can only be altered by the shareholders in general meetings. This gives them
the overriding control to determine how companies operate.
Establishment of Assets Management Company of Nigeria (AMCON):
This Company was established in July 2010 as a key stabilizing and
revitalizing tool to revive the financial system, by efficiently resolving the
non-performing loan assets of the banks in Nigeria. It was designed to
acquire Eligible Financial Assets (EBA) from Eligible Financial Institutions
at a fair value and to put these assets to economic use in a profitable
manner.
Publication of 2011 Code of Good Corporate Governance: Government
has taken cognizance of the rate at which shareholders’ associations are
multiplying, and has taken time to address the issue through the
Security and Exchange Commission
5.4.4 Nigerian employees are shielded from excessive or abusive actions by labour
laws and Nigeria has very active Labour Unions under the umbrella of the
Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) whose
activities have, from time to time; brought erring corporations into line with
legal requirements. The various Labour Unions have been negotiating
collective bargaining agreements with employers for the protection of
employees. Employers under such agreements are usually forced to the
negotiating table or picketed into line when negotiations breakdown. The
Ministry of Labour and Productivity also plays a mediating role between
organized labour and employees in the public and private sectors.
5.4.5 The Consumer Protection Council (CPC) Act of 1992 provides ample
protection for communities and consumers. The Council operates through
State Committees established in the 36 states of the Federation. These state
committees are empowered to require corporations to make enquiries based
on complaints from individuals or communities on the activities of such
corporations. Section 6(1) of the Act provides that “a consumer or community
that has suffered a loss, injury or damage as a result of the use or impact of
66