General structuring of financing
1 What territory's law typically governs the transaction
agreements? Will courts in your jurisdiction recognise a choice of
foreign law or a judgment from a foreign jurisdiction?
Under Nigerian law, parties have freedom to contract and will,
generally, be bound by the terms of their contract. The Nigerian
courts will, as a general rule, give effect to the parties'
choice of a foreign (non-Nigerian) governing law and will,
accordingly, apply such law in the determination of any claims that
come within their jurisdiction. Nigerian courts will, however, only
interfere with parties contract in circumstances where the terms of
the contract are contrary to Nigerian public policy, inconsistent
with Nigerian law or where there are vitiating elements (for
example, mistake, misrepresentation, undue influence, illegality,
etc) in the terms and conditions of the contract. The Nigerian
Supreme Court has held that the parties' choice of law is
