR/GEN/UBM/03/025 dated September 7, 2010 gave hint to abolishing the operation of the 10-year old universal banking concept. Some of the reasons proffered by the regulatory body for the abolition include the enhancement ofRead MoreFeatures of Decision Making in a Political System2405 Words   |  10 Pagespolitical system might not be as significant in another (Lowery, Poppelaars and Berkhout 2008). Ljiphart (1999) has identified two basic types of decision making in political systems – Majoritarian; examples are the United States of America (US), Nigeria, Sweden, France, etcetera and Consensual; examples are European Union (EU), Belgium, Netherlands and Germany. This essay seeks to focus on how PA can be influenced by the different features in political systems by comparing these institutions using