A CRITICAL EXAMINATION OF THE NON-SHAREHOLDER STAKEHOLDER PROTECTION IN THE NIGERIAN CORPORATE LEGAL REGIME

Abstract

The company is a legal person that deals with other persons in carrying out its objects. There are persons that are affected by a company in the course of it carrying out its objects and purpose. These persons, termed �stakeholders� are the focus of this research. This research analyses the relevance of non-shareholder stakeholders in corporate law and their contributions to the organization. It further examines the current provisions of corporate law concerning the protection of these other stakeholder constituencies and the adequacy of these provisions. This work argues that the current corporate legal regime is inadequate in protecting the interest of other stakeholder constituencies, as its focus is primarily on the protection of shareholders. The current position of Nigerian corporate law is criticized as being limited in serving the interest of these non-shareholder stakeholders. This research concludes by recommending an amendment of the Companies and Allied Matters Act, 2004 so as to safeguard the interests of these other stakeholders, and grant them direct rights that are enforceable.

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urn:uuid:9d39db9f-26f8-4289-97df-b1efc9599e84