A Critical Analysis of the Conformity of Extant Banking and Related Laws with Electronic Banking in Nigeria

Abstract

It is instructive that most of the laws in the Laws of the Federal Republic of Nigeria (LFRN) 2010 are made without giving due regard to the emergence and fast development of Information and Communications Technology (ICT) in the country. This is so because the LFRN 2010 is virtually a replica of the Laws of the Federation of Nigeria (LFN) 2004. This informs the reason why banking laws and those laws related thereto in the LFRN 2010 are not fully e-compliant, save for the Central Bank of Nigeria (CBN) Act and Nigeria Deposit Insurance Corporation (NDIC) Act which were amended in 2006 and CBN Act further amended in 2007. The laws generally need to be reviewed to incorporate ICT so as not to be isolated in the global trend. The paper analyses the various laws in order that they are made to be e-compliant.