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Vanguard Newspaper 04 April 2019

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Vanguard, THURSDAY, APRIL 4, 2019 — 29<br />

Experts seeks strict implementation of STM Act<br />

The Secured Transactions in<br />

Movable Assets Act,<br />

STMA, 2017 was the talking<br />

point of a workshop organised<br />

by Conference of Western<br />

At<strong>to</strong>rneys-General Africa<br />

Alliance Partnership (CWAG<br />

AAP) in conjunction with the<br />

National Collateral Registry as<br />

stakeholders brains<strong>to</strong>rmed on<br />

how the act can be used <strong>to</strong><br />

boost the micro, small and<br />

medium scale enterprises,<br />

MSMEs in <strong>Nigeria</strong>.<br />

Speaking at the workshop,<br />

Cross River At<strong>to</strong>rney-General<br />

CLP Legal announces new managing partner<br />

By Innocent Anaba<br />

CLP Legal, formerly known<br />

as Ukpong & Omo<strong>to</strong>so<br />

has announced the<br />

appointment of Mr. Okey<br />

Egbuchu as the firm’s new<br />

Managing Partner.<br />

Mr. Okey Egbuchu succeeds<br />

Mr. Edo Ukpong, who<br />

stepped down as Managing<br />

Partner after serving with<br />

distinction in that capacity<br />

since the establishment of the<br />

firm in 1990.<br />

Egbuchu until his<br />

appointment, was a partner in<br />

the firm. He is a commercial<br />

lawyer with extensive<br />

experience in corporate law<br />

and restructuring, corporate<br />

and project finance,<br />

construction and<br />

Continued from Page 28<br />

protect the citizenry.<br />

Joe Abang said STMA’s main<br />

objective was <strong>to</strong> enhance<br />

financial inclusion in <strong>Nigeria</strong><br />

and stimulate responsible<br />

lending <strong>to</strong> MSMEs. He noted<br />

that <strong>to</strong> stimulate the economy,<br />

the Act establishes a regime<br />

that guarantees access <strong>to</strong><br />

credit secured by moveable<br />

properties.<br />

“In addition <strong>to</strong> the general<br />

objective of providing and<br />

developing a framework<br />

guaranteeing access <strong>to</strong> credit<br />

secured by moveable assets,<br />

the specific objectives of the<br />

infrastructure, and energy law.<br />

His experience in these fields<br />

covers banking, and <strong>other</strong><br />

financial institutions,<br />

au<strong>to</strong>mobile manufacturing,<br />

conglomerates, hospitality,<br />

insurance and property.<br />

Earlier on in his career, he<br />

practised mainly as a civil and<br />

commercial litiga<strong>to</strong>r, and still<br />

handles a portfolio of such<br />

cases.<br />

Egbuchu, a pioneer in gas<br />

pollution litigation in <strong>Nigeria</strong>,<br />

joined the law firm of Ukpong<br />

& Omo<strong>to</strong>so (now CLP Legal)<br />

in 1994 as an Associate and<br />

rose <strong>to</strong> become a Partner in<br />

2001. Admitted <strong>to</strong> the<br />

<strong>Nigeria</strong>n Bar in 1992; Okey<br />

Egbuchu worked briefly as a<br />

Federal Prosecu<strong>to</strong>r at the<br />

Federal Ministry of Justice<br />

Act include establishing a<br />

National Collateral Registry,<br />

stimulating affordable lending<br />

<strong>to</strong> MSMEs, facilitating the<br />

perfection and realisation of<br />

security interests in moveable<br />

assets and enhancing financial<br />

inclusion in <strong>Nigeria</strong>.<br />

“It is hoped that the passage<br />

of the Act would facilitate the<br />

achievement of the goals of the<br />

Presidential Enabling<br />

Business Environment<br />

Council, PEBEC set up by the<br />

President <strong>to</strong> progressively<br />

make <strong>Nigeria</strong> an easier place<br />

between 1992 and 1993. He,<br />

thereafter joined the Law Firm<br />

of Ukpong and Omo<strong>to</strong>so in<br />

1994 as an Associate and rose<br />

<strong>to</strong> become a Partner in 2001.<br />

He is a Member of Council of<br />

the <strong>Nigeria</strong>n Bar Association<br />

Section on Business Law, past<br />

Chairman of the Travel,<br />

Tourism and Hospitality<br />

Committee of the Section on<br />

Business Law of the <strong>Nigeria</strong>n<br />

Bar Association; and a regular<br />

resource person at the annual<br />

conference of the Section on<br />

Business Law.<br />

Briefing newsmen on the<br />

appointment of Egbuchu as<br />

the firm’s new Managing<br />

Partner at the Ikoyi, Lagos<br />

office, Mr. Ukpong, who<br />

jointly founded the firm with<br />

Mr. Ayodeji Omo<strong>to</strong>so in 1990,<br />

Uwais C’ttee recommendations best roadmap for free,<br />

fair elections -----Ogwuche<br />

How optimistic are you that<br />

the election petition<br />

tribunals will do justice <strong>to</strong><br />

the petitions before them?<br />

I am convinced that the<br />

tribunals will do ample<br />

justice <strong>to</strong> petitions brought<br />

before them pursuant <strong>to</strong> the<br />

elections. Indeed, the whole<br />

world is watching and they<br />

are very much aware of<br />

everything that happened<br />

prior <strong>to</strong>, during and after the<br />

elections including the<br />

unconstitutional and forceful<br />

removal from office of the<br />

CJN. But then, there must be<br />

a radical departure from<br />

former modes of adjudication<br />

<strong>to</strong> ones that are quite in tune<br />

with current realities and<br />

trends, away from<br />

technicalities as <strong>to</strong> the<br />

legality or functionality of<br />

card reader or whether a<br />

party was duly nominated or<br />

filed a petition this way or<br />

that way and at what time<br />

and in what manner. The<br />

prime focus of every elec<strong>to</strong>ral<br />

adjudication is who won the<br />

mandate of the voters and<br />

nothing more. Technicalities<br />

have no place in elec<strong>to</strong>ral<br />

adjudications as their<br />

application is in itself a<br />

subversion of justice and<br />

could get a popular<br />

candidate in<strong>to</strong> an elective<br />

position outside the will of<br />

the people.<br />

The <strong>UN</strong>DP Accra<br />

Declarations on the<br />

Principles of Elec<strong>to</strong>ral Justice<br />

captures in succinct form the<br />

ingredients and criteria for<br />

justice and recognises that it<br />

is ultimately for the voters<br />

and not necessarily the vying<br />

candidates.<br />

I presume that should be the<br />

focal point of adjudication for<br />

the tribunals and courts for<br />

the 2019 elections.<br />

What is the stand of the<br />

Elec<strong>to</strong>ral Act on suspension<br />

of the elec<strong>to</strong>ral process?<br />

Neither the provisions of the<br />

Constitution, the Elec<strong>to</strong>ral<br />

Act, nor the INEC guidelines<br />

and<br />

regulations<br />

contemplated the<br />

inconclusiveness of an<br />

elec<strong>to</strong>ral process. It is not<br />

simply a matter of semantics<br />

but the words suspension<br />

and cancellation are not<br />

synonyms and cannot be<br />

equated with each <strong>other</strong>.<br />

for businesses <strong>to</strong> start and<br />

thrive,” he said.<br />

In her contribution, NCR<br />

Assistant Registrar, Mrs Bisi<br />

Toro-Popoola, said the law has<br />

made it possible for people <strong>to</strong><br />

get loans using moveable<br />

assets such as farm produce,<br />

wrappers, household utensils,<br />

intellectual property,<br />

mo<strong>to</strong>rcycle, among <strong>other</strong>s, as<br />

collateral.<br />

She, however, said the NCR<br />

is faced with lack of funds <strong>to</strong><br />

implement nationwide<br />

awareness campaign strategy.<br />

described his successor as<br />

“astute, creative, and versatile;<br />

someone who has been of<br />

immense value <strong>to</strong> the firm in<br />

providing practical, costeffective<br />

solutions <strong>to</strong> clients’<br />

issues.<br />

For Mr. Omo<strong>to</strong>so, there could<br />

have not been a better successor<br />

<strong>to</strong> Ukpong as the Managing<br />

Partner than Egbuchu because<br />

he is the bridge between the old<br />

and the new, the analog and<br />

the digital, and all that is<br />

needed <strong>to</strong> move the firm <strong>to</strong> the<br />

next level.<br />

Present at the briefing were<br />

<strong>other</strong> partners of the firm -<br />

Bankole Ogunrinde, the firm’s<br />

Administrative Partner, Oluseye<br />

Banjoko and Solomon<br />

Afahokor.<br />

Besides, she said there had<br />

been low usage of NCR portal<br />

due <strong>to</strong> financial institutions’<br />

reluctance <strong>to</strong> appreciate the<br />

benefits of moveable assetbased<br />

lending.<br />

Despite the challenges, Toro-<br />

Popoola said the NCR is<br />

gradually building the<br />

confidence of banks and <strong>other</strong><br />

financial institutions in<br />

moveable assets financing.<br />

According <strong>to</strong> her, over 600<br />

financial institutions have<br />

registered and are leveraging<br />

the NCR infrastructure <strong>to</strong><br />

advance credit <strong>to</strong> individuals<br />

and businesses.<br />

Punuka At<strong>to</strong>rneys and<br />

Solici<strong>to</strong>rs’ Senior Partner,<br />

Chief Anthony Idigbe, SAN,<br />

said stakeholders, including<br />

lawyers, have a role <strong>to</strong> play in<br />

ensuring that market forces<br />

determine the grant of loans<br />

rather than the current<br />

monopolistic practice that is<br />

filled with hurdles for small<br />

businesses.<br />

Responding <strong>to</strong> a question on<br />

the role of lawyers, he<br />

regretted that the report of the<br />

Legal Practitioners Reform<br />

Committee, which he chaired,<br />

was gathering dust due <strong>to</strong> lack<br />

of implementation.<br />

Other speakers at the<br />

workshop were a senior staff<br />

at<strong>to</strong>rney at the Northeast New<br />

Jersey Legal Services, Inc,<br />

John Ukegbu, i-naira.com<br />

founder, Hilary Nwaukor and<br />

Mr Obinna Nwankwo of CBN<br />

Principal Legal Services<br />

Department.<br />

•From left: At<strong>to</strong>rney, Punuka At<strong>to</strong>rneys &Solici<strong>to</strong>rs, Tobenna<br />

Nnamani; Assistant Registry, National Collateral Registry, Bisi<br />

Toro-Popoola; At<strong>to</strong>rney, Northeast New Jersey, Legal Services<br />

Inc, John Ukegbu and Coordina<strong>to</strong>r, Conference of Western<br />

At<strong>to</strong>erneys-General-Africa Alliance Partnership (CWAG\APP)-<br />

Punuka At<strong>to</strong>rneys &Solici<strong>to</strong>rs, Mrs. Ebelechukwu Enedah, at<br />

the opening ceremony of a one day workshop on the Role of<br />

Secured Transactions in Moveable Assets Act in Financing<br />

MSME in <strong>Nigeria</strong> held in Lagos.<br />

EDITORIAL<br />

Innocent Anaba<br />

( Head)<br />

Ikechukwu<br />

Nnochiri<br />

Contribu<strong>to</strong>rs:<br />

Henry Ojelu,<br />

Onozure Dania<br />

C<br />

M<br />

Y<br />

K

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