THE ROLE OF BANKS AND OTHER FINANCIAL INSTITUTIONS IN THE FIGHT AGAINST ECONOMIC AND FINANCIAL CRIMES IN NIGERIA

We all can recall that in the second Republic, President Shehu Shagari, introduced an “austerity bill” in the National Assembly in Lagos when it became apparent that all was not well with the economy. Indeed the bill was drawn up after late chief Awolowo’s observation that Nigeria’s ship was economically heading for the doldrums. Shagari’s eventual ouster brought into power the rather iron-fisted Buhari’s regime whose principal economic legislation was the Miscellaneous Offences Decree’. Indeed as regards offences involving drugs and psychotropic substances in particular, the Decree became the nucleus of other subsequent legislation - e.g the National Drug Law Enforcement Agency Act of 1989. General Buhari’s regime lasted less than two years when it was sacked in a so called “palace coup” and, when the dust settled, “an affable and humane” General Ibrahim Babangida emerged at the head of yet another military junta. Indeed after some few months of settling in and after taking on the title of President, General Babangida started to unveil his economic programme. It is fair to say that the main thrusts of that programme are still more or less with us today. For instance: