A legal analysis published on September 15 has added an important layer to the debate triggered by the Economic and Financial Crimes Commission’s warning against lawyers charging professional fees in foreign currencies.
Writing in TheNigeriaLawyer, Imran Ridwan, Esq., argues that three concepts should not be treated as identical: professional misconduct, regulatory non-compliance and criminal liability.
The analysis examines Adedipe v. Oracle Software Nigeria Ltd, where the National Industrial Court considered Sections 15 and 20 of the Central Bank of Nigeria Act. According to the author, the court did not find those provisions to impose a blanket prohibition on denominating contractual obligations in foreign currency. The analysis also invokes Section 36(12) of the Constitution, which requires a criminal offence and its penalty to be prescribed by written law.
That does not mean legal practitioners have unrestricted freedom over fees. Lawyers remain subject to the Legal Practitioners Remuneration Order 2023, professional-conduct rules and applicable foreign-exchange laws. Transactions involving fraud, money laundering or other defined offences may also attract criminal investigation.
The emerging legal question is therefore more precise than whether “dollars” appear on an invoice: what law governs the particular transaction, and what conduct actually occurred?
Category: ARTICLES
Tags: EFCC, Legal Fees, Foreign Currency, Lawyers, CBN Act, Remuneration Order 2023, Professional Conduct
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READ MORE: TheNigeriaLawyer — Imran Ridwan’s Analysis
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