Whistle Blowing: The Position of Nigerian Legislation in Banking

Abstract

Whistleblowing can be a highly instrumental tool in curtailing corruption the banking industry.  However, the act of whistleblowing in Nigeria is not common practice. This may be attributed to the absence of a robust statutory framework that is able to provide protection in the event that a whistleblowers identity is exposed. The absence of this framework also raises difficulty in promoting good corporate governance practices.Whistleblowing is an important concept in both banking and other industries. This study is important as it affords the opportunity to explore the concept and how this tool can be used to curb bad practices. It is also important as it shows how whistleblowing, with adequate protection, can be effective in the work place. This paper will consider whistleblowing, using the Nigerian banking system as a case study. It will focus on the current legal framework; its effectiveness and limitations. It will also provide justifications for the need for enhancement.

Keywords: Whistleblowing, Protection, Nigerian Banking, Legal Framework