News that the Economic and Financial Crime Commission is set to charge senior officials from the Nigerian Central Bank for an alleged £21 million fraud is a major development in the country's battle against economic crime.
Nimisha Agarwal, senior associate and corporate crime specialist at international law firm Taylor Wessing, comments:
"The Nigerian Central Bank investigation shines a light on the global trend which now shapes how international business must be conducted: regulators worldwide are clamping down on economic crime and international institutions must comply wherever in the world they are operating. This trend is a result of evolving national and international policy, the introduction of anti-corruption legislation and the empowerment of regulators. China, Saudi Arabia, India, South Africa and Brazil are among many of the countries who are taking steps to address corporate wrongdoing on their soil.
"The Nigerian Central Bank will not be the last name we hear being investigated for alleged corporate wrongdoing – as companies come alive to the real risk of enforcement action by regulators across the globe, we will increasingly see corporates improve their systems and controls, conduct their own internal investigations and initiate dialogue with regulators in the hope of more lenient treatment."