SEPARATE PERSONALITY AND THE CORPORATE VEIL

SEPARATE PERSONALITY AND THE CORPORATE VEIL: AN ANALYSIS OF THE LIABILITY OF COMPANY DIRECTORS UNDER NIGERIAN LAW.

Abstract:

This abstract provides a succinct overview of the study’s focus on the concept of separate legal personality and the corporate veil in Nigerian company law, with a specific emphasis on the liability of company directors. It explores the legal framework, key principles, and recent developments in Nigerian jurisprudence regarding directorial liability.

The doctrine of separate legal personality is a fundamental pillar of corporate law that grants companies an independent legal identity distinct from their shareholders and directors. This concept has profound implications for corporate governance and the allocation of liability in the Nigerian context.

In Nigeria, the Companies and Allied Matters Act (CAMA) is the primary legislation governing the formation and management of companies. While CAMA upholds the principle of separate legal personality, it also outlines circumstances under which directors can be held personally liable for corporate acts, especially in cases of wrongful or fraudulent conduct. This duality in the legal framework creates a dynamic environment in which the corporate veil can be pierced to expose directors to personal liability.

Recent legal developments and judicial decisions in Nigeria have led to a reexamination of the boundaries of directorial liability. This study critically assesses these developments and their implications for company directors, emphasizing the need for a balance between encouraging entrepreneurship and ensuring corporate responsibility.

The research employs a doctrinal approach, examining statutory provisions, case law, and legal commentary to offer a comprehensive analysis of the liability of company directors under Nigerian law. It also considers international best practices and comparative perspectives to evaluate the adequacy of existing legal principles.

This analysis is of significant importance as it contributes to the ongoing discourse on corporate governance in Nigeria, striking a balance between the protection of directors from unwarranted liability and the safeguarding of stakeholders’ interests. The study aims to provide valuable insights for legal practitioners, scholars, policymakers, and business professionals interested in the Nigerian corporate legal landscape and its broader implications for emerging economies.

SEPARATE PERSONALITY AND THE CORPORATE VEIL: AN ANALYSIS OF THE LIABILITY OF COMPANY DIRECTORS UNDER NIGERIAN LAW.GET MORE LAW PROJECT TOPICS AND MATERIALS

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