GLOBAL TRENDS IN STATUTORY DERIVATIVE ACTIONS: LESSONS FOR NIGERIA

Abstract

Owing to the incoherence of case law in respect of derivative actions, there appears to be a universal shift from common law derivative actions to pure statutory derivative actions - in which common law derivative action is completely abolished. At present even though there is a statutory derivative action regime in Nigeria, it is tainted with common law. Besides, whenever there is a lacuna in the law, recourse to common law appears to be the only option. This article seeks to explore how to reform statutory derivative action regime in Nigeria in line with global inclinations.