EXAMINATION ON MINORITY SHAREHOLDERS RIGHTS PROTECTION UNDER NIGERIAN COMPANY LAW

ABSTRACT

Since the adoption of Nigerian Courts to the principles in Foss v. Harbottle, an obvious and similar pattern recognized in every democratic state can be said to have been introduced into the corporate forum which is the voting rights of members. However, the rule of numbers simply plays to the tune of the larger, which forms the majority but inherent in this good, lies a subtle yet problematic situation where the opinion of some “minority” is drowned in the voice of the many “majority’ regardless of whether the intention of the many is incorrect and selfish as long as it is legal. Although, it is recognized that the common law position with its shortcomings had been modified over the years by modern legislation and judicial decisions it is unfortunate to still see that the law has hardly taken advantage of the need to further enhance protection to the minority shareholders.It is evident that the law and the attitude of the court in the exercise of interpretation of the law is one which requires monumental legislative amendments in the right direction. The research seeks direction from the jurisdictions of developed countries to able to understand the systematic adjustments and get logical insights we need to adopt being as a country to eliminate the issue while still keeping a balance of interests.