A WEEKLY ROUNDUP OF LEGAL & TECH EVENTS GLOBALLY | June 18-24, 2021
THIS IS REFLECTIONS, our weekly roundup of events in the legal and technology sector, covering various topics and interesting learning points for today’s professional. If you couldn’t make an event, don’t worry, we probably made it and have all the juicy scoop for your reading pleasure and learning.
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EVENT ONE
He started by saying that the duties of law firms include:
He noted that in the course of doing this, a lot of information is passed, and firms are obliged to keep them confidential, he noted that the rules of professional conduct 19 (1) states all communications by clients and firms are privileged information and also the evidence acts 2011 section 92 prevents law firms from disclosing any communication gotten from clients to a third party, He also noted that the NDPR 2019 article 26 states that anyone involved in data processing or control of data in the internet must keep their information secure, the speaker noted that the dependency on ICT creates risk of cyberattacks and liability.
He noted that protection of information becomes a major challenge for all organizations that use ICT to carry out its businesses.
He noted that spywares are designed to enter a computer device and gather data about the person and forward it to third parties, he also said that there are a lot of ransom wares designed to deny a person or an organization access to files and their computer by encrypting and demanding payments before users can get access.
He stated that information security management is key solution and it is critical for law practice management, he also noted that the most vulnerable firms are those that can pay huge sum of money to hackers.
He stated that the confidentiality of information must be secured, they must be policies and procedures to protect integrity of data and client information, also availability and timely access to data and resources to authorize parties. He noted that there has to be policies that would manage the information of clients.
The second speaker was MOTUNRAYO OGUNSEITAN, she mentioned that it is important everyone is aware of data security in whatever place that they work.
She stated that there is a difference between privacy and security, even though they are similar privacy means that people’s data should be private to them while protection is how data is secured.
On how law firms come into play, she mentioned that it’s not only personal data that law firms possess, they also process company data, financial information, confidential information and health records.
She noted that Nigeria has laws like NDPR implementation framework and the constitution of the federal public of Nigeria that also grant right privacy of citizens and also the RPC which applies to lawyers.
She noted that there are so many types of data can be processed by firms, including information on clients, litigation documents and personal documents, she noted that the firm’s IT department ensures security however every department in a firm should have a culture of data security as they should be qualified and the IT department.
She noted that that firms should have a privacy policy, cookie policy, information security policy, use of strong passwords and create a culture of data security, also they should be protocol for spam emails and there should also be protocols for monitoring users accounts and data backup.
The third speaker was Levi Cheifuna, he noted that privacy laws can be found in the Cybercrimes Prohibition Act and in the Nigerian Data Protection Regulation.
He noted that every data controller has a duty of care and this is entrenched in the NDPC act where a firm who is carrying sensitive data is liable if such date was exposed, he noted that a firm has to show that it has deployed all measures on protection on a data that got exposed.
He also mentioned that the Nigerian cloud computing policy 2019 states that every sensitive should have tight security measures around it, he categorized data to include official and public data, confidential data, secret data and sensitive and classified data.
LITIGATION FUNDING
The first speaker, Babatunde Ogungbamila discussed litigation funding in Nigeria in relation to access to justice. When litigation funding is described, what comes to mind is third party litigation funding. He states that it is important for persons to ask themselves the salient question whether Nigeria has an economic regime that encourages this type of funding. This is because currently in the country, the cost of living is too high. It has also been reported that 83 million people out of the entire population of 200 million people are below the poverty line. People have litigation rights but this cannot be enforced due to the high cost of litigation. He asserts that it would be difficult if not impossible for a third-party litigation funding to happen in Nigeria. This can be attributed to certain things such as, the turnaround time for settlement of litigation or resolution in Nigeria e.g., cases that need to be settled within a limited period of time. This can also be attributed to the fear of the outcome of a funding agreement to which a third party maybe unable to recover his/her money.
The speaker opines that it is time for a legislation to be enacted to correct and intervene in order to allow people access to justice unless the constitutional provision conferring citizens with litigation rights will be useless. The law will reduce the uncertainties because the system itself is wired against a third-party litigation funder.
The second speaker, George U. Ukuoma discussed litigation funding as a pathway to managing litigation risk. He describes litigation funding as a situation where a third party agrees to finance part or all of the legal cost of the litigation in return for a percentage from the litigation if successful. He stated the principles to include: it is not a loan (it is an asset purchase which comes with risk and liabilities), it seeks to ensure access to justice, it is a form of business support mechanism. It usually covers legal fees, expenses, costs, security for cost if ordered by the court.
The speaker discussed the categories of litigation funding to include: i) Contingency fee arrangement: This is a fee charged for legal services only if the lawsuit succeeds. Usually, a percentage of what is recovered. ii) Third Party Funding: This is where a third funding company/firm agrees to finance cost of litigation fund the claim or defend the claim. iii) Crowdfunding: This could be a consumer class action, cooperatives pursuing a cause or public interest in litigation. iv) Damage-based Agreements: Here, lawyer agrees to a percentage of the client’s damage if claim succeeds. The amount of percentage is agreed but in the United Kingdom, for example, there is a maximum percentage. (See Regulation 7 Damages-Based Agreements Regulations 2013 of the UK).
According to the George, the benefits of litigation funding are: Risk Management (it offers an external source of funding litigation and it is a cost saving mechanism for the funded party), Validation/Assessment of claim (the due diligence in assessing claims helps to shape a case strategy), non-resource (it is not a debt because the company/funded party is not expected to pay back), Investment opportunity (opens up another channel for insurance companies, investment banks etc.).
Funders must consider the following points: litigation funding is a high-risk investment for the funding party, good prospect of success, analyses/assessment of claim to ascertain best chances, ability of the respondent to meet the claim after judgement, likelihood that the respondent may fight till the very end. E.g., appeals. The speaker also states that there are doctrines and cases against litigation funding in Nigeria. These are the doctrine of champerty and maintenance in common law and the cases of Mr. KessingtonEgbor, JP & Anor. V. Mr. Peter O. Ogbebor (2015) LPELR- 24902 (CA) and Oloko v. Ube (2001) JELR 52443 (CA).
The speaker concluded by recommending the need for our laws to align with new realities and in the face of developments in commercial law practice, a case for self-regulation of litigation funding market in Nigeria. Again, companies as well as law firms should be aware of the constrained access to capital and very lean litigation budgets. Thus, implementing cutbacks in expenses/budgets appears to be one of the ways to manage resources.
EVENT TWO
Date: 21st JUNE 2021 Duration: 1:30 hrs. From: 1:00pm to: 2.30pm
SPEAKERS:
Summary of Presentation: He discussed litigation funding in Nigeria in relation to access to justice. When litigation funding is described, what comes to mind is third party litigation funding. He states that it is important for persons to ask themselves the salient question whether Nigeria has an economic regime that encourages this type of funding. This is because currently in the country, the cost of living is too high. It has also been reported that 83 million people out of the entire population of 200 million people are below the poverty line.
Summary of Presentation: discussed litigation funding as a pathway to managing litigation risk. He describes litigation funding as a situation where a third party agrees to finance part or all of the legal cost of the litigation in return for a percentage from the litigation if successful. He stated the principles to include: it is not a loan (it is an asset purchase which comes with risk and liabilities), it seeks to ensure access to justice, it is a form of business support mechanism. It usually covers legal fees, expenses, costs, security for cost if ordered by the court. It has benefits such as: Risk Management, Validation/Assessment of claim, non-resource, Investment opportunity etc.
Learning/lessons from the event
The Nigerian legal system needs to be restructured to permit third party litigation funding and enact laws for its regulation.
EVENT THREE
MARINE CARGO INSURANCE: BASICS COMPLEXITIES
Date: 23rd of June 2021 Time:1:00pm
The webinar started at 1:00pm with Chidinma of ESQ Practical lawyers academy welcoming everyone to the webinar and introducing the Panelists. They were Titilayo Giwa, MojisolaJaiye-Gbenle, Emeka Ojoko and ChukwuechefuUkattah.
Titilayo Giwa opened the seminar speaking on Marine Cargo insurance: Basics and Complexities.
What is Marine Insurance?
Contract of Marine Insurance is a contract whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against marine losses, that is to say, the losses incidental to marine adventure-Section 3 of Marine Insurance Act
Types of Marine Insurance
Hull Insurance: Physical damages to the boat or vessels along with its operating equipment including machinery.
Cargo Insurance: Provides coverage for physical damage to cargo that is conveyed or travelled as part of the shipment process.
Marine Liability Insurance: Injuries, illnesses, or even loss of life caused by vessels operation. Medical expenditures, damage to other vessels and cargo.
CARGO INSURANCE-COMMENCEMENT AND TERMINATION OF RISK
MARINE CARGO INSURANCE COVRAGE
*Institute Cargo Clause (c): Named peril does not cover partial losses unless the vessel is stranded sunk, burned or involved in collision. Only goods to be carried on total loss basis, This is the main difference between it and ICC A & ICC B.
*Institute Cargo Clause (A): All risks are associated with unnamed peril: offers the widest variety of coverage for cargo. This also has highest premium as it provides extensive coverage. Named exclusion: All risk of physical loss/damage unless specifically excluded.
*Institute Cargo Clause (B): Named peril: covers only loss of or damage to the subject matter insured emanating from the understated-otherwise called a named perils clause.
*Institute Cargo Clause (Air): Provides cover for all risk of loss or damage which might occur to the insured except in certain scenario like:
a. Insolvency of owners, managers, characters or operators of the aircraft
b. loss caused due to delay ( even if the delay was insured against)
Why Cargo Insurance?
The next Panelist Mojisola Jaiye-Gbenle discussed Key Clause In Marine Cargo Insurance Policy Documents.
*Law and Practice Clause
a. English Law applies to Marine cargo policy documents in Nigeria.
b. ICC-standard form documents used in Nigeria’s insurance industry.
* Exclusion Clause
a. Exclusion – ICC Clause 4, 5 6 7
b. None of the ICC cover strikes, lock-out, riots, civil commotion, terrorism, or acts of persons acting under a political, ideological, or religious motive e.g. Boko-Haram
*Change of Voyage Clause
a. Any deviation with respect to the Port of Loading communicated to the Insurer as soon as possible to ensure cover.
b. See Edokpolor& Co. Ltd v. Bendel Insurance ( SC 134/1990)
*Import Duty Clause
a. Under this clause, the insured is covered for the import duty paid on goods which were a partial loss.
b. Insured can obtain the additional cover to mitigate the loss.
*Port Delay Clause
a. Insurance shall terminate on the expiry of 60 days from midnight or the day of arrival of the overseas vessel at the final Port of Discharge of the goods hereby insured if their discharge has not by then been completed.
Emeka Ojoko discussed when can an insurer avoid liability:
Deviation or delay in prosecuting the voyage contemplated by the policy is excused.
The last speaker ChukwuechefuUkattah spoke on the Implication of the Applicable Law
*Status
*Subsidiary Legislation
*Bills
DIGITAL PLATFORMS: A NEW FRONTIER FOR CAPITAL MARKET INCLUSION
Edward A. Okolo opened the event by stating that the topic for discussion is apt based of prevailing circumstances and global realities. The importance of financial inclusion and digital platforms in such times when human interactions and business operations are limited cannot be overemphasized. Global business thrives on digital products and processes.
The Host, Ade Bajomo noted that the discussion is central not only to the development of the capital market but to the country as a whole. The fintech market has been reported to be steadily rising to match global standards. They are putting pressure on the paradigms of classic trading and raising the bar for younger investors insisting on a different consumer journey from their forebearers. Indeed, the new users of financial products are fixated on speed, governance, responsiveness and accuracy. He acknowledged the digital acceleration that now exists post-covid. As such, capital market operators that cannot fit into this revised framework will have to double up their efforts if they are to survive. The focus should not be only on the market today but a system needs to be built for the future generations. Innovation is the ingredient for bringing about critical change.
The first panelist, AdegbolahAina, discussed the steps that have been taken to close the gap in the disparity between foreign and local funding for fintech startups. He stated that the Securities and Exchange Commission (SEC) has always supported fintech and it recently came up with the crowdfunding rules. The members of his organization have been innovative, in terms of owning apps that allow for subscription and redemption which makes the investment process seamless. This has helped investors who normally try to avoid the hassle and who seek to have their investments promptly. In looking at funding, there are several elements involved in funding. There is the entity itself, the regulatory environment, the investors and the people who raise capital. On the part of the investors, his organization seeks to promote transparency, to enable easy access to capital and standardization in terms of reporting, which is being done together with the SEC. his organization has done a lot in terms of feasibility, webinars on financial literacy in collaboration with the SEC aimed at educating the investing public. SEC has recently announced its intention to regulate private funds and the speaker applauds this effort. The onboarding process in his organization has now been digitalized and the filling of the lengthy form has been discarded. He believes that with simplicity, a lot of funds will be invested in the market. The organization is however currently in conversations with the CBN and SEC for the prospects of using BVN for fund registration.
The second panelist, Samuel Onukwue, the First Vice Chairman, Association of Stockbroking Houses in Nigeria (ASHON), discussed the role of his organization in promoting innovation in the Nigerian Capital Market echo system and supporting access to capital market products through digitalization. He stated that innovation is critical for the survival of business, as well as sustainability. The Capital Market itself thrives on innovation and as continued to adapt to the ever-changing environment of the economy. The implementation of the minimum operating standard by his association a few years ago revolutionized members currently do business in terms of people, processes, systems and technology. It also created an opportunity for diverse capital market products offerings. His organization interfaces with stock holders, regulators to smoothen market reforms. The members are encouraged to brace up in terms of competition by adaption global best practices. In addition, the importance o technology is highly recognized for efficient and effective service delivery. The members are fully supported by local fintech companies who have been very supportive. Members are also encouraged to continuously review and upscale the association’s processes to serve investors better. The Association is currently working on some initiatives with relevant regulators and stakeholders in the market to attract the millennials, which is a vital target for any organization to remain in business. In terms of supporting access to market, the members are heavily vested in technology. This not only enables them trade seamlessly from any location in the world but also allows investors access the market using handheld devices anywhere. As a result of innovation in processes and technology, the entire value chain for payment, trade, settlement and delivery has been fully automated in Nigerian capital market. This has raised the level of efficiency, transparency and enhanced investors confidence in the market. They have continued to engage stakeholders to see how a robust identity management framework can be instituted for secure online account opening processes similarly to banks.
The third speaker, Temi Popoola made distinction between digitization, digitalization and digital transformation. He stated that it is important for the country to streamline its current position in the journey to digital transformation. For digitization, one thinks more of internal processes, optimized process, doing things cheaper. There is a lot digitization to the way governance and risk is handled internally. While analyzing Digitalization, he made reference to the covid pandemic of 2020 when the market exchange through technology activated its business continuity plan. He noted that since that time, there hasn’t been a single downtime in the market, no physical trading and all trading has happened digitally. This issue speaks to where the market currently is. A look across global capital markets, different classes digitalize processes at different paces. Post- covid, the way the exchange gets its products and distributes its products shows how much digitalization and technology has been attached to the industry. Digital transformation is way more than just technology. This connotes a structure, philosophical change in Mindset. It includes people, culture, technology etc. in his organization, the future takes a lot of their attention. The SEC is also taking the leadership. The market can be transformed by having a lot more inclusion and carrying out the nation building responsibility. The journey ahead is really about digital transformation and for this to be done, there must be a collaboration with everyone in the eco system.
The fourth speaker, Prof Olawale Ajayi, discussed how far the ecosystem has gone in achieving SEC Goal 1 and Goal 10 and the steps to be taken to effect financial inclusion and capital market inclusion in Nigeria. SEC Goal 1 talks about eradication of poverty and SEC Goal 10 talks about reducing inequality within and across countries with regards to income, gender, economic opportunities etc., it is one of the fallouts of covid-19 that the high rate of multi-dimensional poverty in Nigeria has increased to about 47-50% of the population who are living on less than 108,000 naira per annum. The issue of eradicating poverty has appeared to be more difficult due to covid, the continuous poor state of the economy and the insecurity. It is difficult for farmers to access their farms. The majority of this population are in the north where a high number of economic activity and productivity is based on subsistence agriculture. A recent study on financial inclusion also shows that it has gone down slightly as about 38 million Nigerians are regarded as been financially excluded. Some accounts however states that digital finance has reduced the level of financial exclusion. In looking at what should be done on financial inclusion and capital market inclusion, the issue of national identity will help ensure that more people are able to open account and start the journey towards financial inclusion, the issue of the lack of financial access points in the rural area where most financially excluded persons resided must also be looked into. This is currently being tackled with agency banking. CBN and other banks have done a lot through the shared network expansion facilities. First bank had a great contribution towards agency banking. Agency banking would really help in this regard. In the rural areas, particularly the frontier areas, there has to be a more deliberate effort to recruit agents. The low level of economic activities in those frontier areas can be blamed. The problem economic inclusion is a big problem that must be solved in both rural and urban areas. The issue of digital access is an opportunity that must be pushed. There is also an issue of low level of financial literacy, particularly regarding capital market activities. There is a great need to extend the capital market activities to SMEs. Mutual funds can be designed and extended to the population for investments. He acknowledges that they haven’t done too well but there is an opportunity to do better to ensure lower rate of exclusion and higher rate of economic activities.
The fifth speaker, Femi Daniel, (NITDA) discussed the data issues that may arise while developing digital platforms that will grant access to capital market products and how the risks can be mitigated. He highlighted the processes of digitization, digitalization and digital transformation. The current position shows that most processes have been digitalized, meaning that beyond using technology to achieve day-to -day activities, technology is now a core driver of most of the things that are being done. Innovation noticed in the capital market is also driven by upcoming innovative technologies. The foundational asset of every digital transformation is personal data and this is the essence of the Nigerian Data Protection Regulation. Today, there are many issues in areas like cross border data transfer unlike previously, where to engage in the capital market, an individual needs to go to stock broker and get a form. Now, anyone can be in any part of the world and be able to access the Nigerian capital market. This implies that there will be much more engagements with foreigner. Some of the issues that the new technology adopted in the market will be facing is the issue of foreigners and compliance with the data protection rules of the country in question, which may attract heavy fines if not complied it. Another challenge is that data compliance has now become the highest data protection issue being faced by certain individuals. Nigeria has however looked at the global rules of data protection, adopted a minimum standard as shown in the NDPR and to provide simplified processes. NIDTA has tried to bridge the gap in regards to this. They have not truncated their digitalization and digital transformation journey but rather put in place the right infrastructure to progress in this journey to enable Nigeria compete with the existing global standards.
The sixth speaker, Bola Ajomale (NASD), discussed the structures the agency has in place for fintech startups and how the digital platforms are being leveraged to provide access to the services of client. He also discussed the role of technology in this regard. Wide world, Nigeria is recognized as a player in the digital asset space in terms of mobilizing into investments and providers. Yet, the intensity of that activity is not seen in the country’s local environment. The challenge as a capital market is to try and localize and import energy and resources into our economy and make it grow. The agency creates a very easy entry platform. The idea is avoid imposing strict leveled regulations to essentially get things started and mobilize activities. The agency has two digital platforms where individuals can come in. The organization regards itself as a fintech company providing capital market services. They help source investors or help achieve secondary liquidity when needed by investors who are already invested. Another structure put in place is the speed of entry into the market, which can be as short as 48 hours after the vetting process required has been completed. The rules are structured to focus on stakeholders and brokers activities and responsibilities. Technology has made the process seamless. It always for product standardization, performance analysis. Transparency and reporting are also vital for the organization while seeking to educate the public. Other areas are liquidity, the use of mobile apps and trainings. A new technology space will be coming up soon.
The Seventh speaker, Ike Williams (SEC), discussed the digital initiatives undertaken by SEC to regulate the capital market. SEC has embarked on the digital transformation training journey. The rapidity of the global technological advancement is not lost on SEC. The entire gamut of the operations will be positively impacted from external stakeholders’ interactions to the internal processes. To do this, SEC is looking at infrastructural improvements, core business application deployments, business process improvements. There has to be a large doze of the varying elements of the maturity model on the part of the operators. The agency will not only focus on individuals who are already in the market but also on persons who are on the other end of the spectrum. There are lots of engagements to be done with those in ecosystem to ensure not only the proper functioning of SEC but of other agencies and organizations.
The Eight speaker, Japhett J. Omojuwa, discussed how social media can become a leveraging tool for educating the public about the capital market. He stated that there should be a deliberate attempt to understand the platform, the language and the people (who are mostly the millennials) on the platform. Realities have changed in today’s world. The agency in the Nigeria regarding the subject matter mostly fail to make the right decisions. Content must be built in a way that influences behaviour intuitively, outside of which its difficult to make influence happen.
The Ninth speaker, TosinOsibodu discussed the opportunities and challenges faced by the Nigerian stock market and how the challenges should be handled. His organization aims to promote foreign investment in Nigeria. There is more digitalization of the capital market structure and this will help bring individuals into the market and make them succeed. Their mission is leveraging digital infrastructure in a bid to bring them closer and accessible to anyone anywhere in the world. He hopes to see a future where more companies invest in stock market and the process, seamless.
DIGITAL PLATFORMS: A NEW FRONTIER FOR CAPITAL MARKET INCLUSION
Date: 23rd JUNE 2021 Duration: 2hrs. From: 11:00pm to: 1.00pm
SPEAKERS:
Summary of Presentation: The fintech market has been reported to be steadily rising to match global standards. They are putting pressure on the paradigms of classic trading and raising the bar for younger investors insisting on a different consumer journey from their forebearers. Indeed, the new users of financial products are fixated on speed, governance, responsiveness and accuracy. He acknowledged the digital acceleration that now exists post-covid. As such, capital market operators that cannot fit into this revised framework will have to double up their efforts if they are to survive
Summary of Presentation: He stated that innovation is critical for the survival of business, as well as sustainability. The Capital Market itself thrives on innovation and as continued to adapt to the ever-changing environment of the economy. The implementation of the minimum operating standard by his association a few years ago revolutionized members currently do business in terms of people, processes, systems and technology. It also created an opportunity for diverse capital market products offerings. His organization interfaces with stock holders, regulators to smoothen market reforms.
Summary of Presentation: He made distinction between digitization, digitalization and digital transformation. He stated that it is important for the country to streamline its current position in the journey to digital transformation. For digitization, one thinks more of internal processes, optimized process, doing things cheaper. There is a lot digitization to the way governance and risk is handled internally. While analyzing Digitalization, he made reference to the covid pandemic of 2020 when the market exchange through technology activated its business continuity plan. He noted that since that time, there hasn’t been a single downtime in the market, no physical trading and all trading has happened digitally. This issue speaks to where the market currently is.
Summary of Presentation: He discussed how far the ecosystem has gone in achieving SEC Goal 1 and Goal 10 and the steps to be taken to effect financial inclusion and capital market inclusion in Nigeria. SEC Goal 1 talks about eradication of poverty and SEC Goal 10 talks about reducing inequality within and across countries with regards to income, gender, economic opportunities etc., it is one of the fallouts of covid-19 that the high rate of multi-dimensional poverty in Nigeria has increased to about 47-50% of the population who are living on less than 108,000 naira per annum. The issue of eradicating poverty has appeared to be more difficult due to covid, the continuous poor state of the economy and the insecurity.
Summary of Presentation: The current position shows that most processes have been digitalized, meaning that beyond using technology to achieve day-to -day activities, technology is now a core driver of most of the things that are being done. Innovation noticed in the capital market is also driven by upcoming innovative technologies. The foundational asset of every digital transformation is personal data and this is the essence of the Nigerian Data Protection Regulation. Today, there are many issues in areas like cross border data transfer unlike previously, where to engage in the capital market, an individual needs to go to stock broker and get a form. Now, anyone can be in any part of the world and be able to access the Nigerian capital market. This implies that there will be much more engagements with foreigner.
Summary of Presentation: Wide world, Nigeria is recognized as a player in the digital asset space in terms of mobilizing into investments and providers. Yet, the intensity of that activity is not seen in the country’s local environment. The challenge as a capital market is to try and localize and import energy and resources into our economy and make it grow. The agency creates a very easy entry platform. The idea is avoid imposing strict leveled regulations to essentially get things started and mobilize activities. The agency has two digital platforms where individuals can come in. The organization regards itself as a fintech company providing capital market services.
Summary of Presentation: The rapidity of the global technological advancement is not lost on SEC. The entire gamut of the operations will be positively impacted from external stakeholders’ interactions to the internal processes. To do this, SEC is looking at infrastructural improvements, core business application deployments, business process improvements. There has to be a large doze of the varying elements of the maturity model on the part of the operators. The agency will not only focus on individuals who are already in the market but also on persons who are on the other end of the spectrum. There are lots of engagements to be done with those in ecosystem to ensure not only the proper functioning of SEC but of other agencies and organizations.
Summary of Presentation: He discussed how social media can become a leveraging tool for educating the public about the capital market. He stated that there should be a deliberate attempt to understand the platform, the language and the people (who are mostly the millennials) on the platform. Realities have changed in today’s world. The agency in the Nigeria regarding the subject matter mostly fail to make the right decisions. Content must be built in a way that influences behaviour intuitively, outside of which its difficult to make influence happen.
Summary of Presentation: He discussed the opportunities and challenges faced by the Nigerian stock market and how the challenges should be handled. His organization aims to promote foreign investment in Nigeria. There is more digitalization of the capital market structure and this will help bring individuals into the market and make them succeed. Their mission is leveraging digital infrastructure in a bid to bring them closer and accessible to anyone anywhere in the world. He hopes to see a future where more companies invest in stock market and the process, seamless.
Learning/lessons from the event
Financial Inclusion, Capital Market Inclusion and Economic Inclusion are vital concepts and practices in achieving the goal of eradicating poverty, reducing the rate of financial exclusion in Nigeria and educating the masses.
REPORT ON INSPIRE- LESSONS FROM OUR LEGAL AMAZON ORGANISED BY NBA-WF ADVOCACY COMMITTEE
Guest Speaker/Amazon: Hairat Ade Balogun
Anchors:
Boma Ayomide Alabi SAN
Hauwa Sanni
Shola Soyele
INTRODUCTION
The webinar started at 10:10 am with the welcoming of guests by the head of the advocacy committee Olufunke Alami. In her welcome address, she stated the objectives of the Advocacy Committee and the essence of the webinar which is to showcase women who have shattered the glass ceiling in a male-dominated industry.Quoting Michelle Obama, she said that a country can never truly flourish if it stifles its women.She noted that many women are trying to gain relevance in the Legal Industry which is not an easy feat. Hence, she was sure that the participants would benefit from the lessons of the legal amazon -MrsHairat Balogun.
She told participants how she met the amazon in a meeting organised by the Chartered Institute of Arbitrators and her impact in her career.She extolled the virtues of the amazon especially her attention to details and her mentoring of younger women in the legal profession.
She then handed over to Ayo Ponle of the Advocacy forum who read the Bio of the anchors. After which the chief host, Mrs Oluyemisi Bamgbose SAN, the First and the only female professor who is a SAN and the chair of the NBA women’s forum gave her welcome address.
In her address, she stated that the NBA-WF, an arm of NBA aims at bringing female lawyers together for mentoring, grooming, networking etc. She stated the achievements of the committee so far, which included the commencement of the drafting of a sexual harassment policy with the aim of creating a safe work environment. She defined who an amazon is and read the bio of MrsHairat Balogun and listed what distinguishes MrsHairat as an amazon.
MAIN SESSION
The main session was in form of an interview with the amazon which was conducted by Boma Alabi after reading the full bio of the amazon.
Q1. Please tell us a bit about your background.
Mrs Hairat stated that she became a lawyer accidentally. That her major purpose was to render service and value. One day she went somewhere and observed lawyers at work and she decided this was what she wanted to do and how she wanted to render service. She then talked about her background, growing up and how she started her career.She stated the importance of loving whatever one decides to do because that is what will give one the drive to strive for excellence and achieve a lot. She also stated that the participants must build up integrity and be very confident else we will be taken advantage of.She said choosing to deliver good service doesn’t mean one should not pursue money too.
As regards balancing homemaking with a career, she stated that having a good support system also helped her thrive.
She dived into gender parity and she expressed her disappointment at the appointment of a man as the secretary of the EFCC seeing that a man was chairman already.She said the women committee has to work on that because there is need for more women in places that matter.
She also talked about discrimination and stated that nobody can discriminate against her because she is confident hence women must learn to be confident, firm and assertive.A confident woman can face anybody. She gave examples using her personal stories and experiences.
She concluded by reiterating the need to pursue career with the right objectives.
A senior lawyer, Mrs Folake who was also an invitee and who needed to leave for another engagement was invited to speak briefly. She expressed her opinion about the choice of Mrs Hairat as a guest and extolled her virtues. She thereafter spoke briefly about the importance of teaching juniors courtesy especially in respect of how they treat senior counsel.She also expressed disappointment on the current state of the Nation and the judiciary.
The session continued.
Q2. You were the first female General Secretary of the NBA. How were you able to break the glass ceilings, become General Secretary of the NBA and Attorney General Lagos State. How can we also make NBA more relevant for junior female counsels?
Mrs Hairat answered that being called to bar makes you an automatic member of the NBA.As a member, you have to participate because we do well in a community than alone. NBA is a mini-Nigeria. Which is also how a country should be run. Leader, President, Sub-leaders, Secretary. Etc. The NBA is very organized.
She stated that she attended an international conference which inspired her to start a committee for women to cater for a more inclusive NBA. She didn’t like how women were being treated so she decided to deal with it. She encourages young people not to isolate themselves but come to the meetings, speak out, promote their superior agenda if they have any and others will be forced to give them attention.
On how she broke the glass ceiling, she said she simply stepped forward and indicated her interest in running for Secretary. For her, every organisation must be inclusive. So, if you have to step up, step up, if you need to give ideas, suggestions, speak out and follow up. Make sure it is noted and worked on. That way you will be known as someone who cannot be ignored. This cuts across everywhere even in the courtroom. It also applies to the current state of the country. We are the architects of our misfortune if we don’t speak up or do something.
She shared personal experiences of her “meddling” in legal issues because it was the right thing to do for the profession and society. It didn’t matter to her that she was called a “nosy parker.” This is how one makes a mark. It is not always about money even though having money is of course very good.
Q3. On SAN conferment. Less than 5 per cent are women. Why are there so few women? And what in your judgment is your biggest career achievement?
She stated that she can only hazard a guess. That perhaps we have few female SANS because they are not able to follow the rules of engagement. She stated that taking a sample from women who have applied and have not been accepted may help in determining the reason for that.
On the other part of the question, she said she couldn’t say it in one word. In her words “I will just say my staying power.” My ability to get through to those that matter and getting them to do what is right. When people tell me that I have impacted their lives, it always makes me happy.
Mrs Boma handed over to Ms Shola at 11:35 to continue the interview.
Q4. What are your views on the security situation of the country? How can it be best tackled and what is your thought on having state police?
Ans. Security is controlled by the central government and until the state has more control, there is little they can do. As individuals, seeing what is happening, we must take more precautions, speak up when we see what is not right, put your security measures in place.We need more policemen because of the increase in population. It is time to have state police. We should be our neighbour’s keeper and be less selfish. One person should not have 6 policemen to themselves.
Que 5. Do we need a brand-new Constitution or an amendment? Also, what are your thoughts on the financial autonomy of the judiciary?
Ans. Every law is useful for a while. Overtime,things happen and you need to amend it or make new laws.
Starting all over takes a lot of funds so, in the main time, we ought to take emergency steps and fix the areas that need amendment and move on. Then we can over time plan for a new one.
I agree that the judiciary should have autonomy.
Que 6. Should we amend RPC to accommodate other businesses considering the JUSUN strike and all?
ANW. Law is a business. You are already in a business and you can always set up other businesses and employ people.
Q. On Lawyers being attacked by security Operatives. How can we be strengthened?
The problem is not the lawyers but the security operatives who are not taught how to do their work. Lawyers can be over assertive and overreaching.My temporary suggestion will be to speak to the security outfits about how to treat people in general.
Question from a participant.
What can be done about better pay for young lawyers especially female lawyers and did you ever have to deal with sexual harassment. If yes, how did you deal with it?
Ans.
There is no structure in many law firms. No proper Job descriptions/engagement and career progression.
Some lawyers get a windfall, employ juniors then when the windfall dries up, they can no longer pay salaries. Law firms need better structures.
About sexual harassment, it is unfortunate that it has become so rampant. Women have always been the butts of men’s jokes and all but women must speak out, set boundaries, comport themselves as well and don’t be unnecessarily familiar with people.
CONCLUSION
The interview came to an end and MrsHairat’s parting words to the participants were as follows:
Attach yourself to older women at the Bar
Try and help people.
Mentor others too.
Mrs Funke dada gave the vote of thanks and the webinar came to an end at 4:40 pm.
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