Franchising has its disadvantages, risk, barriers, and challenges. The risks and challenges are multiplied in countries with weak legal and regulatory environment, countries were technical services are not readily available, and countries that do not provide an enabling environment for small and medium sized (SMEs) enterprises. However with due diligence, sound legal advice and carefully-drafted contracts, risks can be minimized, benefits maximized and challenges side-stepped.
South African legal market continues to attract international interest to me Taxation: We have Appeal Court backing to practise— ICAN Concerned by the spate of misleading reports in the media following the Court of Appeal ruling that its members can
Baker & McKenzie and Linklaters LLP are the newest firms to expand into South Africa following a recent wave of international firms launching into the region including Norton Rose and Fasken Martineau DuMoulin LLP.
The ongoing corruption trial of Gbenga Daniel, former Ogun State governor and the decision of the trial court to stay proceedings pending the determination of an interlocutory appeal by Daniel has again brought to the fore the abuse and misuse of interlocutory appeals as stay of proceedings in criminal trials in Nigeria.
Most Nigerians and indeed Africans have, by now, heard the story of “Africa’s richest woman”. What however may be less clear to many is the legal jurisprudence that accompanies the story of Mrs. Alakija, owner of Famfa Oil. That legal aspect of the story is relevant to the Nigerian business community and to lawyers generally, as it adjudicates on, and further judicially entrenches the concept of the rule of law in business, the idea that all market participants (including government) must play by set rules and more so where a venture includes private business participants on the one hand and the regulator on the other. Consistent judicial support for the rule of law in business will give investors certainty and thereby increase investment inflows and its attendant benefits.
On Monday, January 28, 2013, a High Court of Nigeria’s Federal Capital Territory, Abuja presided over by Hon. Justice Abubakar Talba convicted John Yakubu Yusuf of the offence of criminal appropriation and sentenced him to a prison term of 2 years with an option of fine of N250,000 for each of the 3 counts in a 20-Count Amended Charge, to which he had specifically pleaded guilty. Since the Judge ordered that the sentences should run concurrently John Yakubu Yusuf was, in effect, sentenced to a cumulative prison term of 2 years with an option of N750,000 fines. However, in addition to the custodial punishment or fine, John Yakubu Yusuf was ordered to forfeit, to the State, real property, situate in Abuja and Gombe, and the sum of N325 million, proceeds of his crime, stashed away in banks and frozen.
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