LEGAL CHALLENGES AND PROSPECTS OF ASSET SECURITIZATION IN NIGERIA

LEGAL CHALLENGES AND PROSPECTS OF ASSET SECURITIZATION IN NIGERIA

Abstract

 

Asset securitization is one of the new methods of financing beyond the horizon of the traditional equity and debt financing and it is still untested waters in Nigeria. This study  is set against the background of possible utility of asset securitization in Nigeria and adequacy or otherwise of the existing law in structuring asset securitization given the peculiarities of the transaction. It adopted the analytical research approach involving analysis of case law and statutory provisions as well as secondary sources of law and scholarly writings by application of the power of reasoning. The study discussed and identified the areas of utility of asset securitization in Nigeria. For instance, providing access to banks funds to match their regulatory capital requirements and their financial obligations; possibility of investment in asset securitization under the National Pension Commission by its Regulation on Investment of Pension Fund Assets; the possibility of asset securitization helping in addressing the challenges in the housing sector; and possible utilization of asset securitization in facilitating access to immediate funding from the capital market to address the infrastructural problem. The study established a link between asset securitization and security interests and therefore discussed the challenges of priority and enforcement of security interests. The study found the asymmetric relationship between perfection and priority of security interests as unsatisfactory. It found that the existing rules of priority is complex, cumbersome and is not conducive to emergence of asset securitization. The study also discussed enforcement of mortgages and charges, the security interests found by the study to be relevant to asset securitization. The various challenges of enforcement of security interests like abuse of interlocutory injunctions and preliminary objections, recourse to court even in self-help remedies, undue delay and cost of enforcement, complex and cumbersome procedure for foreclosure and issue of agency of receiver/managers were highlighted and discussed. The relevant provisions of the Lagos State Mortgage and Property Law were also considered and while the study was critical of some of its provisions, it recommended some of it for adoption by other states. The legal frameworks for structuring asset securitization under the existing law were discussed as well as the challenges and risks attendant to asset securitization such as transfer of asset risk; re-characterization risk; insolvency/claw back risk; and risk of the underlying security. The possible legal and contractual means of mitigating the legal risks were discussed but were found unsatisfactory. The study therefore advocated the need for specific legal and regulatory frameworks on asset securitization as well as reform of the law on priority and enforcement of security interests. In addition, having found that enacting a law on asset securitization had to contend with the federal nature of the Nigerian Constitution given that different aspects of law applicable to asset securitization straddle legislative competence of both the federal and state legislature, the study advocated that asset securitization be made a distinct legislative item within the competence of the federal legislature.

 

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AN APPRAISAL OF THE PREVENTION AND PUNISHMENT OF THE CRIME OF GENOCIDE UNDER INTERNATIONAL LAW

ABSTRACT

This thesis aimed at studying the roles played by the international community in the prevention and punishment of the crime of genocide under international law. In other words the research work deals with the roles of the international criminal tribunal/ courts in the prevention and punishment of the crime of genocide under international law. The justification of this research work arose out of the need to confront Genocidal crimes of recent times and also the ones committed in the past for deterrence purposes through investigation, prosecution and punishing of those responsible for such crimes. However in the course of this research a major finding (among others) is that the provisions of the Convention are far from being adequate to cure the challenges that arose in international practice posed to the Convention, in the course of the implementation of the convention coupled with fact that there is no clear, direct and effective judicial response to the prevention and punishment of the crime of Genocide, because there is no nexus between the Convention and the State parties in combating the crime of Genocide. This finding clearly constituted a major problem of this research work. In this regard therefore the objective is to identify the reasons accounting for the poor implementation of the Genocide Convention in practice vis a vis the adequacy or otherwise of the provisions of the convention in international law. Thus, in view of these events this research is concluded by recommending that in order to put an end to impunity for the perpetrators of these crimes and also in an attempt to prevent the crime of genocide there should be in place an effective legal mechanism to enforce implementation at all levels (i.e local and international). The sources of information relied upon for this research are relevant text materials, international instruments, Journals (both local and International), judicial authorities and internet materials.

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A CRITICAL APPRAISAL OF CAPITAL PUNISHMENT IN NIGERIA LAW

A CRITICAL APPRAISAL OF CAPITAL PUNISHMENT IN NIGERIA LAW

ABSTRACT

Capital punishment is the killing of a person by the state in accordance with its laws for an offence for which it is prescribed by law and for which the person is found guilty. Academic writers, jurists, philosophers and the public have expressed diverse views and opinions on the practice of capital punishment over the years. The protagonists of capital punishment justify their views on the penological objectives of deterrence, retribution and elimination inter alia.However, there is no doubt that the practice of capital punishment has attracted a barrage of global recriminations. The recriminations stemmed from the fact that the practice of capital punishment has numerous flaws such as the conviction of the innocent, selective conviction of the poor and sometimes, black offenders, especially in the United States of America and the other white dominated countries. The debate on whether the practice of capital punishment by the retentionist countries, constitute violation of a condemned prisoner’s rights to life and freedom from torture, inhuman, and degrading treatment has not only been controversial but acrimonious. Judicial authorities across the jurisdictions have decided that the p ractice of capital punishment per se does not constitute violation of any right, but the methods of execution and death row phenomenon.
Against the backdrop of the foregoing premises, this work seeks to examine and investigate the trial process of a capital offender in Nigeria with a view of determining the level of Nigeria’s compliance with the due process requirements. The work also seeks to examine the various methods of execution of the death penalty with a view of determining whether the methods contravene the instruments on the prohibition of torture, inhuman or degrading treatment. Also, the work seeks to assess the incidence of the death row phenomenon with a view of ascertaining the average length of time that a condemned prisoner spends while waiting on the death row for execution in Nigeria.This work also highlights and examines the deterrence efficacy or otherwise of capital punishment through the analysis of the statistics obtained from the Nigeria Police Headquarters and the table used by Adeyemi in his 1989 study.
In the course of this research work, the researcher found that the Nigerian Criminal Justice System as regards the legal processing of a capital offender has not been in compliance with the internationally prescribed due process requirements, and that both the pre trial and trial rights of a capital offender are flagrantly violated in Nigeria.
The study also found that majority of the convicts alleged that they stayed in detention for over six months before arraignment, and were tortured by the police during interrogation. The study also revealed that trials of capital offence cases sometimes took up to 15 years to get concluded which is a violation of a right to trial within a reasonable time. This work has also revealed that none of the methods of execution is painless as there have been various instances of botched executions in lethal injection, electrocution and gas chamber, which are perceived to be the modern methods. The study also revealed that an average condemned prisoner spends up to 10 years on the death row before execution.
Sequel to the foregoing, it can be safely contended that the abuse of due process rights of a capital offender abound in Nigeria. It has also been demonstrated that the death row phenomenon and the various methods of execution constitute violations of a condemned prisoner’s right to freedom from torture, inhuman or degrading treatment. The study has also shown that capital punishment, as a disposition method in Nigeria does not have any deterrent effect and that long term imprisonment will be a suitable alternative to capital punishment.

Against the backdrop of the foregoing, the researcher argues strongly for the abolition of capital punishment in Nigeria, while recommending alternative punishment for capital offenders.

 

CHAPTER ONE

  • INTRODUCTION 

Capital punishment1 is the supreme sacrifice paid by an offender, who has been adjudged guilty of a capital offence by a court of competent jurisdiction. Simply put, it is a sentence of death, mostly for the commission of serious offences. It is a non-institutional disposition method of treating an offender, and it is principally premised on the penological theories of deterrence, elimination and retribution.

In a bid to control and prevent commission of crimes, certain punishments are meted to offenders in order to prevent or discourage the future commission of such offences by potential offenders. Capital punishment is, therefore, one of the punishments targeted at preventing the repetition or commission of such crimes.

Capital punishment is currently a global issue which has generated much controversy over the years. Different groups and persons have viewed the subject from different perspectives. Thus, the attitudes of nations vary from one to the other. This variance is confirmed by the fact that crimes that attract the capital punishment in the retentionist countries differ from jurisdiction to jurisdiction. This position is buttressed by the fact that in some countries, the list is short; while in others, the list is long. Hence

there is no universal yardstick to classify which crime will attract capital punishment and which will not.3

The protagonists of capital punishment hold the view that certain needs of the society which cannot be achieved by other methods are met by the execution of the criminal. They appear to assume that capital punishment attunes with proportionality in relation to heinous offences ; and their beliefs might have been premised on the utilitarian or hedonistic principle of felicitic calculus in the promotion of common will and the “greate st happiness of the highest number”.5 However, as fascinating as this argument seems to be, capital punishment has numerous flaws , and it cannot justify the violation of fundamental human rights that it involves.

Nigeria is one of the retentionist countries. The Nigerian Constitution endorses capital punishment as a legal form of sentence passed by a court of competent jurisdiction on a person adjudged guilty of capital offence.

 BACKGROUND TO THE STUDY

The Criminal Code7 and the Penal code, which are applicable in the Southern and the Northern States of Nigeria, respectively, prescribe capital punishment for murder, treason and armed robbery,

inter alia. The Shariah Penal Code, as exemplified by the Zamfara State Shariah Penal Code, and which has been replicated in eleven (11) other states in Northern Nigeria, further prescribes capital punishment for offences such as murder, rape, adultery, incest, sodomy and armed robbery.

The merits and demerits of the capital punishment have been adumbrated by individuals, groups and organizations at local, regional and international levels. Prominent amongst the groups is the Amnesty International, which has been monitoring and compiling records of countries that have abolished capital punishment in law and practice, and countries that still retain it or have re-introduced it into their laws.

 

There is no gainsaying the fact that capital punishment has been globally discredited, due to so many problems, and the demerits which are associated with it. Several militating factors , like infraction of rights to life, and freedom from torture, inhuman or degrading treatment, irreversibility of death, judicial errors, death row phenomenon, barbaric mode of execution, inter alia, have been identified as the albatross of capital punishment. Hence, the concerted global call for its universal abolition.

The Nigerian Criminal Justice Administration is regulated by the Constitution and various statutes. These statutes include the Criminal Procedure Act, the Criminal Procedure Code, the Criminal Code, the Penal Code and the Shariah Criminal Procedure Code 15 which is operative in Zamfara, and in eleven(11) other Northern States in Nigeria, as well as the relevant regional and internationa l instruments to which Nigeria is a party.

These instruments make provisions for various safeguards aimed at protecting citizens’ rights, ensuring due process in criminal trials and post trial processes, including the execution of sentences.

Chapter IV of the Nigerian Constitution recognises the right to life, as a fundamental right. However, the same Constitution, derogates from the said right by authorizing capital punishment for those who commit capital

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AN EXAMINATION OF THE PROTECTION OF WOMEN’S RIGHT

AN EXAMINATION OF THE PROTECTION OF WOMEN’S RIGHT TO HEALTH UNDER INTERNATIONAL LAW: A CASE STUDY OF NIGERIA

ABSTRACT

Every individual is entitled to the full protection of their rights because they are human beings. Men and women also experience health challenges but because women go through some biological and social processes that carry health risks like pregnancy and child birth they require adequate health care to be able to fulfil these roles. The research aimed to examine women’s right to health as a neglected issue that leads to maternal and infant mortality; to examine women’s right to health as a fundamental human right whose importance is such that no derogation should be encouraged and also to explain how socio-cultural practises contribute to abuse of women’s right to health. The main objective of the research is to show that the Nigerian legal system has not been able to capture the extent of women’s right to health under several international Conventions that Nigeria is a party to. In line with these aims and objectives, questionnaire and interview survey was administered on health professionals and women, hospitals were also visited in order to determine how lack of healthcare facilities and personnel affect the status of women’s health in Nigeria. The methodology used in the research is both empirical and doctrinal. The research observed that there is a plethora of international and national laws and instruments that aim at protecting women’s right to health but lack of political will on the part of government and cultural beliefs hinder the enforcement of some of these laws. An analysis was made of the international and domestic legal framework for the protection of women’s right to health in Nigeria, the challenges militating against the protection of these rights were discussed and recommendations were proffered that Nigeria should be willing to perform its obligations under the international convention to which she is a party including the Protocol to the African Charter on Human and Peoples’ Rights in Africa also known as the Maputo Protocol, Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW), International Convention on Economic, Social and Cultural Rights (ICESCR), Convention on the Rights of the Child (CRC) et cetera. Judicial Activism should be encouraged in Nigeria. The right to health should be treated as an extension of the right to life as has been done in India. This is because the provisions of Chapter 11 of the Indian Constitution are pari materia with Chapter 11 of the Nigerian Constitution on Fundamental Objectives and Directive Principles of State Policy.

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Contents