The Annual Lecture Series at the Oba Erediauwa College of Law, hosted by Igbinedion University, saw a distinguished legal scholar and Senior Advocate of Nigeria (SAN), Chief Charles Uwensuyi-Edosomwan, Ph.D., deliver a compelling address on contemporary issues in banking law and policy. Titled “Contemporary Issues in Banking Law and Policy,” the lecture provided in-depth insights into the legal and regulatory frameworks governing bank account freezing in Nigeria.
In his opening remarks, Vice-Chancellor Prof. Lawrence Ezemonye emphasized Igbinedion University’s commitment to academic excellence, spotlighting recent achievements of its law and accounting graduates. He reaffirmed the institution’s dedication to producing ethically-grounded professionals through robust global partnerships.
During the lecture, Chief Edosomwan articulated a critical perspective on the nature of bank deposits, asserting that money deposited in a bank becomes the bank’s property until a demand for payment is made by the customer. He discussed the necessity for banks to uphold the confidentiality of customer accounts while acknowledging their authority to freeze funds under judicial or statutory provisions. He examined the key legislative frameworks that empower authorities to place freezes on accounts, including the Bankers’ Books Evidence Act of 1879, the Banking (Amendment) Decree of 1966, the NDLEA Act of 1989, the Advance Fee Fraud Act of 1995, the EFCC Act of 2004, and the Money Laundering Act of 2022.
The lecture also addressed conflicting judicial precedents, notably GTB v Adedamola (2019) and Barclays Bank v Taylor (1989), which contribute to legal ambiguities surrounding freezing orders. Chief Edosomwan advocated for clearer judicial guidelines to create a balance between regulatory enforcement and customer protection, thereby promoting fairness in banking practices.
In a related disc9ourse, financial regulation expert Professor Nelson Ojukwu-Ogba raised concerns over Nigeria’s ongoing battle against money laundering. He underscored significant enforcement gaps that weaken anti-money laundering efforts and called for stricter adherence to existing laws, stronger inter-agency collaboration, enhanced financial transparency, and increased scrutiny of Politically Exposed Persons (PEPs).
The lecture further solidified Igbinedion University’s standing as a hub for advanced legal discourse, contributing meaningfully to policy debates within Nigeria’s legal and financial landscapes.
