At the international Business Law Conference 2023 which held recently at Eko Hotels and Suites, Panelists raised concerns about the incomprehensive and outdated regulation of financial services in Nigeria, highlighting its limited scope in addressing the changing dynamics of the sector, such as the emergence of FinTech companies and the growing integration of technology in financial services.
The second plenary session explored whether a fundamental shift in ideology and regulatory framework for financial services is necessary in Nigeria. The Panel was made up of Dr Folasade Adeyemo: University of Reading, Dr Ajibola Asolo: Partner, Aluko & Oyebode, Mr Olamide Oladosu: Partner, Clifford Chance, Mrs Franca Egwuekwe: General Counsel and Company Secretary, NG Clearing Limited, Ms Temitope Sowunmi: Counsel, TNP, Mr Desmond Ogba: Partner, Templars
The Panel frowned at outdated laws and weak enforcement of regulations influenced by factors like inadequate capacity and political interference. They called for more coherence among Regulators and noted that there should be joint efforts by regulators to encourage business growth and not stifle innovation. They noted that Nigeria needs to have a robust system that makes it impossible for depositors to loose their money.
In order to increase the flow of foreign exchange in Nigeria, the Panelists recommended that Nigeria should develop and implement policies that will make it attractive for people to invest and bring in foreign currencies in Nigeria and restore investor confidence. There should be clarity of rules and a transparent foreign exchange market. They further noted that the financial services sector needs to evolve to meet customers needs by embracing digital technologies and should be at the forefront of market education.