Pages: (54-64 )
Abstract
Banking is viewed in most jurisdictions as the commanding height of the economy. The banking service lubricates the engine of growth, motivates other sectors and drives other sectors through its multiple services. However, the extent to which this much avowed central role of banking as the driver of growth trajectory can go is limited by the currency of the extant laws, the nimbleness of the judicial arm and the will of the stakeholders to walk the talk. This paper examines the basic laws that influence banking practices in Nigeria, the reforms that have been introduced and the extent of implementation, the challenges and limitations posed by the laws, the judicial inertia that has dragged down the pace of banking practice and its contributions to the growth trajectory in the country. A wide gap exists between the intendment of the various laws and the accompanied reforms, and the eventual outcomes. It is observed that most times, the laws are either far behind the dynamics of the banking business, or that the provisions are observed either in breach or lacking in thorough and sincere implementation. It is therefore recommended that for the banking industry to remain a lubricant for the Nation’s engine of growth, the extant laws must be current and subjected to regular reforms. The judicial officers must be well trained on the technicalities of the banking laws and state of the art facilities provided them to enable quick, fair and just disposition of cases before them from time to time.
Keywords: Keywords: Law, Reforms, Regulation, Judiciary, Economics.,