Reflections on Dr Folashade Adeyemo’s book launch: Banking Regulation in Africa – The Case of Nigeria and Other Emerging Economies


by Ibukun Iyiola-Omisore

The book launch for Dr Folashade Adeyemo’s book, took place on Wednesday 23 March 2022. The keynote was delivered by  Prof Onyeka Osuji, Professor of Law, University of Essex. While a panel comprising Dr Femi Amao, Reader in Law, Sussex Law School, University of Sussex; Prof Andy Campbell, Emeritus Professor of International Banking and Finance Law, School of Law, University of Leeds and Ms Ibukun Omisore, Doctoral Researcher, School of Law, University of Leeds provided additional insights into the primary and broader themes associated with the book. 

During the panel session, I opened up the discussion by considering the impact of good corporate governance in financial and other institutions for corporate social responsibility (CSR). This is because CSR cannot thrive in a weak corporate governance context. Interestingly, the book proffers suggestions on how to strengthen CG practices in Nigeria, which may be beneficial for the protection of both shareholder and stakeholder interests. Having a proactive approach to regulatory enforcement will also help directors avert risks or tackle crisis that may occur in future.

Further Reflections on the Book:

The book titled Banking Regulation in Africa – The Case of Nigeria and Other Emerging Economies is a timely contribution to literature in this era, with regards to the development of banking regulation in Nigeria, analysing the lacuna in the existing law.  The book is a rich source of knowledge in understanding the Nigerian regulatory architecture, proffering reforms on the best practice for Nigeria in relation to banking law. This book is significant in these times where the clamour for effective regulation of banks is on the rise. It provides in-depth theoretical and practical insight into the current banking system in Nigeria. It enlightens policy makers, private sector, and government officials on the impact of weak corporate governance practices, in the context of the Nigerian banking crisis 2008, and provides comprehensive details on how this may be enhanced.

The book highlights that lack of regulation in the banking sector is one of the major causes of the financial crisis.  In the Nigerian context, the regulatory architecture lacks an effective regime and in the event of banking crises, it maintains a reactive rather than a proactive approach. The author has no question in her mind therefore that positive law would have averted the crisis, and the deregulation option chosen by the regulators provided the opportunity for greed. Dr Adeyemo emphasizes the urgent need for policy makers to place greater emphasis on regulation and monitoring supervision, as they are intrinsically linked to have an effective banking regulation regime in Nigeria.

In addition, the book also engages in a comparative analysis with two emerging economies in Africa: South Africa and Kenya. It also considers the UK and the US and whether Nigeria can draw lessons from their approach in terms of their regulatory responses to the global financial crisis of 2008. The book provides illuminating insights on the fact that there are no perfect models, However, Nigeria can draw from the comparator jurisdictions to identify (a) the important features of effective regulatory models, as this will help in identifying what such a model should resemble; and (b) to identify what is applicable to ensure prudent regulation, considering the Nigerian context. The book proposes that Nigeria needs to pay closer attention to having a proactive approach, rather than implementing a reactive measure for when a crisis or banking failure occurs. Nigerian regulators should cultivate a commitment to the on-going improvement of the regulatory framework itself.

In conclusion, the book puts forward what may be considered as an effective regulatory model, and one which the Nigerian regulator should pay closer attention to, this book broadly reflects on six particular features, namely,

(a) effective laws;

(b) the enforcement of laws;

(c) regulating the regulator;

(d) the sharing of powers;

(e) clarity of the roles of the regulator;

(f) the creation of a specialist court.

Overall, this book comprises brilliant chapters which are appropriately linked, making the book interesting and enlightening. This work is highly commended for the approach adopted in conducting research which encapsulates a combination of theory and practice to attain proper enforcement of banking regulation in Nigeria. The work is an essential reading for banking law scholars and policy makers, especially those with interest in corporate law and corporate governance.


Ms Ibukun Iyiola-Omisore is a PhD Candidate at the School of Law, University of Leeds. Her thesis focuses on company law, corporate governance and corporate social responsibility (CSR). She can be contacted via