Justice Chambers

THE RADIANT JUSTICE CHAMERS, OBAFEMI AWOLOWO UNIVERSITY  EQUITY (COMPANY LAW) Equity is the value of a company that is attributable to shareholders' investment in it after subtracting all liabilities from its assets. It represents the residual interest in the assets of an entity after deducting all its liabilities. Shareholder equity can be either negative or positive. If positive, the company has enough assets to cover its liabilities. If negative, the company's liabilities exceed its assets; if prolonged, this is considered balance sheet insolvency. Equity can be negative if total liabilities exceed total assets. Equity, as a term for ownership, contrasts with debt, which is borrowed funds. Equities (or stocks) are issued by companies using stock certificates (certificates of ownership) and represented by two numbers: the price per share (or share price) and the total number of shares outstanding (share count). The calculation of equity is a company's total as...

THE RADIANT JUSTICE CHAMBERS, OBAFEMI AWOLOWO UNIVERSITY.  LEGAL NUGGETS⚖️  CERTIORARI     Certiorari is a Latin word meaning " to be informed of" . A proceeding by writ of certiorari is a special proceeding by which a superior or appellate court requires some inferior tribunal, board, judicial officer or government agency to transmit the record of its proceedings for judicial review.       By denying such a writ, the court is saying it will let the lower court decision stand, particularly if it conforms to accepted precedents (previously decided cases).      In the case of Pharmaceutical Society Of Nigeria (PSN ) V. The President , it was argued that the Writ of Certiorari is one of the instruments of judicial control of administrative action and it will apply where an administrative body purports to usurp judicial functions.   FROM THE OFFICE OF THE DIRECTOR OF LITIGATION AND RESEARCH

THE RADIANT JUSTICE CHAMBERS, OBAFEMI AWOLOWO UNIVERSITY.  LEGAL NUGGETS⚖️  NOLLE PROSEQUI ¶ A Nolle Prosequi (or Nolle Pros) is a form of dismissal of a criminal charge. An entry of nolle prosequi may be made at any time after charges are brought and before a verdict is returned or a plea entered.  ¶ The entry of a Nolle Prosequi is an admission that the charges cannot be proved or that evidence has demonstrated either innocence of the accused or a fatal flaw in the prosecution's claim. It is not an acquittal, which prevents further proceedings against the defendant for the conduct in question. ¶ If a charge against an accused has been resolved by a nolle prosequi, then the charge is considered dismissed unless or until a prosecutor brings a direct indictment.   FROM THE OFFICE OF THE DIRECTOR OF LITIGATION AND RESEARCH

THE RADIANT JUSTICE CHAMBERS, OBAFEMI AWOLOWO UNIVERSITY.  LEGAL NUGGETS⚖️ LIQUIDATION KEY TAKEAWAYS • The term liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. • A bankrupt business is no longer in existence once the liquidation process is complete. • Liquidation can also refer to the process of selling off inventory, usually at steep discounts. • It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due. As company operations end, the remaining assets are used to pay creditors and shareholders, based on the priority of their claims. General partners are subject to liquidation. FROM THE OFFICE OF THE DIRECTOR OF LITIGATION AND RESEARCH

THE RADIANT JUSTICE CHAMBERS, OBAFEMI AWOLOWO UNIVERSITY.  LEGAL NUGGETS⚖️   LACHES  ¶ Laches is an equitable defense that arises from the legal maxim _" Equity aids the vigilant and not the indolent”._ It prevents a plaintiff from obtaining legal relief where he or she waited too long to file a suit against the defendant without a reasonable reason.  ¶ Enforcing such right after an unreasonable delay can be viewed as prejudicial to the opposing party. This party may claim that the plaintiff had been “sleeping over his rights” and therefore such a right is no longer available to him since it is barred by laches.  ¶ Although both are equitable estoppel, it is important to note the difference between Laches and Acquiescence.  While Laches occurs when one party delays  without a reasonable excuse in bringing an action against an infringer of a right, Acquiescence arises where by his conduct or express words, the plaintiff  impliedly con...

THE RADIANT JUSTICE CHAMBERS, OBAFEMI AWOLOWO UNIVERSITY⚖️ Legal Nuggets   PLEA BARGAIN  It is a fairly recent concept in Nigeria. Plea bargain came into limelight in Nigeria in 2005 when it was first used by the EFCC to settle the case of corruption against former Inspector-General of Police Tafa Balogun. The justifiability and legality of plea bargaining has been brought to question.Many people are opposed to the practice of plea bargain because it conflicts with what they believe to be fair and just.There is also the risk of sentencing innocent people who are forced to plead guilty just because of the possibility of heavy sentences.  However, those in favour of the practice argue that plea bargaining allows both parties to avoid a lengthy, expensive trial. Also, the use of plea bargain in cases of corruption and embezzlement has been used to recover large amounts of money through the fines imposed as forms of punishments.  (For further reading, see "T...

THE RADIANT JUSTICE CHAMBERS, OBAFEMI AWOLOWO UNIVERSITY⚖️ LEGAL NUGGETS   CONTINUANCE A continuance is a grant of additional preparation time before or during a trial. Either the prosecution or the defense can request a continuance, and sometimes even the court can order a continuance of its own accord. Lawyers typically seek continuances because they want more time to prepare for trial. but they don't always get them. Circumstances that would warrant a continuance include:  °Changes to the Indictment or Information  °When a defendant wants to change their defense attorney for another  °Surprise Witnesses or Evidence °Surprise Testimony.   FROM THE DIRECTORATE OF RESEARCH AND LITIGATION

THE RADIANT JUSTICE CHAMBERS, OBAFEMI AWOLOWO UNIVERSITY⚖️   LEGAL NUGGETS DUE DILIGENCE  Due diligence became a common practice in the U.S with the passage of the Securities Act of 1933. With that law, securities dealers and brokers became responsible for fully disclosing material information about the instruments they were selling. Failing to disclose this information to potential investors made dealers and brokers liable for criminal prosecution. The writers of the act recognized that requiring full disclosure left dealers and brokers vulnerable to unfair prosecution for failing to disclose a material fact they did not possess or could not have known at the time of sale. Thus, the act included a legal defense: As long as the dealers and brokers exercised "due diligence" when investigating the companies whose equities they were selling, and fully disclosed the results, they could not be held liable for information that was not discovered during the investigatio...