SHAREHOLDER PROTECTION, CORPORATE FINANCE AND MINORITY RIGHTS IN PUBLIC COMPANIES: A COMPARATIVE STUDY OF NIGERIA, THE UNITED KINGDOM, AND SOUTH AFRICA

Abstract

The protection of shareholders is one of the issues that continues to shape the relationship between companies, their directors, and shareholders. This becomes even more important in public companies, where ownership is often spread among a large number of shareholders and minority shareholders may have little influence over decisions taken by those in control. This paper examined the relationship between shareholder protection, corporate finance, and minority rights in public companies, using Nigeria, the United Kingdom, and South Africa as comparative jurisdictions. The paper pays particular attention to the remedies available to minority shareholders when their interests are threatened or disregarded. Through a comparative examination of Nigeria, the United Kingdom, and South Africa, the paper identified similarities, differences, and areas where the Nigerian framework may be strengthened. It argues that meaningful shareholder protection requires more than the creation of statutory rights; it requires remedies that shareholders can realistically access, regulators that are willing and able to enforce the law, and corporate decision-making that recognises the legitimate interests of both majority and minority shareholders.