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ABSTRACT
The Asset management corporation of Nigeria Act seeks to
establish the Asset Management Corporation of Nigeria for the purpose
of efficiently resolving the non – performing loan assets of banks in
Nigeria and for related matters. Within the years under review of this
study, the banking industry, as well as Nigeria economy was
characterized by unprecedented financial and economic crisis, which led
to the effect of the crisis of the stock market collapsed by 70
percent in 2008 – 2009 and many Nigerian banks sustained huge losses,
particularly as a result of their exposure to the capital market and
down – stream oil and gas sector. Based on these problems in the banking
industry and the effect of globalization it influence the interest in
this study. The general objective of the study is to determine the
present state of the law on Asset Management of bank and the right of
shareholders. The research is interdisciplinary in scope and addresses
both legal and socio-economic issues. To ascertain information for this
research work, doctrinaire research methodology was used, while the
secondary data element of empirical research where data from Assets
Management Corporation of Nigeria (AMCON) was used as source of
information to illustrate the work. The findings stated that the right
of shareholders depended largely on provisions in a corporation charter
and by-law; that shareholders in a corporation are shielded from
personal liability for debts and obligations of the corporation, and
also, that the consolidation programme were necessitated by the need to
strengthen the banks, thereby playing pivotal roles in driving
development across the sector of the economy. The study recommended
adequate practices of banking laws and regulations within the industry,
risk – focused and rule based regulatory framework, strict enforcement
of corporate governance principles in banking, expeditions process for
rendition of returns by banks and other financial institutions through –
efass and finally the revision and updating of relevant laws for
effective corporate governance and ensuring greater transparency and
accountability in the implementation of banking laws and regulations.
- BACKGROUND TO STUDY
Investors who purchase corporate stocks enjoy a
number of rights pertaining to their ownership the rights of
shareholders depends largely on provisions in a corporation charter and
by- laws. These are the first document which a share holder should
consult when determining his or her rights in a corporation.
The recent experience from the global financial crisis has
further underscored the imperatives of countries to embark on banking
reforms on a regular basis. As we are all aware the world economy was
hit by an unprecedented financial and economic crisis in 2007-2009 that
resulted in a global recession. This crisis led to the collapse of many
world-renowned financial institutions and even caused an entire nation
to be rendered bankrupt.
Therefore, it is on this background that a painstaking surgery
will be made on this dissertation, the Management of Banks and the
Right of Shareholders under the Asset Management Corporation of Nigeria
which is designed to take care of current development in the law of
banking so as to meet the challenges of the 21st century and to help to
stimulate the recovery of the financial system from the recent crisis
by boosting the liquidity of troubled banks in which the central bank
of Nigeria was forced to intervene and increase access to restructuring/
refinancing opportunities for borrowers.
1.2 STATEMENT OF PROBLEM
The recent experience from the global financial crisis has
further underscored the imperatives of countries to embark on banking
reforms on a regular basis. As we are all aware, the world economy was
hit by an unprecedented financial and economic crisis in 2007-2009 that
resulted in a global recession. This crisis led to the collapse of many
world-renowned financial institutions and even caused an entire nation
to be rendered bankrupt.
In Nigeria, the economy faltered and was hit
by the second round effect of the crisis of the stock market collapsed
by 70 percent in 2008-2009 and many Nigerian banks sustained huge
losses, particularly as a result of their exposure to the capital
market and down-stream oil and gas sector.
Therefore, the Central Bank of Nigeria (C.B.N) had to rescue 8
of the banks through capital and liquidity injections, as well as
removal of their top executives and consequent prosecution of those who
committed some infraction. These actions became necessary to restore
confidence and security in the banking system.
1.3 AIMS AND OBJECTIVES
The objective of this dissertation, the Management of Banks and
the Right of Shareholders under the Asset Management Corporation of
Nigeria is to examine the present state of the law on Asset management
of banks and the right of shareholders.
The law of the above management of banks and the right of shareholders is to be found in the statutory law, reported decisions and dicta of judges, articles and journals and reports from the internet facilities.
This dissertation also aims at helping to stimulate the recovery of the financial system from recent crisis by boosting the liquidity of troubled banks through buying their non- performing loans, helping in the recapitalization of banks in which the CBN was forced to intervene and increase access to restructuring/refinancing opportunities for borrowers.
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