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Nigeria Draft: A Classic Draughts Game with a Nigerian Twist


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Recently, the Nigerian Senate passed the Bankruptcy and Insolvency (Repeal and Re-enactment) Bill. This is no doubt a welcome development following the continued demand by insolvency practitioners, academics and other stakeholders for such a legislation. The call for reform has been (consistent with economic challenges faced by businesses in the country), for one that is favorably disposed to the successful restructuring of financially distressed businesses, allowing them to weather the storm of (impending) insolvency, emerge from it and continue to operate within the economy. This article situates this draft legislative instrument within the present wave of preventive restructuring espoused in the European Union Recommendation on New Approaches to Business Rescue and to Give Entrepreneurs a Second Chance (2014), which itself draws largely from Chapter 11 of the US Bankruptcy Code. Arguing that the Nigerian draft legislation does not countenance a preventive regime, the article is a conversation-starter for such regime.


After five months of national restructuring debate held at the National Judicial Institute Abuja, the National Conference have produced its draft final report, drawn from reports of the twenty committees set up during the conference. The report is tipped to morph into a constitution.


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Sometime in 2016, the FRC released three draft Codes of Corporate Governance for Private Companies, Public Companies and Not-for-Profit Entities. The Codes were suspended as a result of the controversy generated after the release. In exercising its functions based on Sections 11c and 51c of the FRC Act, the FRC drafted a new Code that consolidates the Codes for private and public companies while the Code for Not-for-Profit entities remain suspended.


Financial Close Date: 12/23/2013Commercial Operations Date: 11/30/2015Estimated Project Cost: $117.3MOverview: The Olorunsogo I power plant was privatized as part of Nigeria's efforts to restructure and reform the energy sector. USAID assisted in the privatization efforts by providing technical assistance to the Bureau of Public Enterprise and the Nigerian Bulk Electricity Trading (NBET) Plc. This included reviewing and commenting on drafts of the support agreement; project agreements; credit and reimbursement agreements; partial risk guarantees; letters of credit; and other related documentation. This project reached financial close in December 2013 and was commissioned in November 2015.


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Financial Close Date: 11/01/2013Commercial Operations Date: 12/29/2017Estimated Project Cost: $434MOverview: This transaction was part of Nigeria's efforts to restructure and reform the energy sector. USAID assisted in the privatization efforts by providing technical assistance to the BPE and NBET. This included reviewing and commenting on drafts of the support agreement; project agreements; credit and reimbursement agreements; partial risk guarantees; letters of credit; and other related documentation.


Through this bootcamp, over 100 off-grid practitioners levelled up their financial modeling skills for off-grid clean energy projects in Nigeria. Now the materials are available for download for anyone that wants to level up!


Zach talks to ESPN's Bobby Marks and Jonathan Givony about Kyrie Irving, Brooklyn's doomsday scenario, fake Kevin Durant trades, Orlando taking Paolo Banchero No. 1, New York's draft night, the free agency landscape, much more


Zach talks to Golden State coach Steve Kerr about the Warriors title run. Then ESPN's Jonathan Givony joins (49:22) to talk all things NBA draft -- trade rumors, his latest mock draft, Kyrie Irving, and much more.


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