PUBLICATIONS

THE LEGALITY OF A “NO REFUND” POLICY

A No-Refund policy is simply a policy which indicates that payments will not be refunded to a purchaser under any circumstances, upon the completion of a sale transaction and delivery of the goods and/or services.

The “No-Refund” policy is quite prevalent in the Nigerian online and physical market, having been adopted by a large number of sellers of goods, in particular. While some sellers expressly stipulate the circumstances under which a refund would be applicable, majority have expressed that a refund is inapplicable in all circumstances.

In a physical transaction, the policy would typically be included in a sale agreement, purchase receipt or the invoice of theSeller. In an online transaction, the policy will typically be included in a conspicuous space on the seller’s website or in the bio of the seller on social media platforms or incorporated as part of the terms and conditions which the purchaser must accept in consummating the purchase.

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BIG BROTHER NAIJA PEPPER DEM – WHEN THE PEPPER BECOMES TOO HOT: CAN THE HOUSEMATES SUE THE PRODUCERS OF BIG BROTHER NAIJA FOR PSYCHOLOGICAL/ PSYCHIATRIC INJURY SUFFERED IN THE COURSE OF THE SHOW?

The rise in the popularity of reality TV shows like the Jeremy Kyle Show, Keeping up with the Kardashians, and Love Island has captivated the minds and hearts of viewers all over the world. Nigeria is not left out from the obsession with reality TV shows which has grown in popularity over the last decade.

One of the shows which has caught the hearts of Nigerians is Big Brother Naija. Indeed, the drama and controversy surrounding the show, particularly the recently concluded season, has been second to none.

This article briefly reviews the recent landmark ruling of the New South Wales Workers Compensation Commission in Australia1 (“the Commission”) which in essence, redefined the relationship between a reality show network and its contestant.In the ruling, the Commission ordered the payment of compensation to the contestant for psychological/ psychiatric injury suffered in the course of the engagement. The article further considers the likely impact of the ruling on, arguably, the most popular reality TV show in Nigeria

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THE EFFICACY OF PROMISSORY NOTES

Promissory Notes are credit instruments typically used in connection with sales financing and debt fi-nance. Although the legal parameters of promissory notes developed in common law, they have been statutorily regulated for some time and are governed by the Bills of Exchange Act (“the Act”)1.

Notwithstanding its longevity in our statute books, it appears that its usefulness as a financial instrument both from a creditor, as well as a debtor’s perspective has gone largely unnoticed. This is despite the fact that it can serve as a veritable instrument for raising debt finance by individuals and corporate entities, as well as a source of investment income for investors with an above average risk appetite.

This article analyses Promissory Notes and gives a brief outline of its key features, as well as regulatory considerations.

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THE MICRO PENSION PLAN – THE “INFORMAL SECTOR” MAY NOW BE ABLE TO CONTRIBUTE TOWARDS THEIR PENSION

The Pension Reform Act (PRA) 2014, in order to establish the rules, standards, and regulations for the provision of retirement benefits to private and public employees, created the Contributory Pension Scheme (“the Scheme”).

However, the applicability of the Scheme is limited to employees in the public sector and persons in the employment of private organizations with 15 (fifteen) or more employees.

Although Section 2(3) of the PRA 2014 makes self -employed persons and employees in an organization with less than 3 (three) employees entitled to participate in the Scheme, it notably subjects their participation to the provisions of “guidelines” issued by the National Pension Commission (“the Commission”) on same.

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YOU MAY BE ABLE TO OBTAIN JUDGMENT FOR A DEBT IN 60 DAYS!!!

It is trite that debt is an integral part of the engine that drives an economy. However, it is not uncommon in this part of the world to find that people are generally unwilling to transact businesses on credit or on the basis of deferred payment. This may not be unconnected with personal or shared experiences with respect to the lengthy and cumbersome process of debt recoveries, particularly in the Nigerian Courts.

In a bid to provide easy access to an informal, cost-effective and speedy resolution of simple debt recovery disputes, the Chief Judge of Lagos State, Hon. Justice Opeyemi O. Oke, in exercise of her powers on April 23, 2018, commissioned the “Small Claims Courts” and issued Practice Directions to, amongst other things, regulate the procedures of the said Courts.

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A CRITICAL EVALUATION OF THE CREDIT REPORTING ACT 2017 – PRACTICAL ISSUES ARISING

The Credit Reporting Act (“the Act”) was enacted on the 30th day of May 2017 with the primary objectives of promoting access to credit information and enhancing risk management in credit transactions. To achieve these, the Act provides for the licensing and regulation of Credit Bureaux on one hand, and stipulates the various processes to facilitate the creation, maintenance and sharing of credit information amongst key players on the other hand.

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WHEN ONE HEAD IS BETTER THAN TWO – REVISITING THE MINIMUM NUMBER OF SHAREHOLDERS AND DIRECTORS OF A LIMITED LIABILITY COMPANY UNDER NIGERIAN LAW’

The article argues that it is time to consider a reduction in the statutorily prescribed minimum number of directors and shareholders of a private company from two to one in line with modern trends.

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OFF PLAN PROPERTY PURCHASE – WHAT PROSPECTIVE BUYERS/SELLERS SHOULD CONSIDER

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MEMORANDUM OF UNDERSTANDING (MOU) – THE ONE SIZE FITS ALL DOCUMENT

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