The founding partner of AELEX Legal, Fubara Lawrence Anga (SAN), has declared that Nigerian regulatory institutions have very wide powers that need to be checked to promote orderliness.

According to him, without order, the aspiration of economic development will not be achieved. Anga spoke during a press conference to herald the firm’s yearly lecture, themed “Rule of Law and Economic Development: The Nigerian Experience,” in Lagos.

Justifying the theme of the conference, he said: “Nigeria is at a crossroad, everyone is feeling the effect and has to decide whether the cup is half full or half empty. But whether it is half full or half empty, you have to deal with the economic and political issues on the ground. For any positive transformation to occur, there must be order.

“One of the banes of our society is impunity and entitlement, including people talking about state capture. And so it’s clear to us that without order, the aspirations for positive change would never materialise.”

According to him, the rule of law is not just a human rights issue or a political challenge that ends in court. Without the rule of law, he said, the underpinnings for economic growth and development would not exist.

“Increasingly, we’ve seen the power of regulators and where commercial disputes often see new laws being passed frequently. And increasingly, we are seeing the criminalisation of commercial disputes.

“Almost every new law now, every new regulator, or every new policy has some criminal element built into it.

“We are finding out that regulatory bodies have such wide powers of enforcement, so we think that it is something that should be discussed.

“They should be checked in some cases to avoid arbitrariness and to encourage more stakeholders’ engagement.

“If you look at some of the fines and some of the revenue generating capacity of some of these agencies, you begin to wonder if they are regulators or tax collectors.

The firm’s Managing Partner, Adedapo Tunde-Olowu (SAN) said the theme of the lecture slated to hold on October 14, 2025, in Lagos is of profound importance.

According to him, the rule of law is not merely a legal construct, but the very foundation upon which economic progress, investor confidence, and sustainable prosperity rest.

“At this critical juncture in Nigeria’s journey, the discussion on how legal frameworks can unlock growth and secure opportunity for all could not be timelier,” he declared. He stated that the former Vice President, Prof Yemi Osinbajo (SAN) will deliver the keynote address, which will be followed by a panel session to discuss the theme of the lecture.

His words: “Our distinguished discussants include the Director General of the Lagos Chamber of Commerce and Industry, Dr Chinyere Almona; Chairman of The Bi-Courtney Group of Companies, Dr Wale Babalakin (SAN); Managing Director, Financial Derivatives Company Ltd., Mr Bismarck Rewane, and Public Affairs Analyst, Dr Reuben Abati.

“With their wealth of experience spanning business, law, economics, and public affairs, this year’s panel promises to deliver a robust and thought-provoking dialogue.

“As we anticipate the lecture, we take pride in the legacy of continuity and impact it has built over the years – shaping conversations, influencing thought, and advancing solutions that endure beyond the lecture hall.

“We are confident that the 19th edition will not only uphold this tradition of excellence but will also surpass it.” Tunde-Olowu explained that the yearly lecture, for nearly two decades, has earned its reputation as one of the most respected intellectual gatherings on Nigeria’s legal and business calendar.

Conceived as part of our firm’s commitment to fostering dialogue on issues at the intersection of law, governance, economics, and society, the lecture, he said, has provided a platform for critical reflection and the exchange of ideas that shape both national and continental development.

“We have been privileged, over the years, to host eminent thought leaders from across the world – including Judge Mervyn King; Prof Patrick Lumumba; Mr John Githongo; Prof Frédéric Jenny, and Dr Kwabena Donkor – all of whom have enriched our conversations with global perspectives.

“The series has thus grown into a defining space for rigorous debate, drawing participants from the legal profession, government, academia, civil society, and the business community at home and abroad,” he explained, adding that the event will be streamed live on YouTube.

Partner, Tiwalola Osazuwa, said in selecting the keynote speaker and panel of discussants, they considered people who have some background in law and understand what the legal framework looks like in the country.

In addition, the firm, she said, wanted persons who have actively run and managed businesses in Nigeria and are able to speak to the intersection of the rule of law and economic development.

“So, we wanted to ensure that the conversation will not just be technical or academic, but will be able to draw from real-life experiences of people who have seen it all,” she explained.