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Nnebuihe, Linda Iheanacho
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Social Sciences

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Oil, Law, and Power: The Role of Commercial Legislation in Nigeria's Economic History (1960–2020) Nnebuihe, Linda Iheanacho; Okoi, Ibiang
Jurnal Ilmu Sosiologi Dialektika Kontemporer Vol 13, No 2 (2025): Juli – December 2025
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This paper examines the complex interplay between oil wealth, commercial legislation, and economic power in Nigeria from 1960 to 2020, tracing how legal frameworks have shaped and been shaped by the country’s petroleum-dominated economy. Through historical and legal analysis, the study explores three distinct phases: the foundational period (1960–1979), which established Nigeria’s oil legal regime; the era of military rule (1980–1999), characterized by the militarization of commercial law; and the democratic period (2000–2020), marked by attempted reforms amid persistent governance challenges. Drawing on primary sources including legislation, court rulings, and oil contracts, as well as secondary literature on political economy, the paper argues that Nigeria’s commercial legislation has served as both an instrument of economic management and a reflection of broader power dynamics. The analysis reveals how oil dependency has distorted legal development, creating a system where laws often prioritize elite interests and foreign corporations over sustainable development. Comparative insights from Norway, Indonesia, and Angola highlight alternative approaches to resource governance, while policy recommendations propose pathways for legal reform. The study contributes to broader debates about law, resource dependence, and economic development in petrostates, offering critical lessons for Nigeria and other resource-rich developing nations.
Navigating the Digital Frontier: An Examination of the Legal and Regulatory Framework for FinTech and Cryptocurrency in Nigeria Nnebuihe, Linda Iheanacho; Ogu, Lorrita
Jurnal Ilmu Sosiologi Dialektika Kontemporer Vol 13, No 1 (2025)
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The Nigerian FinTech ecosystem has emerged as one of the most vibrant on the African continent, driven by a large, young, tech-savvy population and a historical gap in traditional financial services. Concurrently, Nigeria has become a global epicenter for cryptocurrency adoption. However, this rapid innovation has occurred within a complex, often fragmented, and sometimes contradictory legal and regulatory environment. This paper provides a comprehensive examination of the multifaceted regulatory framework governing FinTech and cryptocurrencies in Nigeria. It analyzes the roles and sometimes conflicting directives of key regulatory bodies, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Information Technology Development Agency (NITDA). The study employs a doctrinal methodology, critically analyzing primary sources such as statutes, regulatory circulars, and policy documents, supplemented by secondary sources including scholarly articles and industry reports. It identifies significant regulatory gaps, overlaps, and challenges, particularly concerning cryptocurrency bans, data privacy, and consumer protection. The paper argues that the current reactive and sometimes prohibitive stance stifles innovation and creates legal uncertainty. It concludes by proposing recommendations for a more cohesive, innovation-friendly, and forward-looking regulatory paradigm that balances the imperative of stimulating financial innovation with the critical need for market integrity, financial stability, and consumer protection.
Co-Authors Ogu, Lorrita Okoi, Ibiang