Question Tag: Nigerian Courts

a. Nigerian courts are enjoined to apply the common law of England, doctrines of equity, and statutes of general application that were in force on the 1st of January 1900.

Required:

• Define:
  i. Common law (1 Mark)
  ii. Equity (1 Mark)
  iii. Statutes of general application (1 Mark)

b. Mercy and Samuel, who are the only partners of a limited liability partnership, are protesting a demand letter served on them for the payment of the sum of N500,000 each by the Corporate Affairs Commission for failure to audit the partnership’s account for the immediate past year and failure to file annual returns for the same period. They are protesting on the grounds that they are not a company and, therefore, not liable to file annual returns, and that the Corporate Affairs Commission has no right to demand the audit. They have approached you as a professional to advise them.

Required:
Advise the partners in line with the provisions of the Companies and Allied Matters Act 2020 on:

i. The Corporate Affairs Commission’s demand for the partnership’s audit (4 Marks)
ii. Whether or not the partnership was under a legal duty to file annual returns with the Corporate Affairs Commission (4 Marks)

c. A limited liability partnership must have a designated partner.

Required:
What shall a designated partner be responsible for? (4 Marks)

d. ADR is the abbreviation for Alternative Dispute Resolution.

Required:

i. Explain briefly Alternative Dispute Resolution (2 Marks)
ii. State THREE mechanisms of Alternative Dispute Resolution (3 Marks)