This Day (Lagos)
NEWS
March 9, 2006
Posted to the web March 10, 2006

By Crusoe Osagie
Lagos

The Nigeria Bar Association (NBA) section on Business Law has said that a sound legal framework is important to the success and sustenance of the economic reform programme of the Federal Government.

Speaking in Lagos yesterday on the forthcoming maiden Nigerian Business Law Conference, Chairman of the section, Mr. George Etomi, explained that however intelligently crafted the reform policy may be, it cannot take a firm footing without appropriate legal background.

"No matter how good the economic reform policy may be, without a good legal framework, the reform will not work", he said.

He stated that the recognition of this fact prompted the section of business law to choose the theme 'Economic Reforms and Business Law Practice in Nigeria ' for the maiden conference scheduled to take place in Abuja end of March.

Etomi said the conference will bring the formulators of the economic reform policy face to face with practitioners in all facets of the legal system including lawyers, legal practitioners, corporate counsels and judges among others.

According to him, this will allow for a convergence of opinion among policy formulators, industry practitioners and the legal regime in the ongoing economic reform.

He said tax reform will take centre stage at the conference with the Chairperson of the Federal Inland Revenue Service (FIRS), Ms. Ifueko Omoigui, speaking on the policy and thrust of the tax reform bill.

Other agencies of government prominent in the reform programme to be looked at during the conference, he added, include the Nigeria Investment Promotion Council.

He said the conference will also look at the roles and duties of the law reform commission as it relates with the duties of the legislature.

He added that the Economic and Financial Crimes Commission (EFCC) will participate in the conference and educate on their role in the reform process and how they carry out their duty of tackling institutional corruption.

Etomi said the section on business law which was created about a year ago will soon be introducing a Law journal with an editorial board that will be made up of the best brains in the industry, both locally and internationally.

He said that the journal is to be produced in line with the highest international standards and it will command respect internationally.