The Business Of Law: How Media Shapes Legal Practice And Corporate Governance In Nigeria By Odein Ajumogobia
for the honour.
BusinessDay has been faithful to the creed of good journalistic ethics, centring on public trust, truthfulness, fairness, independence, and accountability. Professional integrity is the cornerstone of a journalist’s credibility, and I congratulate BusinessDay’s publisher for being an exemplar in this regard.
The subject of my remarks, “The Business of Law: and how the media shapes legal practice and corporate governance in Nigeria,” is no doubt an important one.
Over the next twenty minutes or so, I shall attempt to weave a narrative that underscores this pervasive interplay between law, media, and governance.
I hope in doing so to leave you with thoughts that, while perhaps evoking an equal measure of approbation and reprobation, will also hold out hope and optimism. Too often, it is the law and lawyers that are singled out for reproach over society’s ills. I’m glad for BusinessDay, giving the legal profession a right of reply.
Introduction
Corporate governance, business law, and media oversight intersect to shape accountability and transparency in modern society. While corporate governance establishes the framework for ethical decision-making and accountability within organisations, business law provides the legal structures and enforcement mechanisms to uphold these principles.
Together, they aim to ensure fair practices, protect stakeholders, and thereby promote economic stability and advancement.
Media oversight adds that critical layer by informing the public and holding both corporations and legal systems accountable.
It should be noted in this regard that effective governance requires compliance not only with technicalities in both law and regulation but also with substantive accountability. It is this that the media can choose to amplify or distort.
In Nigeria, the media’s exposure of corruption, corporate scandals, or failures in governance is often ambivalent in shaping public perception or pressuring institutions to act. The common use of ‘names withheld’ thus undermines the credibility of journalistic investigation or dis- plays an unfortunate reluctance or
fear to name and shame.
Conversely, when the media aligns with truth, justice, forthright- ness, and its embedded principles, it strengthens corporate governance and the rule of law. On the other hand, if the media merely sensationalises technical compliance or simply serves or protects powerful interests, it undermines the broader goals of fairness and transparency in both business and governance and, indeed, the rule of law.
The evolving business of law
But let us begin with the business of law itself. Law is no longer a vocation practiced in quiet offices with book-lined walls, with legal practitioners waiting, prevented by rules of professional ethics, from advertising their services and ability to solve all legal problems that prospective clients naively believe can be solved by any lawyer, or indeed by any lawyer with the letters SAN after their name!
Legal practice has evolved into a sophisticated industry—a business enterprise shaped by expertise and specialisations, informed client expectations, technological advances, and, indeed, globalisation.
In Nigeria, successful legal practitioners must therefore operate not merely as professionals practicing their vocation. To be successful in the business environment, they too must be entrepreneurs, navigating competition, reputation, and subtle branding in an increasingly competitive market.
The corporate governance imperative
Corporations and governance frameworks, too, have become as complex as they are compelling. As stakeholders demand greater transparency and accountability, lawyers play a dual role: guiding corporate entities within the boundaries of law and ethical codes of behaviour while protecting their brands in a climate where perception is sometimes as critical as compliance. It is here, in this fast-evolving eco-system, that the media enters as both
an ally and a disruptor.
The power of modern media in Nigeria
Nigeria has euphemistically been described as a nation of storytellers. Indeed, we are all telling stories—both factual and true accounts and false tales that are sometimes complete fiction! In today’s digital age, the media—both traditional and social—is by far the largest conveyor of our collective stories.
With a reported close to 50 percent of Nigerians actively using the internet and millions engaging daily with platforms like Twitter, Instagram, and YouTube, the media inevitably and necessarily has become an integral part of the public interaction with the law and with corporate governance.
In this regard, I wish to highlight three of the media’s critical roles that are at the forefront of shaping legal practice and corporate governance in Nigeria:
The media as an educator
The media informs and educates. From courtroom verdicts to major corporate developments and scandals, Nigerians often learn about legal issues and corporate governance activities through newspaper headlines and viral videos.
A rather shocking Chatham House survey conducted just two (2) years ago, in 2022, revealed an astounding and damning statistic: that over 60 per cent of respondents anticipate bribery in obtaining court judgments in Nigeria!
The media as a watchdog
Media scrutiny has held many companies, public and private directors, and corporate executives accountable. In- investigative journalism has uncovered fraud and corruption, compelling legal action and legislative reform.
The Media as a business partner
Media platforms are indispensable tools for branding, recruitment, and public engagement in legal and corporate fields. Effective media use requires skill and caution, as a single misstep can irreparably damage credibility.
Would you like to continue with the rest of the transcription?
Challenges and ethical dilemmas
The intersection of law, media, and corporate governance is not without its challenges. Let me highlight two important ones:
The challenge of misinformation In our fast-paced digital world, misinformation spreads like wildfire. Fake news about court rulings or corporate malfeasance can tarnish or burnish reputations before the truth emerges. This presents a growing challenge for legal practitioners who must now spend valuable time countering inaccuracies instead of focusing solely on legal strategies in representing their clients.
The court of public opinion is not a substitute for truth or justice, but it does matter profoundly.
Ethical responsibilities
As the media has grown more diverse and influential, especially with ubiquitous social media, it must revisit its ethical guardrails.
For corporations too, there are complex dilemmas: How do corporations respond to media scrutiny without compromising issues of confidentiality or privacy? These are dilemmas we must grapple with as we navigate our new realities.
Opportunities for growth
Despite these challenges, the evolving role of media also presents opportunities for the legal profession and corporate governance in Nigeria:
For legal practitioners:
Media engagement can enhance public understanding of the law and lawyers. For example, the most knowledgeable lawyer in a particular field of law and practice might not, in fact, be a SAN and often is not, especially in the corporate world. Yet, the media tends to propagate a contrary narrative and misinform and mislead the public.
By the same token, thoughtful participation in legal commentary, educational programs, and social media initiatives can position lawyers as knowledgeable trusted advisors and thought leaders.
For corporate governance:
Transparency and media literacy are no longer optional. Corporations that embrace proactive communication, backed by sound legal counsel, can build trust and resilience in a volatile media environment.
For society:
The media, when responsibly used, can foster accountability and a deeper respect for the rule of law. By amplifying voices that call for reform, due process, and justice, the media will inspire and catalyze positive change.
Looking ahead: Collaboration and reform
As we look ahead, the need for collaboration between the legal profession, media practitioners, and corporate leaders has never been more urgent. I propose three steps:
Training and media literacy:
Lawyers and corporate executives must invest in media training to navigate the complexities of modern communication.
Partnerships:
Law firms, corporations, and media outlets should collaborate to promote responsible reporting and accurate legal education.
Regulatory reforms:
Clearer guidelines on how the media engages with legal and corporate matters can minimize conflicts while safeguarding freedom of the press.
Conclusion: A shared responsibility
In closing, I leave you with food for thought and reflection about the inseparable connection between cor- porate governance, the business of law, and how the media can effectively impact both.
The media holds immense power to shape perceptions, influence con- duct, and promote accountability. As lawyers and corporate leaders, we must do our best to harness this power responsibly, ensuring it serves to shape justice and governance, rather than undermine them, in order to engen- der greater public trust, truthfulness, fairness, independence, and account- ability in both the practice of law and its concomitant—justice and corporate governance.
Ladies and gentlemen, I hope my remarks this evening have at least provided “food for thought” on navigat- ing the ever-evolving interplay of law, media, and governance.
Thank you for listening, and may our collective efforts lead to a stronger, more just Nigeria.
