Barrister Kayode Akinsola is a young, suave, and highly cerebral business lawyer. He speaks on Business Law in Nigeria, Policy consultancy and problems associated with ease of doing business. Excerpts:
What is your view about ease of doing business in Nigeria, especially the Federal Government’s recent moves?
I think we are on course, but there are rooms for improvement. The 2018 reports of the World Bank group for instance shows that some states in Nigeria are still lacking behind on the ease of doing business. The Federal Government through the Corporate Affairs Commission has taken some measures to make business registration less cumbersome, but when you get to each state of the federation, you will observe that more still need to be done. These areas are procedures to acquire land and register it, obtaining construction and business permits as well as enforcement of contracts. Compare to 2014 reports of the World Bank, the political class might need to set up a one-stop-shop on these to make their respective States investment friendly.
Are you saying states are not keying it into the FG’s initiative on ease of doing business?
Honestly, most of the states today are not viable because they fail to embrace the ease of doing business. 70% of the 36 states in Nigeria cannot operate for six months without the monthly allocation from the Federal Government. I think governments at state levels engage more in politics than governance, hence my suggestion would be that they should begin to look inwardly in order to be more productive, and ease of doing business will be important in this regard.
What does it mean for someone to be a policy consultant? Every organization and governments at all levels have a vision they wish to achieve within a reasonable time. For corporate entities, policy document is the operational manual for the company to achieve what it sets out to do, how the employees and other players will operate will be documented. A policy consultant is the one to do this work and follow up to ensure compliance. For governments, a survey will be administered as to those areas they intend to work upon, and recommendations will be made from our analysis.
Why should anyone engage professionals in policy consultancy?
Many organizations have folded up because the policy for such system was never created, or badly executed even before setting up their businesses. A policy consultant therefore measures up the healthiness of an enterprise and engenders that corporate objectives are achieved. Like I said earlier, it is not enough to have a business vision; you will still need to battle with Business Mission, Company Manual, and Employee Management without rancor, Compliance with government regulators and so on.
How would you assess business environment in Nigeria?
The Nigeria Business environment is moving, but at snail speed. Many factors answer for such rationale, for example, Power is one of the major challenges we have today. If we solve electricity problems today, our youths will be more engaged. Ease of doing business is another, which has been highlighted earlier. Others are high cost of governance (salaries of the political office holders, duplication of government agencies), bad leadership and lack of awareness.
Do you think the business aspect of law needs to be carved out as a separate professional field as may be obtainable in other parts of the world and why?
Oh yes, if this is done, it will streamline the specialization in the field of law practice. For instance, Solicitors work and Business law is fast gaining momentum, some litigants are no longer interested in going to court, rather they engage in the alternative dispute resolution because court processes take time and you might be unsure of what the outcome will look like. Professionals in the field of corporate law offer advices that safeguard you from legal risk or exposure.