Islamic Law Concept of Wealth Circulation as Panacea to the Scourge of Economic and Financial Crime in Nigeria
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Date
2019
Authors
Olagunju-Ibrahim, Ridwan
Journal Title
Journal ISSN
Volume Title
Publisher
Islamic University in Uganda
Abstract
Economic and financial crime refers to non-violent criminal and illicit activity aimed at gaining wealth illegally. Perpetration of this crime always comes with unpleasant implications on the economic stability of affected nations as well as the financial standing of the victim citizens the real. Nigeria is indeed one of those nations of the world which are badly affected by the scourge of this crime. Attempt to curb this has prompted successive government administrations in the country to develop a number of legal and institutional frameworks but without much succor up till now. The fact that wealth acquisition is a major target of the perpetrators of this crime raises puzzles as to the adequacy and effectiveness of wealth circulation provisions in the Nigerian legal regime. This therefore calls for imminence of the need in this paper to transcend the confines of the Nigeria law and research into how the objective of wealth circulation is being treated in another legal regime, both in theory and practice. The benefit which lies in this exercise is to become familiar with what the system is like in the alien law and to see to what extent the Nigerian law can take useful cue (if any) therefrom.