Company secretary | Rainoil
Dr Emmanuel Ibekwe
Company secretary | Rainoil
How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?
At this juncture, let me emphasise that tackling this issue requires a proactive, flexible, and multidisciplinary approach. The first step is to establish a crisis management team comprising legal, risk management, communications, and business leaders. A well-structured crisis management plan should be in place, clearly defining roles, responsibilities, and procedures for responding effectively. Conducting thorough legal risk assessments is also essential to identify potential exposures and develop mitigation strategies in advance.
Once a crisis emerges, the immediate priority is to activate the crisis management team to assess the situation and implement the necessary response. Providing timely legal advice is crucial to ensuring compliance with regulations, fulfilling contractual obligations, and mitigating potential liabilities. Transparent and consistent communication with stakeholders, both internal and external—including employees, customers, regulators, and government agencies—is key to maintaining trust and stability.
Throughout the process, legal strategy must remain closely aligned with business objectives. A well-integrated approach ensures that legal decisions support the organisation’s broader goals and long-term resilience. Collaboration between legal, risk management, and business units is essential to maintaining agility in rapidly evolving situations. Continuous monitoring of the legal and regulatory landscape allows for quick adaptation of strategies as circumstances change.
As the crisis stabilises, focus shifts to resilience and recovery. A structured recovery plan should outline clear steps for legal and reputational restoration, ensuring that the company emerges stronger. A thorough post-crisis review helps identify lessons learned, leading to improvements in future preparedness. Maintaining transparency and accountability throughout the process is vital to rebuilding stakeholder confidence, particularly among regulators and investors. By adopting this comprehensive approach, legal teams can help organisations navigate crises effectively, ensuring both stability and long-term sustainability.
What are the main trends that are salient in your country currently (these can be legal, political, economy or business based)?
A recent development that has garnered attention is the Senate’s approval for President Bola Ahmed Tinubu to seek a loan of NGN1.77 trillion (roughly USD2.2 billion). President Tinubu sent a letter to the National Assembly on Tuesday requesting approval for this new external borrowing plan, which is part of the 2024 Appropriation Act. This loan will help finance part of the N9.7 trillion budget deficit for the 2024 fiscal year.
This new loan will contribute to an increase in the Federal Government’s debt servicing costs. According to the Central Bank of Nigeria, it cost the government USD3.58 billion to service foreign debt in the first nine months of 2024. With the rising exchange rates, concerns have been raised about the mounting pressure of Nigeria’s foreign debt obligations.
Another important legal matter concerns the Appeal Court’s ruling that nullified the Federal High Court’s decision regarding the Rivers State local government election. The Federal High Court had previously prohibited the Independent National Electoral Commission (INEC) from releasing the voters’ register to the Rivers State Independent Electoral Commission for the election. However, the Court of Appeal in Abuja overturned this judgment. The panel, led by Justice Onyekachi Otisi, ruled that the lower court had lacked the jurisdiction to hear the case, as section 28 of the Electoral Act applies only to federal elections, governorship elections, and elections within the Federal Capital Territory. Consequently, the Appeal Court held that the Rivers State local government election could proceed.
Are there any causes, business or otherwise, you are passionate about?
I am passionate about several causes and businesses, and here are just a few examples.
In terms of social causes, one area that deeply resonates with me is education and literacy. I believe in the importance of establishing programmes aimed at improving education and literacy, particularly in rural areas where access to quality education can be limited. Another cause I care about is environmental conservation. Sustainability, waste management, and the protection of Nigeria’s natural resources are vital for both present and future generations. I am also committed to supporting women’s empowerment. This includes advocating for women’s rights, providing economic opportunities, and promoting gender equality across all sectors of society.
On the business side, I see significant opportunities in tourism and hospitality. Investing in resorts or tour operations to promote Nigeria’s rich cultural heritage could help boost the country’s economy and showcase its diverse landscapes.
I also have a strong interest in non-profit organisations. I would like to establish NGOs that focus on specific causes such as education, healthcare, and environmental conservation. These are just a few of the many causes and business ideas that I am passionate about, and I hope to see them come to fruition in the near future, contributing to the growth of our society.
