Department of Commercila Law  - Undergraduate Courses

DEPARTMENT OF COMMERCIAL LAW
Commercial Law (LWCM301)
FIRST SEMESTER
AGENCY
1.         Definition and formalities and Capacity
2.         Authority of the Agent
3.         Types of Agents
4.         Rights and Duties of Principal and Agent
5.         Relationship of Principal and Agents to Third Parties
6.         Termination of Agency

PARTNERSHIP
1.         Nature and formation of Partnership
2.         Types of partnership
3.         Terms of Partnership Agreement
4.         Relationship between Partners
5.         Enforcement of partnership rights
6.         Relationship between Partners and Third Parties
7.         Dissolution of partnership.

SECOND SEMESTER
COMMERCIAL LAW (LWCM302)
SALES OF GOODS
1.         Nature and formation of the Contract
2.         Conditions Warranties and Representations
3.         Ownership and Passing of Property
4.         Duties of the Seller and Buyer
5.         Effect of Contract
6.         Breaches and Remedies
7.         Special commercial contracts in Outline
8.         Use of various payment devices it Cheques, Credit Cards, Luncheon and fuel vouchers.

HIRE PURCHASE
1.         Nature and Meaning of Hire Purchase
2.         Hire purchase in common law and Under the Hire purchase Act, 1965 (Now Cap. 169. LFN 1990)
3.         Ownership and passing of property
4.         Remedies of Owner and Hirer
5.         Minimum Payment Clause and Relevant Proportion Clause and Damages
6.         Standard from Hire Purchase agreements, Bill of Sales, Conditional Sales and Credit Sale Agreement.

BANKING AND INSURANCE LAW  (LWCM401)
FIRST SEMESTER
BANKING
1.         Nature, History and Evolution of banking in Nigeria,
2.         Law Regulating the establishment and Operation of banking in Nigeria
3.         Nature of legal Effect of Negotiable instruments, including cheques, promissory notes, bills of Exchange, etc.
-           Negotiability and Assign ability
-           Endorsement and Delivery
-           Presentation and Notice of Dishonour
4.         Banking/customer Relationship
-           Nature and legal effect of bank Account
-           Overdrafts
-           bank notes
-           Cheques and their crossings
-           Mortgage and fore closure
-           Forgeries and conversion
-           Securities and Advances.

SECOND SEMESTER (LWCM402)
INSURANCE
1.         Nature, Purposes and function of Insurance
2.         Types of Insurance
3.         Marine, Life, Personal Accident and Motor Vehicle Insurance
4.         Parties to Insurance Contract
5.         Contract; assignment of insurance policy;
6.         Underwriting and reinsurance claims and settlement of claims
7.         State Control of Insurance Business

FIRST SEMESTER COMPANY LAW (LWCM501)
1.         INTRODUCTION
(a)        Definitions of the subject
(b)        Types of companies
(c)        The Institutional Structures for the Administration of Company law in Nigeria
(d)       Classification of business organizations in Nigeria.
(e)        Companies and other business units – partnership.

2.         FORMATION OF COMPANIES
(a)        Capacity and right to form a company – Distinction between Nigerian/Non Nigerian Association
(b)        The incorporation process
(c)        The corporate Constitutional Documents – later Memorandum of Association.  Articles of Association -–Acteration of Memo & Article
(d)       Certificate of Incorporation S.36(5) & s.37.
(e)        Re-Registration of Companies
(f)        Alteration of Memorandum and Articles

3.         CONSEQUENCES OF INCORPORATION
(a)        Corporate Personality – (i) incidents  (ii) Lifting the Corporate veil
(b)        Legal Relationship between the company and its members/officers S.40

4.         CORPORATE CAPACITY
(a)        Pre-Incorporation Contracts and Promoters Liability
(b)        Company contracts and Doctrine of Ultra vires
(c)        Acts for and on behalf of the Company

5.         SOURCES OF CORPORATE CAPITAL
i)          Share and loan Capital – Definition
ii)         Raising and maintenance of Capital
iii)        Prospectus, Allotment of Shares and Membership

SECOND SEMESTER COMPANY LAW (LWCM502)
1.         COMPANY ADMINISTRATION
i.          directors
(a)        Appointment
(b)        Their powers an duties
(c)        Removal
ii.         Enforcement of Directors Duties and shareholders’ Suits
2.         COMPANY SECRETARIES
Status & Duties
Duties of Company Secretary

3.         MEETING AND RESOLUTIONS
i.          Types of meetings – Significance
ii.         Types of Resolutions – significance
4.         Profits and Dividends
5.         COMPANIES FINANCIAL STATEMENT/AUDIT
-           Accounting Records
-           Annual/Returns
-           Audit and Inspection
-           Directors Report
6.         -           Securities Regulation & Insider Trading
7.         -           Business Combinations/Restructuring
-           Arrangement
-           Reconstruction, Merges and Takeovers
8.         Majority Powers and minority Rights,
Prevention of oppression of minorities
9.         Winding Up.

 

LAW OF TAXATION (LWCM503)
FIRST SEMESTER

  • General principles of taxation
  • Definition of Tax
  • Objectives of tax
  • Characteristics of good tax system
  • Classification of taxes
  • Tax base
  • Definition of Income for Tax Purposes
  • Historical outline of Nigerian tax system
  • Freedom of inter-state trade, commerce and restraints on Federal and State Governments Taxing Powers
  • Interpretation of taxing statutes
  • Personal taxation
  • Taxable persons
  • Determination of residence
  • Employment taxation
  • Meaning of office and employment
  • Deductible expenses
  • Personal reliefs
  • Income tax rate
  • P.A.Y.E
  • Business Taxation
  • Scope of the charge
  • Trading profits
  • Computation of trading profits
  • Trading stock and its evaluation
  • Trading expenditure
  • Capital and revenue expenditure
  • Wholly, exclusively.  Necessarily and reasonably in the production of trading income
  • Commencements and termination of a trade
  • Period of assessment
  • Border line areas
  • Relief for trading losses
  • Capital allowances
  • Investment Income
  • Dividends, Interest, Discount
  • Annuity, Annual Payments, Withholding Taxes

LAW OF TAXATION (LWCM504)
SECOND SEMESTER

  • Taxation of company’s profits
  • Categories of companies
  • Charges to Companies Income Tax
  • Categories of Income
  • Exempted Income
  • Computation of Total profits
  • Dormant Companies
  • Taxation and Dividends
  • Rules of taxation of dividends
  • Petroleum profits Tax, charges to tax and ascertainment of profits
  • Capital; allowances
  • Capital gains taxations; its definition desirability, the gains chargeable and purposes of capital; giants tax
  • Tax Evasion and avoidance;  their definitions

OIL AND GAS LAW (LWCM507)
FIRST SEMESTER

  • The original and occurrence of oil and natural gas
  • Theories of ownership in oil and gas
  • United Nations and Natural Resources
  • Interests in Oil and Gas – Oil concession, effect of rights concessionaries on natural gas
  • Expropriation of rights in oil and gas -0 national
  • Oil and Gas pipelines – nature, legal statutes, conditions for grants, rights and obligations of the licenses.

OIL AND GAS LAW (LWCM508)
SECOND SEMESTER

  • Refining of Petroleum Oil
  • Pollution
  • Oil and Gas Revenue legislation
  • Administration of petroleum profits
  • Nigerian national petroleum Corporation (NNPC)
  • State participation in the Petroleum Industry
  • Manpower development
  • Organization of Petroleum Exporting Countries (OPEC)

CAPITAL MARKET LAW AND PRACTICE (LWCM505)
FIRST SEMESTER
1.         INTRODUCTION
1.         Macroeconomic view of the economy taking into consideration the financial system; the relationship between S = (savings and investment).
2.         The Market Concept (Buyers and Sellers).

3.         The Financial Market: - Money VS Capital market should state difference segments of the financial market.

2.         THE NIGERIAN CAPITAL MARKET – DEFINITION
2.1       Evolution of the Nigerian Capital market
i.          Pre-Independence
ii.         Post-Independence
iii.        Recent Developments
2.2       Primary/Secondary Market
2.3       Users of the Market (Demand Side) i.e Companies, Federal, State and Municipal Govt.

2.4       Instruments (Supply side)
i.e Equity – Shares, Preferences shares
Debt – Corporate, State bonds
Derivatives – Options, Swap, Warrants, Futures, Ventures, Depositories

3.         LEGAL FRAMEWORKS TO REGULATING THE CAPITAL MARKET:
i.          Investments and Securities Act (ISA)
ii.         Companies and Allied matters Act (CAMA)
iii.        Trustees Investment Act
iv.        Public Enterprises (Privatization/Commercial Act)
v.         Nigeria Investment Promotion Commission (NIPC Act)
vi.        Foreign Exchange (Monetary and Miscellaneous provision Act)
vii.       Chartered Institute of Stockbrokers Decree

4.         INSTITUTIONAL FRAMEWORK FOR THE CAPITAL MARKET
i.          Securities and Exchange Commission (SEC)
ii.         Lagos Stock Exchange/Abuja Stock Exchange (the SRO concept)
iii.        Proposed Over the Counter Market (OTC)
iv.        Corporate Affairs commission (CAC)
v.         Nigerian Investment Promotion commission (NIPC)
vi.        Courts
vii.       Unit Trust Collective Investment Scheme
ix.        Commodity Exchange
x.         Central Securities /clearing System (CSCS)

5.         MARKET INTERMEDIARIES
i.e Issuing House, broker/dealers, Registrars, Underwriters clearing and settlement, stock Exchange, Portfolio Managers, Investment Advisers.

6.         MONITORING/ENFORCEMENT
6.1       Surveillance
6.2       Enforcement
6.3       Administrative Hearing committee (AHC)
6.4       Warning
6.5       Sanctions
6.6       Expulsions
6.7       Proposed Investment Tribunal

SECOND SEMESTER
OPERATIONS OF THE CAPITAL MARKET (LWCM506)
i.          Primary Market
1.1       Method of Offering Securities
i.          Offer for Sale
ii.         Offer for Subscription
iii.        Offer by Introduction
iv.        Cross Border Listing
v.         Private Placement
1.2       Brief on Packaging of Securities (public Offering Process)

2.         Secondary Market
2.1       Operations of the Secondary Market
i.          Listing/Listing by Introduction
ii.         Share Purchase
iii.        CSCS
iv.        Daily Official Listing
v.         Market Indicators and their calculation

3.         Portfolio theory
3.1       Portfolio theory:
Basic concepts – definitions and examples

            Portfolio theory as developed by mark out

  • Security analysis
  • Portfolio analysis
  • Portfolio Selection

3.2       Security Analysis
-           The single period rate of return of a security
-           The expected return and variance of rate of return
-           The co-variance and correlation coefficient between rate and return
3.3       Portfolio analysis
-           Calculating the risk/return characteristics of portfolios efficient frontier
3.4       Portfolio Selection
The Optimal Portfolio of an Investor
3.5       Asset Pricing Models
-           Basic Concepts, Definitions and Examples
-           The capital Asset Pricing Models.