The meeting is summoned by the Committee of BILA. The business of the meeting is (1) to consider and vote upon proposed amendments to BILA’s Constitution pursuant to Rule 17(1) of the BILA Constitution and (2) to elect Rayner Essex to conduct the Financial Statements Review for the year ended 28th February 2025.
The amendments are set out in the Proposed Amendments document signed by the Honorary Secretary. To view the proposed Amendments and current Constitution please login to the member’s area, documents located in the AGM, Minutes and Reports section. If you require assistance, please contact office@bila.org.uk.
Background and Purpose:
BILA’s auditors, Rayner Essex, have advised BILA that they cannot continue to audit BILA’s financial statements at the low fees they have been charging in recent years, particularly since recent planning and procedure changes mean that they cannot strip down the work as far as they have in the past and still remain in compliance with Auditing Standards. Rayner Essex advise that an appropriate review for BILA would be an Assurance Review (under the International Standard for Review Engagements (ISRE 2400)).
An Auditor must give an opinion on whether the financial statements give:
- a ‘true and fair view’ of BILA’s financial state of affairs, and
- have been properly prepared in accordance with proper accounting practice and relevant law.
For an Assurance Review, Rayner Essex would limit work on the financial statements to be able to report that:
- nothing has come to our attention that causes us to believe that the financial statements do not present fairly, in all material respects.
Having considered the issue in detail, the BILA Committee is of the view that an Assurance Review is a more appropriate and proportionate arrangement than a formal audit given (i) BILA’s size and the simple nature of its financial activity, (ii) BILA’s existing financial systems and controls and (iii) the significantly increased cost of a formal audit.
We are delighted to have Edije Sodipo giving an online lecture on “The Emergence of a Sector-Led P&I Insurance Model to Build Local Capacity in Africa’s Largest Oil Economy”. This will take place on 1st July 2025 from 1:00 PM to 2:00 PM and will delve into the growing role of local P&I insurance models within Nigeria’s rapidly evolving maritime sector.
Rather than a government-mandated initiative, the drive to localise aspects of P&I insurance is coming from within the industry — from operators, insurers, and legal experts who recognise the operational risks they face and the benefits of having some control over how those risks are managed. This is about aligning economic stake with insurance responsibility, ensuring that those closest to the exposure also have a say and a share in how that exposure is insured. The approach reflects a pragmatic turn, one grounded in law, in market conditions, and in the real economics of marine risk.
The presentation will trace Nigeria’s journey from inherited legal systems to local authorship and show how the evolution of the oil and gas sector, the rise of indigenous operators, and the creation of the Ministry of Marine and Blue Economy have set the stage for what comes next: a sector-led P&I club that reclaims risk, retains capital, and redefines control. The presentation will include:
– overview of the present legal and regulatory landscape in which insurance operates in Nigeria;
– the inheritance of English law and a move towards domestication to foster local opportunity and growth;
– how government policy has helped to reshape the current legal and regulatory landscape as a tool to economic sustainability and wealth creation in the maritime industry;
– opportunities for collaboration.
About the speaker:
Ejide Sodipo is a highly respected authority in commercial and maritime law in Nigeria and is a well-known authority on Protection and Indemnity mutuals. She initiated Nigeria’s Federal Technical Committee for the establishment of a local P&I Mutual.
Ejide has over 30 years of experience in maritime law and her expertise spans cargo claims, charter parties, international trade, bunker disputes and personal injury. She is the CEO of Pye-M Systems, a consultancy firm specializing in mutual advisory and legal compliance in Nigeria’s maritime and energy sectors.