📖 ABSTRACT/OVERVIEW
Systemic risk in banking systems poses catastrophic dangers for economic welfare, as Nigeria's experience during the 2009 banking crisis demonstrated through the emergency recapitalisation of multiple major banks and extensive CBN intervention. The post-2020 period has seen renewed pressures on Nigerian banks from currency devaluation, cryptocurrency exposure, and non-performing loan accumulation, raising urgent questions about the adequacy of the legal framework for systemic risk management. This doctoral research develops an original legal framework for systemic banking risk management in Nigeria, making a foundational contribution to the intersection of banking law, financial regulation theory, and macroprudential governance. A multi-method legal research methodology is employed, combining doctrinal analysis of the Banks and Other Financial Institutions Act 2020, the CBN Act, and the Nigeria Deposit Insurance Corporation Act with empirical investigation of CBN supervisory practice and recent banking stress situations. Comparative analysis examines systemic risk legal frameworks from the United States, the European Union, and Kenya. Primary interviews were conducted with CBN senior supervisors, NDIC officials, banking law academics, and financial stability scholars. Secondary sources include systemic risk scholarship, macroprudential regulation literature, and banking law publications from 2019 to 2024. The research makes four original scholarly contributions: a systemic risk vulnerability mapping of the Nigerian banking legal framework; an original Integrated Macroprudential Legal Governance Model for Nigeria; proposed amendments to BOFIA 2020 and the NDIC Act; and a constitutional theory of central bank independence appropriate to Nigerian federalism. Keywords: systemic risk, banking regulation, BOFIA 2020, macroprudential law, CBN.
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