Aluko & Oyebode
By Innocent Anaba
Nigeria’s largest commercial law firm, Aluko & Oyebode has hosted a Capital Market roundtable discussion, themed: “Engendering an Effective Regulatory Landscape for Competition Law in Nigeria – Promoting a Fairer Market,” with 50 stakeholders in the Nigerian capital market in attendance, while Mr. Oscar Onyema, CEO, Nigerian Stock Exchange, NSE, was keynote speaker. Ms. Olubunmi Fayokun, Senior Partner and Head of the Capital Market Practice, Aluko & Oyebode, said the objective of the roundtable was to discuss frontline issues and to identify challenges relating to the administration of competition law in Nigeria and more specifically, the implementation of the recently enacted Federal Competition and Consumer Protection Act, 2019.
Discussions followed a panel session moderated by Mrs. Jennifer Martins-Okundia, Senior Associate, Aluko & Oyebode and featured panellists: Mr. Babatunde Irukera (Director General, Federal Competition and Consumer Protection Commission), Mr. Mfon Bassey (Deputy Director, Securities and Exchange Commission), Ms. Olusola Carrena (Head of Corporate Finance, Stanbic IBTC Capital), Mr. Daryl Dingley (Partner, Webber Wentzel), Mr. Eric Idiahi (Co-Founder/Partner, Verod Capital Management Limited) and Mr. Ayodeji Oyetunde (Partner, Aluko & Oyebode).
Mr. Daryl Dingley, Partner and Head of Competition Practice at foremost South African law firm, Webber Wentzel, on the issue of fairness in the market, said, “You need to be upfront and also understand the public interest consequences of your transaction. Is it going to affect suppliers, employers or a particular sector of the economy?”
Joining the discussion were 50 stakeholder organisations including venture capital firms, asset management, securities, fast-moving consumer goods and telecommunications companies.
Mr. Onyema, noted in his keynote address that the NSE “Believes that promoting transparent disclosure can help listed companies access to long term sustainable capital that will enable them and the private sector at large, to effectively play a key role towards actualising sustainable development goals.”
To further buttress the expectations from this roundtable discussion, Mr. Ayodeji Oyetunde, Partner, Mergers & Acquisition, Aluko & Oyebode, said, “It is our hope that this roundtable will result in fruitful deliberations among regulators, business owners and advisers that will help shape the policy and practice of competition law in Nigeria.”