Banking Regulation in Nigeria has remained a topical issue and this is particularly so given the various challenges and episodes of bank failures the sector has experienced.
In light of these challenges, there have been urgent calls to reform the Banks and Other Financial Institutions Act (BOFIA) 1991, and in November 2020, President Muhammadu Buhari signed into law BOFIA, 2020.
The growing area of interest in banking regulation has led to the much anticipated book publication titled: Banking Regulation in Africa: The Case of Nigeria and Other Developing Economies, written by Dr Folashade Adeyemo, lecturer at the University of Reading, UK.
This book 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.
There is recognition of various contributions to the ongoing issue of banking regulation in Nigeria, such as Dr Oladapo Olanipekun SAN, who published an edited collection in 2016.
Notable contributors to that text included Hon Justice Dr Nnamdi Dimgba, Prof Fabian Ajogwu SAN, Dr Jumoke Oduwole, and Dr Iwa Salami, Reader, University of East London.
Adeyemo builds on the research of these established scholars and provides further insight and analysis of the various banking regulatory bodies including the Central Bank of Nigeria, the Asset Management Corporation of Nigeria, the Nigeria Deposit Insurance Corporation among others.
She examines their significance and responsibilities, provides a very detailed analysis of the recently enacted BOFIA 2020 and its operations within the Nigerian banking system.
In the foreword, written by Dr Olufemi Amao, Reader in Law, Sussex University, he reflects ‘Providing a comprehensive historical background to the study’.