Expert Calls for Improved Banking Regulation

Omolabake Fasogbon

The call for an improved banking regulatory regime has been emphasized in a new book authored by Dr. Folashade Adeyemo, a lecturer at the University of Reading, United Kingdom.

The book titled, “Banking Regulation in Africa: The Case of Nigeria and Other Developing Economies,” pointed out the challenges and episodes of bank failures in the country, a situation that compelled President Muhammadu Buhari to sign Banks and Other Financial Institutions Act (BOFIA) 2020 into law in November 2020.

According to the author, the book which is to be released in December 2021, captures the views of renowned experts on the subject matter, analysed the existing regulatory bodies as well as the recently enacted BOFIA 2020.

She said, “The growing area of interest in banking regulation has led to the idea of the book which contributes to the ongoing discourse and calls to improve the banking regulatory regime in Africa. The book pays special attention to the Nigerian banking regulatory environment, however, South Africa, Kenya, the US and UK are also captured as part of this important analysis”.

In the book, the author reviewed the existing banking regulatory bodies including: Central Bank of Nigeria, the Asset Management Corporation of Nigeria and the Nigeria Deposit Insurance Corporation among others, related their significance and presented a detailed analysis of the BOFIA 2020 as well as its operations within the Nigerian banking system.

In his comment on the preface of the book, Professor Andrew Campbell of the Department of Banking and Financial Law, University of Leeds, wrote, “Adeyemo has produced a fascinating and thought-provoking work which makes an important and original contribution to the subject of regulating banks in general, and by focusing on regulating banks in developing countries in particular.”