What are the most significant cases or transactions that your legal team has recently been involved in?

Further to the general counsel of the NGX being the chairperson of the Legal Committee of the African Exchanges Linkage Project, and another member of the Legal team being the Secretary of the African Exchanges Linkage Project, the legal team was responsible for facilitating, negotiating and implementing a Memorandum of Understanding between NGX and the African Export-Import Bank in respect of the use of its Pan-African Payment and Settlement System (PAPSS) for cross border securities transactions in Africa, and also responsible for coordinating various stakeholders both within and outside Nigeria to implement on 3 March 2023 the first ever cross border securities transaction in Africa using PAPSS.

Provision of sound advisory and effective litigation management leading to the delivery this year of a landmark judgment in favour of NGX Real Estate (an affiliate company) against the Federal Inland Revenue Service at the Tax Appeal Tribunal (TAT). The TAT upheld the arguments of our affiliate company that the FIRS erroneously imposed VAT liabilities against it, and affirmed the legal position that rental incomes derived from real properties are not subject to VAT based on the provisions of the VAT Act 2007 (as amended by the Finance Act, 2019). This effort translated to significant cost savings for the organisation, and created a new legal precedent in Nigeria which has been the basis of several articles by different law firms.

Provision of legal advisory which supported the creation and launch this year of a new access point for investors to the capital market via Unstructured Supplementary Service Data (USSD). This is the first of its kind in the African capital market as it enables investors (tech savvy or otherwise) and market participants to, through USSD acquire real time capital market trading information.

Championed the creation and implementation of the X-Lit financial literacy drive to bring NGX closer to people and increase retail participation in the capital market. The first phase of the program this year saw about 4,200 Retiring Military Officers and Nigerian Youth Service Corps being taught the rudiments of creating enduring wealth using the capital market, and given avenues to open brokerage accounts. This effort promotes financial literacy, deepens financial inclusion and economic empowerment.

How have you attempted to bring the legal department closer to your business colleagues?

Owning Strategic Initiatives by expanding the team’s activities beyond legal services to co-creating, championing, and implementing strategic initiatives of the organisation which align with the business strategy. Whilst some of such initiatives have been revenue generating, others have been avenues to implement SDGs.

Running interconnected teams – members of the legal team form part of cross-departmental project teams responsible for conceptualising and implementing strategic projects of the organisation, with shared responsibility to ensure the success of the project. This approach integrates legal work with business objectives, strengthens business relationships and promotes efficiency.

Integrated KPIs – The team’s general KPI is aligned with the strategy of the business, and each member’s KPI is aligned with the yearly strategic initiatives of the company, and the respective business teams they support. This promotes a joint ownership mentality where the Legal team sees the KPIs of each business they serve as theirs, and reinforces the team’s motto that the department’s success is dependent on the success of the business teams.

How do you see the general counsel role evolving in Nigeria over the next five-ten years?

With technological advancements, and the growing need for companies to practice accountable capitalism by positioning their businesses to drive sustainable actions/outcomes, I see the GC role evolving significantly across:

Job descriptions transcending to become central to ESG considerations and decisions of organisations, in collaboration with chief diversity officers and chief sustainability officers; more involved in information security management, monitoring and reporting given the expanding data protection jurisprudence and requirements; originators and designers of in-house technology tools customised for the distinct legal needs of their respective companies and potentially other companies through software as a service; and deeply involved in and accountable for P&L related activities of the business.

Opportunities – with continued growth for the GC within corporate governance structures; more sophistication, capacity, and influence in transforming the corporate and legal sectors of the economy; and a trend towards recasting the GC role as a viable path to CEO.

Skill sets – which will require not only legal competencies but a mix of strategic management; transformative leadership; risk management; data analytics; information security; project management; financial astuteness; technical proficiency with AI, cloud tools, and machine learning; and soft skills including empathy and flexibility; awareness of social issues and consumer trends; and ability to build and leverage networks and partnerships.