The thesis examines the current legislative framework for regulating banking business in both Canada and Nigeria with a view to determining their adequacy to contain the incidence of bank insolvencies. It reviews the historical justification for introducing specific statutes to regulate the banking sector in both countries and highlights parallels between the concerns then and the challenges now. Furthermore, the thesis identifies some of the factors responsible for the bank failures in both countries and critically appraises the legislative response to them.; The thesis recommends the enactment of a Bank Regulators (Accountability) Act which allows depositors of a failed bank to bring action against bank regulators where the circumstances indicate inexcusable regulatory lapses or oversight as the principal factor that led to the bank's insolvency.
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