CORPORATE CRIMINAL LIABILITY IN NIGERIA: PROSECUTION OF FINANCIAL CRIMES IN FINANCIAL INSTITUTIONS
Abstract
n Nigeria, the banking sector plays a crucial role in economic development; however, it has
been plagued by a high incidence of financial crimes, raising critical questions about corporate
criminal liability. This study provides an analytical overview of Nigeria's legal framework
concerning the prosecution of financial crimes in banking institutions, examining the
application of corporate criminal liability. The research examines the historical evolution of
corporate criminal liability, including relevant legal instruments such as the Banks and Other
Financial Institutions Act 2020 and the Money Laundering (Prohibition) Act 2011, as well as
the role of regulatory bodies like the Economic and Financial Crimes Commission (EFCC).
This study argues that the current legal framework in Nigeria faces challenges in effectively
imposing criminal liability on banking institutions, hindering the fight against financial crimes.
This contention is premised on an analysis of the legal and institutional inadequacies and the
complexities of prosecuting corporate entities. To enhance the effectiveness of corporate
criminal liability, this study draws insights from the legal frameworks of the United Kingdom
and South Africa. By employing a doctrinal approach and comparative analysis, the research
investigates the strengths and weaknesses of these jurisdictions' approaches to corporate
accountability. In conclusion, the research emphasizes that addressing financial crimes in
Nigeria's banking sector requires more than just enacting laws; it necessitates robust
enforcement mechanisms, institutional reforms, and a nuanced understanding of corporate
criminal liability. The study, therefore, recommends targeted legal and institutional reforms to
strengthen the prosecution of financial crimes and ensure accountability within the banking
sector.
Keywords: Corporations, Corporate criminal Liability, Financial Crimes, Legal
Frameworks, Financial Institutions.
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