FOUNDATION REGISTRATION PROCEDURES

FOUNDATION REGISTRATION PROCEDURES

Registering a foundation starts with the decision of the owner as to what cause(s) to pursue: civil rights, health, poverty/hunger eradication, education etc. This decision would be part of the description of the foundation in its constitution.

When the Swedish Alfred Nobel formed his ‘’Nobel Peace Foundation’’ he made that firm decision in his will that, never again should the world encourage the development of destructive weapon like dynamite which he invented at the detriment of the accidental death of his son in his laboratory.

So global peace is the cause for which Nobel Foundation was established. We are also aware that a few Africans have qualified for this award, including Nigeria’s Prof. Wole Soyinka.

Another critical decision after cause is whether to go for Incorporated trustees by Guaranty or trustees selected/appointed by the owner.  These should be in the constitution, produced in several copies.  Copies of resolutions extracted from a meeting(s) where such resolutions were passed should be made in several copies.

An example of cause(s) is that of Alhaji Aliko Dangote Foundation which states:  ‘’The Dangote Foundation is dedicated to adding value to people’s lives across Africa by facilitating health, education, and empowerment initiatives.’’  The use of this example is because the causes are many and large, an indication that the resources of the foundation would be very large too. The size of the foundation in terms of cause(s) and resources is determined by the size of the pocket of the owner. Although not necessarily in all cases.

Then the legal processes. You need to collect Incorporation Forms to be completed and signed by the owner and trustees with passport photographs etc.  When in doubt it is recommended that Legal Practitioner should be consulted for these services which can be complex in accordance with s.673 Part C, of the Companies and Allied Matters Act 1990 as amended.

Iyke Ozemena Esq

Corporate Attorney/Consultant 

IKECHUKWU O. ODOEMELAM & CO

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Corporate Social Responsibility: FOUNDATION AS CORPORATE SOCIAL RESPONSIBILITY (CSR...

Corporate Social Responsibility: FOUNDATION AS CORPORATE SOCIAL RESPONSIBILITY (CSR...: FOUNDATION AS CORPORATE SOCIAL RESPONSIBILITY (CSR) PLATFORM Corporate Social Responsibility is the generic   for those activities enga...

Corporate Social Responsibility: TRIBUTE TO BURUNDI LATE PRESIDENT PIERRE NKURUNZIZ...

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Corporate Social Responsibility: THE TASK BEFORE THE THREE NIGERIAN PHARMACEUTICAL ...

Corporate Social Responsibility: THE TASK BEFORE THE THREE NIGERIAN PHARMACEUTICAL ...: THE TASK BEFORE THE THREE NIGERIAN PHARMACEUTICAL COMPANIES As the world awaits the trial and result of the   Covid 19 vaccine produced...

THE TASK BEFORE THE THREE NIGERIAN PHARMACEUTICAL COMPANIES

THE TASK BEFORE THE THREE NIGERIAN PHARMACEUTICAL COMPANIES

As the world awaits the trial and result of the  Covid 19 vaccine produced in China, it is pertinent to acknowledge that similar  efforts are going on around the world laboratories.  These steps are taken at global level to fight Covid19 pandemic.

Corporate Social Responsibility (CSR) is a public service.  It is a critical exercise for a cause and  social positive change.  Its aim is to mitigate and add value continually.  The need for CSR in modern  day commenced in the 50s, especially by industries and corporations which impact society negatively through the processes of manufacturing goods and services.  Since then CSR has become an essential part of management and corporate systems.

The recent outbreak of Covid19 has  intensified the strategy of corporate world to use CSR to tackle the menace in a global manner.  The stampede to be the first organization to produce Covid vaccine is not only about the commercial value, it is also public service which CSR is all about.

Perhaps our long dependence on Western medicine stopped third world countries like Nigeria and other African nations from using their local herbs and medication to fight Covid19 just as Western Pharmaceutical companies have been doing since the outbreak.  The only country that have proved exceptional is Madagascar.

It was Madagascar that woke up the consciousness of  Nigerian Pharmaceutical  and medical experts to think along Madagascar way.  It was Mao Tse Tung’s China that taught the world that agrarian revolution precedes industrial revolution.  This time Covid came through there apparently  to teach the world how to use herbs around their environments to cure ailments, without waiting for Western medical experts  to lead.

The accolade for the herb experiments going on now in Nigeria may have been given to the Presidential Task Force (PTF) on Covid, but in essence it should go partially or wholly to Pharmaceutical Society of Nigeria (PSN) and civil society that campaigned for the trial and use of local herbs.  It would have been a big shame if PTF did not allow these agitators for local solutions to participate in this global research and experiments.

Finally, the task before the three companies  is to show integrity and leadership because there are  more opportunities ahead.

Iyke Ozemena Esq

Corporate Attorney/Consultant   #corporateleaders

IKECHUKWU O. ODOEMELAM & CO,      Legal Practitioners

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Corporate Social Responsibility: CIVIL SOCIETY GROUPS’ CSR AGAINST COVID19

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