•T&A Legal marks 15th anniversary
Legal, financial and tech experts have underscored the critical role law plays in driving economic growth.
They called for urgent reforms to remove business impediments.
It was at the 15th anniversary lecture of T & A Legal (Tunde & Adisa Legal Practitioners) in Lagos, with the theme: “Driving the future economy in Nigeria: the catalytic role of law.”
Keynote speakers were Executive Secretary of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji and Ekiti State Commissioner for Finance, Akintunde Oyebode.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, was the special guest of honour.
A high point of the event was a panel discussion featuring Lagos State Commissioner for Innovation, Science and Technology, Olatubosun Alake; Co-founder of Max, Adetayo Bamiduro; Executive Director of Cardinal Stone, Mohammed Garuba; Partner at Banwo & Ighodalo, Deji Oyebode and CEO of Vendy, Kayode Disu.
Senior Counsel at T&A Legal, Sharon Okpo, moderated the session.
Adisa: law is bedrock of thriving businesses
Co-founding Partner of T & A Legal, Seyi Adisa, stressed the key role law plays in economic development.
“Much like a good foundation is essential for any building, building strong legal frameworks is crucial for building a robust economy,” he said.
Noting that law is not just about regulation or enforcement, he added: “It is a dynamic, transformative tool that can unlock innovation, foster a stable environment, and also ensure the sustainability of our nation’s economic progress.
“Law is the bedrock upon which businesses thrive, entrepreneurs succeed, and the economy flourishes.
“Whether in areas like infrastructure, energy, digital transformation, or financial, the legal framework we build today will determine the type of economy we leave for the next generation.”
Adisa recalled how T&A Legal, which started on February 1, 2010, grew in 15 years, adapting to the evolving legal and business landscape.
He said: “Our firm has been privileged to represent clients across diverse sectors, from ambitious startups in one-room apartment like we started, to now established corporations that own their whole building.
“We have offered cutting-edge legal solutions and support, regulatory compliance, and economic development to all of our clients.
“And we are humbled that we stand before you as leaders in the field that we operate in.
“Beyond our core practice, we have remained committed to community service as well, in various capacities.
“And we have continually sought to use our legal expertise as a force for positive change.
“We believe that the law is not just a set of rules. It’s a vital instrument for shaping policies, driving innovation, and ensuring a stable and thriving economic environment.”
Adisa was grateful to his partners – Ayobami Tunde and Gbemisola Mosuro – as well as the firm’s 21 lawyers for their hard work.
Adedeji: strong legal system needed for growth
FIRS chief Adedeji said law is the backbone of any functional economy, providing the framework within which businesses operate, investors make decisions, and governments mobilise resources.
According to him, law establishes the predictability, accountability, and trust that are essential for economic systems to thrive.
He said: “In Nigeria, leveraging the law effectively means creating an environment that not only attracts investments but ensures those investments translate into tangible benefits for our citizens.
“At the FIRS, we witness daily how legal frameworks directly influence economic outcomes.
“Tax laws, in particular, play a dual role: they mobilise critical resources for national development and create incentives that shape economic behaviour.
“When tax laws are efficient, fair, and transparent, they empower governments to provide essential infrastructure, education, and healthcare—the foundational elements of a thriving society.
“These laws also foster compliance, build a sense of shared responsibility, and enhance Nigeria’s credibility as a trusted partner in the global economy.
“Global research reinforces the connection between strong legal systems and economic growth.”
Adedeji said the proposed Tax Reform Bills aim to modernise Nigeria’s tax administration, streamline compliance processes, and broaden the tax base, all while adhering to global best practices.
“At their core, these reforms represent more than just fiscal policy changes— they underscore a commitment to equity, inclusion, and the creation of a tax system that works for all Nigerians.
“Whether it’s the entrepreneur in Lagos, the farmer in Kano, or the manufacturer in Aba, the reforms are designed to address inefficiencies, close loopholes, and leverage technology to create a framework that is both responsive to the needs of the people and resilient in the face of global economic challenges.”
Stressing the Tinubu Administration’s commitment to transforming the economy, Adedeji added: “We have the tools via the law, the vision, and the resolve to drive Nigeria’s future economy and redefine its role on the global stage.
“The law is an enabler, not for restrictions, not for limitations, but an agent of growth. Let us embrace its power!”
Review obsolete laws, Oyebode advises
Ekiti Finance Commissioner Oyebode, who also chairs the Forum of State Commissioners of Finance in Nigeria, emphasised the need for reforms.
Noting that businesses still face legal obstacles and bureaucratic challenges, he said: “While we understand the role of law in perpetuating processes and defining standards, some laws and policies, either at the point of drafting or at the stage of implementation hinder business activities and economic growth…
“There are bigger concerns on regulatory impediments to doing business in Nigeria.
“In principle, registration of businesses at the Corporate Affairs Commission can be concluded online within 24 hours, but a lot of lawyers will agree this is not the case.
“There are instances where applications are queried unnecessarily, delaying such applications.
“It also appears desk officers are not allowed to exercise a certain level of discretion, so they easily query applications that are not like those they are used to examining.
“Other times, with some regulators, the process and procedures lack transparency and clarity.
“Foreign investors who expect to get all the information they need at the start of an application are discouraged when they are informed of additional requirements during the application process.
“Nigeria is competing with other countries for capital, and more recently, to be the technology hub of Africa, but can we do so without allowing the entrance of dominant players to operate in our environment?
“While I commend the previous government for enacting the Startup Act and encouraging the growth of tech companies, the Nigerian market remains relatively unattractive for our technology aspirations.”
Oyebode called for a review and reform of obsolete legislation.
He said: “Societies evolve and so should our laws and legal systems. Building an economy for the future implies a resolve to be a step ahead of current innovations.
“Some of our laws need to be revisited either for amendment or outright repeal and re-enactment.
“Labour is listed under the exclusive legislative list, which means only the National Assembly can legislate on it.
“Sadly, Nigeria’s labour law has not been amended since its enactment over 50 years ago.
“The law does not apply to skilled workers, so we can imagine how this has been exploited by employers who do not have minimum standards to adhere to when drafting employment contracts.”
He also called for policy consistency, upon which he said economic growth and development are predicated.
“Anyone seeking to invest in a business environment should be assured of a level of policy consistency totally unaffected by change of government or administration.
“Historically, some business policies are not known to survive the lifetime of the administration that introduced it.
“Subsequent governments may choose to ignore such policies or outrightly change them. This sends a negative signal to foreign investors.
“So, we must encourage drafting and implementation of the right policies that are most impossible to overturn overnight.
“I should state here that Ekiti State Government enacted a law that ensures continuity of projects initiated by a previous administration, so we do not have a situation where we do not honour contractual obligations of a previous administration for a flimsy reason.”
The commissioner stressed the need to enforce contracts.
He said: “Contract is the bedrock of every business relationship, and it is inevitable that disputes will arise in contractual obligations, so it is imperative that we ensure our legal system is adequately equipped to adjudicate on specialised contractual obligations.
“We do not have a specialised court for company matters but we have the Federal High Court which adjudicates on matters listed in Section 251 of the 1999 Constitution as amended.
“These are revenue-related matters and those contained in the Exclusive Legislative List.
“Our judicial officers in this court and other specialised tribunals such as the Tax Appeal Tribunals should be vast in analysing complex transactions in such a manner that both parties will be convinced that their decisions reflect a complete understanding of the matter brought before them.”
The commissioner hailed Adisa and Tunde on the milestone.
Noting the difficulty of starting a practice in their 20s, he said it was worth seeing the firm celebrate 15 years while on an undeniable trajectory of growth.
Among the dignitaries were Chief Judge of Oyo State, Justice Iyabo Subulade Yerima; Olubadan of Ibadanland, His Imperial Majesty Oba Akinloye Olalere Owolabi Olakulehin (Ige Olakulehin I), represented by his son Prince Owolabi; former Oyo First Lady, Florence Ajimobi, among other senior lawyers and captains of industry.
