REGULATORY CHALLENGES IN ENFORCING COMPETITION LAW IN FINANCIAL SERVICES AMIDST SECURITY CONCERNS

Abstract

Widespread regional insecurity creates substantial regulatory hurdles that undermine supervision and enable anti-competitive practices. In order to promote market fairness and protect consumers in Nigeria's financial services sector requires the enforcement of competition laws which will drive innovation. This article analyzes existing legal frameworks and judicial precedents as well as statutory provisions related to competition law in Nigeria through the use of a doctrinal research method. The research finds that areas experiencing conflict have interrupted regulatory functions, which weaken institutions and lead to increased monopoly power due to insecurity. The research further finds that the legal system is characterised by weaknesses and institutional flaws, hence the need to improve regulatory sustainability. The foregoing recommendations will operate to build a resilient inclusive system and competitive financial market.