Commercial Law: Does It Matter To You?

Commercial law is as old as time, as old as the concept of markets. Since the inception of buying and selling till the rapid changes in the commercial system, Commercial law has remained flexible and still assists with the growth and development required in commerce.

It governs the transactions between different business entities, so as long as you participate in buying and selling of any form, either hire purchase or registering businesses, the concept of  Commercial law matters to you. 

From a legal standpoint, commercial law deals with company law, contracts, banking, sale of goods, hire purchase, insurance, IP, consumer protection, competition, securities, insolvency, maritime, tax law amongst other related aspects of law. 

COMMERCIAL LAW IN NIGERIA 

In Nigeria, Commercial law is backed by some statutes and regulations which include:

1. Companies Allied Matters Act (CAMA): This law regulates the bulk of company and corporate activities. 

2. Contract Law: This law is rooted in common law principles and statutes like sales of goods acts. 

3. Banking Regulations: This is issued by The Central Bank Of Nigeria (CBN) 

4. Consumer Protection Laws: This law is enforced by the Federal Competition and Consumer Protection Commission (FCCPC).

5. Tax laws: This law is overseen by the Federal Inland Revenue Service (FIRS).

WHY COMMERCIAL LAW MATTERS TO EVERY NIGERIAN

As a Nigerian, every legal business decision you make is governed by a principle of commercial law.

ENTREPRENEURS: Commercial law matters to you because it guides incorporations, protects you and your investors. 

CONSUMERS: You don’t have to bother about quality goods and services, Commercial law guarantees access to fair trade . 

To succeed as a commercial lawyer, it is pertinent that you know how a business operates. 

CONCLUSION

Commercial law might seem like just an academic idea, but it’s not just that, it’s broad and it is the law that stands as the foundation of daily business transactions in Nigeria. Understanding the concept helps you to know how not to breach the law and when to seek professional advice. 

The MAVERICK SOLICITORS team welcomes you to a new dispensation, one that allows you to understand commercial law and have the appropriate backings.