Nigeria: Presidential Enabling Business Environment Council Award
Last Updated: 13 December 2017

The leading commercial law Firm of Perchstone & Graeys has, from time to time, been involved in initiatives, to assist in the ease of doing business and to attract foreign direct investment. This effort, almost invariably, has required tackling government and institutional bureaucracies which; mostly without meaning to, often stifle the very businesses they are set up to assist.

Following some of its more recent strides in this area, on December 11, 2017 the Firm recorded a major milestone, when it became the recipient of the PEBEC IMPACT Award; in recognition of its contributions and commitment to the 2016-2017 World Bank Ease of Doing Business Reforms, at the Presidential Enabling Business Environment Council (PEBEC) Impact Award ceremony.

The award ceremony took place at the 1st Year Anniversary of the Inauguration of the Presidential Enabling Business Environment Council (PEBEC). At the august event, His Excellency, the Vice President of the Federal Republic of Nigeria, Professor Yemi Osinbajo, and the Hon Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, presented the PEBEC IMPACT Award to representatives of the Firm of Perchstone & Graeys, alongside other businesses and MDAs. 

The award conferred on Perchstone & Graeys, recognizes its commendable role in assisting PEBEC in Nigeria's recent elevation by 24 points in the World Bank's Comparative Analysis of the ease of doing business in various countries. By the recent ranking, Nigeria holds the 145th position out of the 190 countries on the global ease of doing business rankings – compared to the 169th position which the country occupied in last year's report. Nigeria also features as one of the 10 economies showing the most notable improvement in Doing Business for 2018.

The Firm's notable contributions, included reforms to the "Getting Credit Indicator", which were all accepted by the World Bank, as a result of which, Nigeria is now placed at an enviable 6th position in the world, on the Getting Credit indicator. The highlights of the reforms, also included the signing into law, of the "Secured Transactions in Movable Assets Act 2017" and the "Credit Reporting Act 2017", as well as the developments in the National Collateral Registry, and the Credit Bureaus.

As a Firm, Perchstone & Graeys worked extensively, for close to 8 years, on "The Secured Transaction on Moveable Assets Collateral Registry Act". The Act creates a framework that establishes and maintains a centralized collateral registry, where records of transactions and moveable assets; offered as security for said transactions, are electronically recorded. The Act principally enables small and medium sized industries, to access credit using any asset other than land; including asset receivables, with capacity to enhance GDP considerably. A follow through to the Act, also being the establishment of the Collateral Registry.

The Banks have direct access to this Collateral Registry, from any of their offices anywhere in the world, giving them the unique opportunity to trace any asset offered as security. 

The essence of the Act is to:

  1. Create a more efficient platform for SME's and retail consumers to confirm their creditworthiness to lending institutions.
  2. Allow potential lenders to determine who has priority to reclaim an asset that may have been submitted as collateral.
  3. Allow for more efficient risk management in the financial sector, as there would be more diversification of the qualified assets class acceptable as security for any SME's loan created.
  4. Serve as a platform for lending institutions to confirm the creditworthiness of prospective borrowers before advancing credits.

With this recognition from the Presidency of the Federal Republic of Nigeria, the Firm of Perchstone & Graeys has visibly left an indelible imprint in the growth and development of the nation. Particularly, the Firm continues to shine its focus on the Nigerian business community, and is poised to continue to play a leading role in shaping policy towards a more robust business climate in Nigeria.

Perchstone & Graeys

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

 
In association with
Press Releases from this Firm
Recent Content from this Firm
By Perchstone & Graeys
By Perchstone & Graeys
By Perchstone & Graeys
By Perchstone & Graeys
By Perchstone & Graeys
By Perchstone & Graeys
By Perchstone & Graeys
By Perchstone & Graeys
By Perchstone & Graeys
By Perchstone & Graeys
Tools
Print
Font Size:
Translation
Channels
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions