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COLLECTIVE RESPONSIBILITY OF BOARD OF DIRECTORS AND POWER OF DIRECTORS TO DELEGATE THEIR DUTIES: WHERE DOES LIABILITY LIE?

COLLECTIVE RESPONSIBILITY OF BOARD OF DIRECTORS AND POWER OF DIRECTORS TO DELEGATE THEIR DUTIES: WHERE DOES LIABILITY LIE?

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COLLECTIVE RESPONSIBILITY OF BOARD OF DIRECTORS AND POWER OF DIRECTORS TO DELEGATE THEIR DUTIES: WHERE DOES LIABILITY LIE?

G.O. SODIPO AND CO.

NEWSLETTER

November, 2020 Edition

Introduction:

In a world of stringent and enormous competition among corporate entities in vertical line, and especially with the rapid development in technologies and their services, the success of every company is largely dependent on its management and more on the caliber of individuals forming the heart and mind of the company than on the availability of raw materials and its auxiliary services. In the 21st century alone, the corporate world has suffered considerable losses due to the personality and mismanagement by the individuals that chose, either art or nature, to observe contemptible absurdities and negligence in piloting the affairs of the companies[1]. The losses and failures are caused either of act of commission or omission by the officers of the company or that of those to whom the officers have delegated their duties.

This article takes a cursory look at the legal framework for collective responsibility of the company’s board of directors in Nigeria and the place of liability where the Board delegates its powers and duties, and makes recommendations on ways to mitigate the effects of the liability

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