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

APPRAISAL OF TRUE FEDERALISM AND RESTRUCTURING UNDER NIGERIAN LAW

Nigeria has come a long way in its political and constitutional evolution. However, the jury is still out on whether the ends so far achieved justify the means deployed. Nigeria has enacted roughly five constitutions between independence and now, though one was inoperative: the 1960 (Independence) Constitution; 1963 (Republican) Constitution; 1979 (Second Republican) Constitution; 1989 (Babangida) aborted Constitution; and 1999 Constitution (as amended). Elaborate and often expensive constitutional conferences and/or constituent assemblies preceded the making of these constitutions. In the end, it is the attempt, not the deeds, that confounds us, to invoke Shakespeare’s Macbeth. The 1960 Independence Constitution was preceded by the London Conferences of 1957 and 1958 as well as the Constitutional Conference of 1960. The 1957 Conference deliberated and decided on many issues. It decided on internal self-governance in 1959 and full political independence in 1960. There was a proposal to create new states out of the then existing three – Northern, Western, and Eastern – regions, in order to establish equilibrium and allay the fears of minorities.14 The fears of the minority in a lopsided regional arrangement led to the creation of a Commission of Enquiry to ascertain the facts about the fears of minorities in any part of Nigeria and to propose means of allaying those fears. The Minorities Commission, led by Sir Henry Willinks, submitted its Report in 1958. It failed to recommend the creation of new States. However, it recommended the incorporation of Fundamental Human Rights in a future constitution. The Constitutional Conference of 1960 that deliberated on the Independence Constitution gave no consideration to the Willinks Commission Report. Meanwhile, the 1960 and 1963 Constitutions provided for a federal system consisting of strong regions and a centre with limited powers.

AN EXAMINATION OF THE LEGAL FRAMEWORK FOR     COMBATING FRAUDULENT INVESTMENT SCHEMES IN THE NIGERIAN CAPITAL MARKET.

ABSTRACT

Finance is the key to investment and growth hence the need for efficient financial systems to help development. Nigeria’s financial system comprises the money and capital markets that serve it. These two sub-sectors create financial assets and liabilities by intermediating between surplus and deficit units in the economy. While the money market is where short term loans are sourced, the capital market is one for medium and long term funds. The Nigerian capital market like other capital markets in the world is sustained by the level of investment that drives it. Investment is fundamental to the growth and development of any economic entity. The returns on investments benefit the individual and have multiplier effects on the society at large. This dissertation examines the legal framework for combating fraudulent investment schemes in the Nigerian Capital Market by employing the doctrinal method of research. The upsurge in fraudulent investment schemes in the Nigerian capital market has virtually impacted all aspects of the country, ranging from money loss; leakage in the financial system; undermining confidence in the market and psychological effects on the investor among others. Despite the numerous laws and institutions in place to help in the fight, fraudulent investment schemes continue to plague the Nigerian capital market. This research finds that this can be attributed to the ignorance displayed by investors at identifying genuine investment schemes. There is therefore, the need for the Securities and Exchange Commission to embark on massive investors’ enlightenment campaign to educate investors and potential investors about investment schemes.