Firm seeks more regulatory compliance in sports, entertainment industries
Olisa Agbakoba Legal (OAL) has called for more regulatory compliance in industries such as sports, entertainment and fashion. The head of regulatory compliance of OAL, Beverley Agbakoba-Onyejianya stated this in Lagos on Thursday during an event with industry stakeholders.
According to her, the sectors have grown with little or no sort of legal input. She said: “It is really encouraging to know that this sectors on their own are beginning to realize that there is a gap and that the only way to even achieve further growth and profitability with this sectors is to begin to adopt more compliance practices.
“As we all know, compliances may have the cost, but ultimately being compliance is good for business because of the assurance it gives to the end users, the public. So what we are doing today is just to create the awareness that the legal profession has a massive role to play in the development of all the sectors. “Sport as we all know is vital to the Nigeria’s economy. It is a big part of our identity. Football is our national sport. So it is really important that we begin to take another look on how we could run this industries and sectors.”
Also, the head of sports, Temple Management, Mr. Koye Somemimo, said it is important to share knowledge and to see how the legal dynamics of sports works.
His words: “Currently, we have an in-house legal team. Before we sign any client, we sit down with the individual. We always advise them to bring in independent minds to go through what we are proposing.” He noted that his firm usually gives clients a comprehensive legal service, such that they don’t need to look for any representation outside.
Also, a representative of Mavin record, Tega Oghenejobo said, OAL is engaging entertainers, entrepreneurs and creative people on their various legal engagements.
According to him, one of the challenges they face is that people are not enlightened about the law as well as the infrastructural deficiencies.
“I feel people just sign a contract and they don’t really know much about the implication of being against the law. The law is not a bad thing; it’s not something that harms you or ties you down to something you don’t want to do,” he said.
He added that the entertainment industry is an industry that needs attention to grow by putting the right infrastructure in place.
Speaking to The Guardian, the creative director and chief executive officer of Kolawole Kudus, Yusuf Kolawole, said the challenges in the fashion sector is much and it is one of the industries that a lot of focus has not been given.
His words: “Partnering with the law firm, we give us the platform to be able to structure our challenges and protect ourselves the more. And such would eventually reduce the risk and unforeseen circumstances we might not have taught about or prepared for in terms of law guidance and standards for the industry.”
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