Corporate Regulation of Unethical Practices: Assessment of Nigeria’s Commercial Banking Industry
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Date
2017
Journal Title
Journal ISSN
Volume Title
Publisher
International Journal of Economics and Financial Issues
Abstract
Evidently, a culture of due compliance has been eroded on multiple levels within Nigeria’s commercial banking industry. Hence, corporate values
and professional ethics are being sacrificed on the grounds of; being competitive, returning impressive profit margins and increasing market share.
Historical antecedents and emerging trends indicate the long term adverse effects of corporate malpractices, especially when left unmitigated by
affected stakeholders. The appreciable decline in global oil prices has reenergized corporate regulatory oversight in Nigeria. The aim in this regard and
as widely publicized; is to sanitize the wider business environment and importantly renew the public trust, domestically and internationally. Apparent
trends of insider dealing practices subsist in Nigeria’s banking industry, even though very limited conclusive cases are available for exhaustive analysis.
This fact is further validated by the various interventions of the requisite regulatory agencies, coupled with the local and international commentaries
in this regards. Instructively, deployment of statutory-oversight by the requisite agencies has prevented a systemic collapse of banking industry. The
paper also succinctly explored the essence of the stakeholder theory, as a basis to validate the necessity of corporate regulatory intervention. Relevant
evidences, specific statutes and others verifiable sources utilized to expound on the theme of the paper. It is opined that there must be active collaborations
between corporate stakeholders and the regulatory structures, particularly against the backdrop of Nigeria’s unfolding socio-economic peculiarities.
Description
Staff Publication
Keywords
Regulation,, Banking,, Compliance,, Unethical,, Insider Dealing, Stakeholder