An Appraisal of Professional Agency Practice in Nigeria

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An Appraisal of Professional Agency Practice in Nigeria

CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

Agency practice is a fundamental aspect of commercial and professional relationships in modern economies. It involves a legal and professional arrangement in which one party, known as the agent, acts on behalf of another, known as the principal, in dealings with third parties (Bowstead & Reynolds, 2019). The essence of agency lies in representation, authority, and trust, as the agent’s actions within the scope of authority legally bind the principal (McKendrick, 2020).

In Nigeria, agency practice is widely applied in sectors such as real estate, insurance, shipping, banking, marketing, and legal services. Agents serve as intermediaries who facilitate transactions, negotiate contracts, and provide specialized services for principals who may lack the time, expertise, or physical presence to act personally (Agbaje, 2018). The growth of commerce, urbanization, and globalization has further increased the relevance of agency relationships in the Nigerian economy.

The legal foundation of agency practice in Nigeria is derived from common law principles, statutes, and judicial decisions. Nigerian courts have consistently upheld the rule that acts of an agent done within the scope of authority bind the principal (Okoye v. Dumez Nigeria Ltd., 1985). Agency may be created expressly, impliedly, or by necessity, and may also arise through ratification (McKendrick, 2020; Bowstead & Reynolds, 2019).

Despite its importance, agency practice in Nigeria faces several challenges, including abuse of authority, lack of transparency, poor professional standards, and disputes over commissions and liability (Agbaje, 2018). These challenges affect trust between principals, agents, and third parties, thereby undermining the effectiveness of agency relationships. An examination of agency practice in Nigeria is therefore necessary to understand its nature, legal framework, operational realities, and challenges in order to improve professionalism and accountability.

1.2 Statement of the Problem

Although agency practice plays a crucial role in Nigeria’s commercial and professional sectors, it is often characterized by weak regulation, unethical conduct, and frequent disputes between agents and principals. Many agents operate without proper training or certification, leading to misrepresentation, fraud, and breach of fiduciary duties (Agbaje, 2018; McKendrick, 2020).

In real estate, for example, unregistered agents sometimes collect money from clients without remitting it to property owners. In insurance and marketing, disputes often arise over commissions, authority limits, and liability for agents’ actions. These problems create mistrust and reduce confidence in agency relationships.

Despite the prevalence of these issues, there is limited empirical research that critically examines how agency practice operates in Nigeria, especially in terms of legal compliance, professional ethics, and operational challenges. This study seeks to address this gap by examining agency practice in Nigeria with a view to identifying problems and suggesting ways to improve effectiveness and integrity in agency relationships.

1.3 Aim and Objectives of the Study

Aim:

The main aim of this study is to examine agency practice in Nigeria.

Objectives:

The specific objectives are to:

Examine the nature and scope of agency relationships in Nigeria.

Identify the legal framework governing agency practice in Nigeria.

Assess the roles and responsibilities of agents and principals.

Examine the challenges facing agency practice in Nigeria.

Suggest strategies for improving agency practice and professionalism.

1.4 Research Questions

What is the nature and scope of agency practice in Nigeria?

What legal principles and laws govern agency relationships in Nigeria?

What are the roles and duties of agents and principals in Nigeria?

What challenges affect agency practice in Nigeria?

How can agency practice in Nigeria be improved?

1.5 Significance of the Study

This study is significant to:

Business Owners and Principals: by improving understanding of how to manage and supervise agents effectively (McKendrick, 2020).

Agents and Professionals: by highlighting ethical standards and legal responsibilities (Bowstead & Reynolds, 2019).

Policy Makers and Regulators: by providing insights for strengthening regulation and enforcement.

Researchers and Students: by contributing to Nigerian commercial law and business management literature.

1.6 Scope of the Study

The study focuses on agency practice in Nigeria, with emphasis on legal, commercial, and professional agency relationships in sectors such as real estate, insurance, and marketing.

1.7 Operational Definition of Key Terms

Agency: A legal relationship in which one person (agent) acts on behalf of another (principal).

Agent: A person authorized to act for another in dealings with third parties.

Principal: A person who authorizes another to act on their behalf.

Authority: The power given to an agent to act for the principal.

Ratification: Approval by the principal of an act done by an agent without authority.

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