Okezie Tochukwu, chief legal officer, Interswitch Group

The Nigerian legal system is generally derived from the English common law. There are therefore similarities across various principles. From equity to contract law to land law, the similarities are very apparent. From a commercial point of view, the English law has however undergone some notable changes which would also be beneficial to the Nigerian commercial law. Eg the Contracts (Rights of Third Parties) Act, a UK legislation that reformed the common law principle of privity of contract and permitted third parties who would ordinarily be caught up by the strict application of privity of contract principles to benefit from a contract between other parties.

Notwithstanding, the Nigerian jurisprudence has reacted positively to imminent technological changes. The Companies & Allied Matters Act 2020 now permits private companies to hold general meetings electronically, another example is the Evidence Act 2011 which introduced detailed provisions on the admissibility of computer-generated evidence. With contracts being digitised, rise in electronic payments, the Evidence Act 2011 was a step in the right direction.