An Examination of Bankers’ Customers Relationship Under the Nigerian Law (Published)
This paper examines the evolving and complex legal relationship that exists between bankers and customers in view of the dynamic, intricate and knotty realities of banking in the 21st Century. Existing researches have portrayed the relationship that exists between bankers and customers as that of creditors and debtors. But unfolding of events in modern banking practices reveals that banking has gone beyond conventional practices of credit and debit; to embrace knotty foreign exchange dealings; discounting bills; financial advisory services; agency; administration of estates and acting as customers’ bailee; to mention just a few. These modern services, coupled with emerging technological developments in banking services have opened new legal vistas with intricate legal issues which existing legislations and judicial authorities are grappling to cope with. The aim of this work is to critically examine the evolving relationship between bankers and customers beyond the conventionally known relationships of creditors and debtors using the doctrinal method of legal research to analyze existing literatures, case law and legislations. Findings revealed that modern technology and modern commerce have expanded the relationships between bankers and customers. Recommendations were made at the end of the work on the need to expand the frontier of legislations in Nigeria to embrace emerging realities of the relationship.
Keywords: Bankers, Banks’, Customers, Examination, Relationships