Abstract
Despite the rigorous efforts by the government to make the Nigerian banking sector viable and devoid of fraud, a lot of fraudulent activities persist. In recent times, many banks are either under probe or completely liquidated. The latest is the Heritage Bank which became liquidated in 2024. Using a doctrinal research method, this paper appraises the two main laws regulating banking business in Nigeria; the Banks and other Financial Institutions Act (BOFIA) and the Central Bank of Nigeria Act as well as the main law on financial crime fighting in Nigeria, to wit the Economic and Financial Crime Commission Act. The paper in the final analysis discovers that provisions of the law parse is not the sole clog in the successful fight against economic and financial crimes in the Nigerian banking sector but also the institutional clogs as well. To check this, this paper, amongst others, recommends for the overhauling of the Nigerian regulatory framework on financial crime fighting in Nigeria, severe punishment for financial crime committers and establishments of specialized courts designated to handle economic and financial crimes cases in the Nigerian banking sector.
Keywords: ’Legal framework’, ’Banking Services’, ‘Financial Related Crimes Fighting’.