Unrealistic regulatory control may trigger economic problems, says University don
University don and professor of business law, Gabriel Olawoyin (SAN) has said that a banking system that is not subjected to realistic regulatory controls could easily trigger very serious financial and economic problems for any country.
Olawoyin made the remark as chairman during the public presentation of the book “Banking: Theory, Regulation, Law and Practice” edited by Dr. Oladapo Olanipekun (SAN) in Lagos last Wednesday.
He said: “I consider it appropriate to emphasize the fact that over-regulation in the banking sector is as dangerous to the system as under-regulation. This then brings to play the obvious need for an approach that encourages entrepreneurship within the context of a well structured and decently supervised banking system.”
Olawoyin said he believes that the book would give the readers valuable insight into those parameters that underscore the fundamental importance of banking in the economic fortunes of any country.
The book launch was attended by scores of senior lawyers and judges. They include Justice Inyang Okoro of the supreme court, Justices Chinwe Iyizoba and Chidi Uwa of the court of appeal, Justice Lawal Akapo, Justice Olateru-Olagbegi, Dr. Joseph Nwobike SAN, Olu Daramola SAN, Kemi Pinheiro SAN, Norrison Quakers SAN, Prof Gbolahan Elias SAN, Kemi Balogun SAN, Dr. Biodun Layonu SAN, Rickey Tarfa SAN, Dele Adesina SAN, Dayo Akinlaja SAN, Osaro Eghobamien SAN and father of the editor, Chief Wole Olanipekun SAN and family members.
The COO, Barclays Bank Nigeria, Mr. Sadiq Abu delivered the lecture. He spoke on the topic, “Rethinking the Nigerian Financial Services Regulatory Architecture”. In his speech, he described the book as a repository of knowledge in the banking regulation and supervision. He concluded that the current architecture has its own inefficiencies and urged a robust debate on the way forward.
The general editor, Dr. Olanipekun said dearth of literature on the subject of banking motivated him into writing. “Out there, whether from legal perspective or practical regulatory perspective, there is really a serious dearth of writings and literature on the subject of banking.
“And that resulted in the very low understanding of the subject. Again, it is a very important subject, critical to human life. It is also critical to national life. It is the most critical aspect of our economy. So that has not been reflected in literature, in terms of writing. That is what inspired me”, he explained.
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