Abstract/Summary

Whistleblowing can be a highly instrumental tool in curtailing corruption in the banking industry. However, the act of whistleblowing in Nigeria is not a common practice. This may be attributed to the absence of a robust statutory framework that is able to provide protection in the event that a whistleblower's identity is exposed. The absence of this framework also raises the difficulty in promoting good corporate governance practices. Whistleblowing remains an important concept in both banking and other unrelated industries. This study is important as it affords the opportunity to explore the concept and how this tool can be used to curb bad practices, generally. It is also important as it shows how whistleblowing, with adequate protection, can be effective in the workplace and as a means to curtailing corruption within the Nigerian banking industry. The primary purpose of this paper, therefore, is to provide a legal analysis of the position of Nigerian legislation on whistleblowing, against the more extensive provisions of more developed frameworks such as the US and the UK. In using the two latter countries as a comparison, the paper will consider how Nigeria may use these more developed countries as a potential template to draw lessons. In providing this legal analysis, the paper will pay close attention to the current legal structure; its effectiveness and limitations. The paper will also provide justifications for the need for enhancement.