04042019 - Nigeria 7 other nstions home to world's hungriest - UN
Vanguard Newspaper 04 April 2019
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