Uniformity of laws is more profitable than plurality of laws : a study of Nigerian banks doing business in neighbouring West African countries

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Njoku, Kingsley Uche
Issue Date
Master of Business Administration
Dublin Business School
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In view of the emerging new world which is convergent in nature, it has become necessary that there is in place an international system to manage the financial crises which are some of the inevitable consequences of a free market. In the words of Westbrook (2000), ‘a new world is slouching towards New York and London, Beijing and Bangkok to be born. If our planet and values survive the secondary effects of that emergence, we may look forward to a community more prosperous and more integrated than at anytime in human history’. However, in spite of this current wave of convergence, otherwise known as globalization, and its attendant demand for legal uniformity, African states appear to be resistant and rather unwilling to admit of any external influences especially in the area of legal reforms. This is particularly so in view of the fact that independence is something novel to African nations so that they perceive any form of interchange and integration as a threat to their new found independence which they still protect and guard jealously (White, 1996). In this research titled ‘Uniformity of Laws is more profitable than Plurality of Laws’, the aim is to investigate this undue inclination to absolute sovereignty in Africa which tends to promote Plurality of laws, and to study its effects on Nigerian banks doing business in neighbouring West African countries. The study shall be carried out amongst the in-house solicitors of some of the banks. The outcome of the study would have identified the drawbacks of Plurality and helped figure out what is best in the circumstance for the Nigerian banks trading in neighbouring West African states so as to position them for more competitive advantage and to enable them reap all the benefits that come with the globalization phenomenon.