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Praxis Legal, Africa Re Building, Karimu Kotun, Ikeja (2026)

03/07/2026

FIDUCIARY DUTIES OF DIRECTORS IN NIGERIA (PART 1B)

DUTY TO ACT IN GOOD FAITH AND IN THE BEST INTEREST OF THE COMPANY: This is arguably the most fundamental of all directors' duties. Directors are generally required to act honestly and in what they genuinely believe to be the best interests of the company as a whole.

This means prioritizing the company's prosperity, stability, and long-term success over any personal or sectional interests. The "company as a whole" typically refers to the collective body of shareholders, though modern interpretations often consider other stakeholders like employees, creditors, and the community, especially in the context of long-term sustainability.

This duty demands an undivided loyalty to the company. This duty was given judicial blessing in the case of MINISTRY OF FINANCE v.EBONYI CEMENT LTD & ORS (2018) Suit No: FHC/A1/CS/6/2017(J) where the court held as follows: "Furthermore, by the provisions of Sections 279, 282 and 283 of CAMA, a director of a company stands in a fiduciary relationship towards the company and shall observe the utmost good faith towards the company in any transaction with the company or on its behalf. He shall act in the best interest of the company as a whole."

Going further, the stated that "The duty of director to act in utmost good faith is mandatory. He shall exercise his powers and discharge of his duty honestly, in good faith and in the best interest of the company. He is answerable to an action against him for negligence and breach of duty. Each director is individually responsible for the actions of the board in which he participated. Directors are trustees of the company's money and properties and as such must account for all the moneys over which they exercise control and shall refund any moneys improperly paid away and must be honest in the interest of the company but avoid acting in their own sectional interest."

In summary, directors are duty bound to serve the best interests of the company. They should not be seen putting their personal interests over and above that of the company, but rather championing the agenda/purposes of the company.

NB (Disclaimer): The information provided in this post is for general informational purposes only and does not constitute legal advice, nor does it create an lawyer-client relationship. While we strive to provide accurate information, laws change frequently, and the content may not reflect the most current legal developments. You should not act or refrain from acting based on any information included in this post without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer.

01/07/2026

Wishing you a blissful month ahead!!!

29/06/2026

FIDUCIARY DUTIES OF DIRECTORS IN NIGERIA (PART 1A)

INTRODUCTION

Directors of a company in Nigeria occupy a position of trust and confidence, which gives rise to a range of fundamental duties.

These duties are primarily aimed at ensuring that directors act in the best interests of the company and its shareholders, rather than for personal gain or the benefit of third parties. These are often referred to as fiduciary duties.

In the case of OKEOWO & ORS v. MIGLIORE & ORS (1979) LPELR-2441(SC) (Pp 110 - 110 Paras D - F), the Supreme Court stated this principle where it held that "It is the duty of the Directors of a Company to exercise powers vested in them for the benefit of the company their fiduciary relationship is not for individual advantage but for the company - see Automatic Self Clearing Co. v. Cunningham (1906) 2 Ch. 34."

Hence, directors are appointed primarily to serve the interests of the company, and not their interests primarily. Though they might enjoy certain perks and benefits that come with the office, their primary duty is towards serving, first and foremost, the interests of the company.

If you own a company, or are about to establish one, you will find very helpful this series on the duties of directors. Kindly read.

NB (Disclaimer): The information provided in this post is for general informational purposes only and does not constitute legal advice, nor does it create an lawyer-client relationship. While we strive to provide accurate information, laws change frequently, and the content may not reflect the most current legal developments. You should not act or refrain from acting based on any information included in this post without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer.

03/06/2026

REAL ESTATE LAW PRINCIPLES EVERY NIGERIAN SHOULD KNOW (Part 10)

COURTS CAN APPLY OTHER RELEVANT LAWS IN TENANCY DISPUTES

Although specific landlord-tenant laws exist in various states, courts are not restricted to only those statutes when resolving disputes. They have the liberty to apply other relevant laws, such as the Evidence Act, to ensure justice and a comprehensive assessment of the facts.

For instance, the Evidence Act would be crucial for determining the admissibility and weight of documents (like tenancy agreements, rent receipts, or notices) and oral testimonies presented by both landlords and tenants in court. This ensures that all pertinent legal frameworks are considered in reaching a fair and just decision. See the case of IBEH v. NKPOBUTT (2023) LPELR-61416(CA).

NB (Disclaimer): The information provided in this post is for general informational purposes only and does not constitute legal advice, nor does it create an lawyer-client relationship. While we strive to provide accurate information, laws change frequently, and the content may not reflect the most current legal developments. You should not act or refrain from acting based on any information included in this post without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer.

01/06/2026

REAL ESTATE LAW PRINCIPLES EVERY NIGERIAN SHOULD KNOW (Part 9)

SPECIFIC STATE LAWS PRIMARILY GOVERN LANDLORD-TENANT RELATIONSHIPS.

While there are general principles of landlord-tenant law, the specific details governing these relationships, such as notice periods for eviction, rent control regulations, and the precise procedures for recovery of premises, are primarily dictated by state-specific laws.

For instance, in Akwa Ibom State, the Landlord and Tenant Law, Cap. 71 Vol. 4, Laws of Akwa Ibom State, 2000 and the Rent Control and Recovery of Premises Law, Cap. 110 Vol.5, Laws of Akwa Ibom State, 2000 are the primary statutes. This means that landlords and tenants must be aware of the specific laws applicable in the state where the property is located, as these laws dictate their precise rights and obligations. See the case of IBEH v. NKPOBUTT (2023) LPELR-61416(CA).

Note also that the Recovery of Premises Act regulates Landlord and Tenant relationship in the Federal Capital Territory while the Lagos Tenancy Law regulates such in Lagos State.

NB (Disclaimer): The information provided in this post is for general informational purposes only and does not constitute legal advice, nor does it create an lawyer-client relationship. While we strive to provide accurate information, laws change frequently, and the content may not reflect the most current legal developments. You should not act or refrain from acting based on any information included in this post without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer.

25/05/2026

REAL ESTATE LAW PRINCIPLES EVERY NIGERIAN SHOULD KNOW (Part 8)

DISPOSITIONS OF LAND ARE SUBJECT TO GOVERNMENT INVOLVEMENT

The Land Use Act also stipulates that any dealings or "dispositions" of land, including granting leases or sub-leases, are subject to governmental control. This often means that certain transactions, particularly those involving statutory rights of occupancy, may require the consent of the Governor or other relevant authorities to be valid.

This implies that land sale, mortgage etc, need official approval to be fully enforceable and legally sound. Failure to obtain such consent where required can render the transaction invalid. See the case of ADISA v. OYINWOLA & ORS (2000) LPELR-186(SC).

NB (Disclaimer): The information provided in this post is for general informational purposes only and does not constitute legal advice, nor does it create an lawyer-client relationship. While we strive to provide accurate information, laws change frequently, and the content may not reflect the most current legal developments. You should not act or refrain from acting based on any information included in this post without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer.

20/05/2026

REAL ESTATE LAW PRINCIPLES EVERY NIGERIAN SHOULD KNOW (Part 7)

THE LAND USE ACT DOES NOT NULLIFY LAND OWNERSHIP ALREADY IN EXISTENCE PRIOR TO ITS PROMULGATION.

It should be noted that although the Act, created rights of occupancy that may be regarded as new tenures in land, it did not completely wipe away all incidents and relationships that existed, or is capable of existing, in dealings with land.

The law is that rights and interests in land previously vested in persons and occupancy of land under customary tenure,continue to play prominent roles as the transitional provisions and the definition of customary right of occupancy in the Act show.

The Land Use Act by creating rights of occupancy, in substance, described rights and interests in land in new terms. It does not introduce a completely novel concept of rights and interest in and over land into the jurisprudence of our land law, owing its incidents and origins exclusively to statute.

See the case of ADISA v. OYINWOLA & ORS (2000) LPELR-186(SC).

NB (Disclaimer): The information provided in this post is for general informational purposes only and does not constitute legal advice, nor does it create an lawyer-client relationship. While we strive to provide accurate information, laws change frequently, and the content may not reflect the most current legal developments. You should not act or refrain from acting based on any information included in this post without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer.

18/05/2026

ACCEPTING CASH PAYMENT(S) FOR PURCHASE OF A PROPERTY IS A CRIME!!!

BEWARE!!!

On Friday, March 06, 2026, the Supreme Court of Nigeria in the case of ALIYU v. FRN (2026) LPELR-83493 (SC) restated the law that criminalises accepting cash payments for property transactions.

In the words of Obande Festus Ogbuinya, JSC, who delivered the lead judgment "It is apropos, perforce, to place on record that the appellant was charged with accepting cash payment for the sale of landed property contrary to the provision of Section 22(1)(a) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.

It is germane to pluck it out, verbatim ac litteratim, whence it is domiciled quietly in the statute book. It states: 22. Payments for certain goods (1) Notwithstanding anything to the contrary contained in any enactment or law and except as provided in Subsection (2) of this Section, no person shall, in Nigeria, make or accept cash payment, whether denominated in foreign currency or not, for the purchase of acquisition of the following:
(a) landed properties;
(b) securities, including stocks, shares, debentures and all forms of negotiable instruments; and
(c) motor cars, including other vehicles of any description whatsoever.

(2) Payments for the items specified in Subsection (1) of this Section shall, as from the commencement of this Act, be made by means of bank transfers or cheques drawn on banks in Nigeria only.

The elements of the offence preferred against the appellant can be harvested from the provision catalogued supra. Thus, the ingredients of the offence, which the respondent has the bounden duty to establish beyond reasonable doubt, are, videlicet: (a) The defendant must be a person, whether juristic or natural person. (b) There must be a landed property. (c) "The landed property must have been sold for valuable consideration i.e money. (d) The defendant received/accepted cash payment for the sale of the landed property."

CONCLUSION

The decision in ALIYU v. FRN marks a major shift toward stricter financial transparency in Nigerian real estate transactions.

In practical terms, 'Cash-and-carry” land transactions are now legally dangerous. Furthermore, traceable banking channels are no longer merely advisable, they are mandatory.

Real estate professionals who fail to adapt may face serious criminal and regulatory consequences.

For lawyers, developers, brokers, and investors, this judgment should trigger an immediate review of transactional procedures, documentation standards, and compliance systems.

NB (Disclaimer): The information provided in this post is for general informational purposes only and does not constitute legal advice, nor does it create an lawyer-client relationship. While we strive to provide accurate information, laws change frequently, and the content may not reflect the most current legal developments. You should not act or refrain from acting based on any information included in this post without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer.

15/05/2026

REAL ESTATE LAW PRINCIPLES EVERY NIGERIAN SHOULD KNOW (Part 6)

THE NATURE OF LAND INTEREST UNDER THE LAND USE ACT

Under the Land Use Act, which governs land tenure across Nigeria (excluding Federal lands), the highest interest a citizen can hold in land is a "right of occupancy." This means that outright ownership of land, as understood in some other jurisdictions, is replaced by a right to use and occupy the land, granted by the State Governor.

A landlord, therefore, typically holds a statutory or customary right of occupancy, and it is this right that allows them to grant a tenancy to another person. This principle establishes the legal framework within which all land transactions, including tenancies, operate. See the case of ADISA v. OYINWOLA & ORS (2000) LPELR-186(SC).

NB (Disclaimer): The information provided in this post is for general informational purposes only and does not constitute legal advice, nor does it create an lawyer-client relationship. While we strive to provide accurate information, laws change frequently, and the content may not reflect the most current legal developments. You should not act or refrain from acting based on any information included in this post without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer.

13/05/2026

REAL ESTATE LAW PRINCIPLES EVERY NIGERIAN SHOULD KNOW(Part 5)

THE VALIDITY OF TRANSACTIONS INVOLVING FAMILY LAND

When a property is held as "family land" under customary law, specific rules govern how it can be alienated (sold, leased, mortgaged, etc.). It is crucial for both landlords and tenants to understand these rules:

Alienation by a non-Head family member: If a single member of the family, who is not the designated Family Head, attempts to sell or lease family land, that transaction is considered void ab initio. This means it is invalid from the very beginning, has no legal effect, and cannot be ratified later.

Alienation by the Family Head without consent: If the Family Head sells or leases the land without the consent of other principal members of the family, the transaction is voidable. This means it is initially valid but can be challenged and set aside by the non-consenting family members if they choose to do so. This principle is vital for tenants to understand, as leasing family land without proper consent can lead to the lease being invalidated, potentially resulting in eviction and loss of investment. The case of AGUBOSHIM & ORS v. NJIRIBEAKO (2014) LPELR-23777(CA) is important in this regard.

NB (Disclaimer): The information provided in this post is for general informational purposes only and does not constitute legal advice, nor does it create an lawyer-client relationship. While we strive to provide accurate information, laws change frequently, and the content may not reflect the most current legal developments. You should not act or refrain from acting based on any information included in this post without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer.

Praxis Legal

03/07/2026

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