Experts Gather to Review Nigerian Banking Regulation

Omolabake Fasogbon

As part of effort to enhance banking and economic activities, experts from within and outside the country will be reviewing the Nigerian Banking Regulation at a webinar.

The webinar being put together by the Commercial Law Research Network of Nigeria, in collaboration with the Global South Dialogue on Economic Crime and the University of Reading, sought to assess the regulatory architecture of the banking sector for efficiency.

A statement by one of the webinar organisers and a lecturer of Law at the University of Reading, Dr Folashade Adeyemo revealed the theme of the virtual discussion as “The Practitioners’ Perspective on the Banks and Other Financial Institutions Act, 2020”.

Adeyemo explained that the discussion, which holds August 31 was necessary as to examine the effectiveness of banking regulation in Nigeria.
“Effective banking regulation is important in terms of maintaining the stability of any economy and financial system. It is vital that the regulatory structure maintains its effectiveness to ensure that the economy is not impacted and continues to thrive.

“In the case of Nigeria, it is no stranger to banking failures and crises. To improve the regulation, the Banks and Other Financial Institutions Act, BOFIA 2020 was signed into law by President Muhammadu Buhari of Nigeria in November 2020.”