Introduction It is important for founders or promoters of business to understand their rights and obligations in relation to their proposed business, particularly under shareholders’ agreements, joint venture agreements, memorandum of understanding and other pre-incorporation contracts. Pre-incorporation contracts are any agreements entered into by proposed founders or promoters of a business that is yet to be incorporated and the said yet-to-be-incorporated company is expected to be liable for or take benefit of the rights and obligations under the said pre-incorporation contracts. Those who sign such agreements on behalf of a yet-to-be incorporated company are known as promoters under Nigerian law. … Continue reading LEGAL EFFECT OF MoU, SHAREHOLDERS’ AGREEMENT AND OTHER PRE-INCORPORATION CONTRACTS IN NIGERIA