EVALUATION OF THE LEGAL FRAMEWORK FOR FINANCIAL INSTITUTIONS REGULATION IN NIGERIA
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ABSTRACT
The frightening and unpleasant experience of failed banks in Nigeria with the attendant consequences of the advent of wonder banks, macro-economic problems, failure of municipal legislation, threat of another round of bank failures etc., have all made the need for an evaluation of financial institutions regulation in Nigeria compelling. This study addressed the problem of distress and failure of financial institutions in Nigeria occasioned by weak legal framework for their regulation. The legal regulation of financial institutions is aimed at preventing distress and failures through legislation and to promote financial stability and soundness in the system. The objectives of this work are to carry out a critical examination of the legal framework for the regulation of financial institutions in Nigeria; to examine the impact of the International Monetary Fund and the World Bank on financial institutions in Nigeria; To carry out a comparative analysis of the legal framework for the regulation of financial institutions in Nigeria, Ghana and Britain; to examine the consequences of failure of legal regulation and to provide new perspectives on the subject in Nigeria. This thesis examined three research questions which are: To what extent has legal regulation of financial institutions prevented or reduced distress or failure in financial institutions in Nigeria? What lessons can Nigeria learn from Ghana and Britain's legal framework for financial Institutions regulation? Has the Financial Services Regulation Coordinating Committee (FSRCC) fulfilled its mandate of establishment? The doctrinal method of research was adopted for this study. Results showed that the necessity of legal reforms, Lack of effective coordination of the activities of regulatory agencies such as the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation etc., overload of regulatory duties on the CBN and distress and failure in the system because of weak legal framework were reasons for distress and failure of financial institutions in Nigeria. Consequences of this weakness include failure to categorically declare wonder banks unlawful, inadequate penalty for the abuse of the loan system by bank officials, failure to act promptly on illiquidity and contraventions of the Law and regulations by financial institutions, failure of the CBN Act to provide a time-frame for the submission of relevant report and information to avoid distress, and failure to include provisions on the modalities, regulations, quorum requirements In the CBN Act to facilitate the work of the FSRCC. The extant legal framework is weak, inadequate and should be amended. The study also xvi recommended setting up of a new regulatory body over non-bank financial institutions in Nigeria, and, to strengthen the laws and the regulations guiding financial institutions in Nigeria. The study proposed increased funding and manpower development for the Economic and Financial Crimes Commission. The findings of this study will enrich literature and scholarly endeavours among academics and professionals in financial institutions. It also provided areas in the existing regulation that requires amendments by the National Assembly and regulatory bodies.
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