The synergy between legal and management strategies for the survival and growth of businesses in Nigeria.
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ABSTRACT
In recent years, economic conditions such as the recession and fierce rivalry have compelled businesses to pay more attention to their corporate policies and strategies for exploiting economic opportunities and staying ahead of the competition. This is true for both highly industrialized and less developed economies, where multinational, transnational, and local firms compete fiercely for market share and corporate image by identifying and, in some cases, helping to shape public policy for the greater good of the communities in which they operate. This thesis centered on Legal and Management Strategies: The Synergy for Survival and Growth in Nigerian Businesses. It consists of five chapters, including an introduction, study goals, rationale, scope, methodology, literature review, and organizational structure. The thesis explains the relationship between finance and investment by defining finance and investment and highlighting the objectives and importance of finance, the investment scenario, investment forums, government policy and provisions investors, sources of finance, government banks and other financial institutions, the general public, and company employees. Also, the thesis identifies determinants of company survival, such as the quality of resources – human resources, material resources, financial resources, the quality of resource management, damage and waste control systems, the quality of time and opportunity management, contingency and emergency management, determinants of company growth, internalization of technology, in-house development of human resources: in-service training, incentives for skill enhancement and career advancement, and determinants of company growth, internalization of technology, internal development of human resources: in-service The thesis evaluates the survival and development of three successful Nigerian corporations, including Unilever Nigeria Plc, Neimeth International Pharmaceutical Plc, and GlaxoSmithKline Consumer Nigeria Plc, and offers survival and growth methods for Nigerian corporations.
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CHAPTER ONE:
GENERAL INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Throughout its history, the Nigerian economy has gone through a number of distinct periods.
The pre- and post-colonial phases of expansion, contraction, and depression occurred at different eras.
the years up to the present. At each of these levels, the different Nigerian sectors
economy have had to contend regardless of circumstance or stage, the overall national economic
economy may be at that particular moment.
During times of economic expansion, a nation’s residents enjoy increased prosperity.
During a recession or depression, there is a high level of life and a time of joy.
The scenario shifts when the majority of economic sectors shrink, and the
population, a decline in living standards.
What this implies for the commercial and governmental sectors of the company
economy, is adjustment and re-adjustment in accordance with the circumstances. Business activity
In accordance with the requirements and pace of the economy, plans evolve. Both brief
The short-term and long-term corporate goals are reevaluated and redesigned accordingly.
with any particular circumstance.
The term ‘business’ has been defined by several authors and court precedents.
authorities. All nonetheless make reference to group, economic, or commercial interests.
According to Webster’s1 Dictionary, a corporation is:
A group of individuals linked in an industrial or commercial operation, such as a partnership.
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based on Collins’s Dictionary2,
A corporation is a collection of individuals formed to purchase, sell, or offer services that has been legally established and is thus a separate legal entity from its members.
According to Osborn’s Concise Law Dictionary3, a ‘business’ is defined as
A group of individuals created for the purpose of carrying on a business or activity in their name, with each member having the right to transfer his shares to another person, subject to the company’s regulations. Incorporated or unincorporated companies exist. A corporation is a separate entity from its shareholders. (1) by Charter, (2) by Special Act of Parliament, or (3) by registration under one of the public general Acts governing corporations.
Pace James L.J. said in the case of Smith v. Anderson4 that
‘company’ results from an agreement between persons that desire to create a partnership.
which is ever-changing, and with the goal that so far as the partners are able, they will by
The new partners will achieve success if their agreements provide such an outcome.
pertaining to the assets and liabilities of the previous partnership.
According to Davies5, the phrase is used to those who are often connected with
Despite not always being for economic reasons.
It is defined by statute in section 567(1) of the Companies and Allied Matters Act.
20046 as ‘company’ or ‘existing company’ indicates ‘a created and registered firm’
under this Act or, as the case may be, founded and registered in Nigeria prior to and in accordance with this Act.
existence at the beginning of this Act.” A corporation is a legal body founded for commercial purposes.
the objective of operating a firm independently from its owners, the shareholders.
Lord McNaghten ruled in Salomon v. Salomon & Co. Ltd.7 that the firm is at fault.
legislation a separate individual from the subscribers.
African Real Estate, in the matter of Trenco (Nig) Limited v. Aniagolu JSC
Limited8, among other things, asserts that, despite the fact that a corporation is a legal entity and has an identity, it is not a person.
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Having its own legal identity, it is an artificial person or thing.
The synergy between legal and management strategies for the survival and growth of businesses in Nigeria.
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