Thursday April 16, 2026
www.thenewsdesk.ng
Former member of the National Assembly, Onofiok Luke, has announced that he has earned a Doctor of Philosophy degree in Law from the University of Calabar, with a research focus on banking regulation, corporate governance and consumer protection.
Luke said the academic journey was inspired by his experience in the 9th House of Representatives, where he participated in the passage of the Banks and Other Financial Institutions Act, 2020. According to him, concerns raised at the time by bankers, investors and legal experts pushed him to look beyond the legislative process and examine the long-term effect of the law on Nigeria’s banking system.
He said what started as a review of BOFIA 2020 later developed into a broader study of the governance architecture of the banking industry in Nigeria, with comparisons drawn from selected jurisdictions.
Luke recalled that the decision to return to academic research came years after he completed his Master’s degree in Law, with a specialisation in telecom regulation, in 2017 at the University of Calabar.
He described the journey to the doctorate as demanding, marked by repeated trips between Abuja and Calabar, difficult travel along the Calabar-Itu Highway, and periods of doubt during the course of the research.
According to him, major developments in Nigeria’s financial sector helped strengthen his determination to complete the programme. He listed these as the naira redesign episode, the rise of fintech and the legal uncertainty around its regulation, increasing complaints from users of banking services in the digital finance era, the removal of boards and management of some banks, the revocation of Heritage Bank’s licence by the Central Bank of Nigeria, and the political controversies surrounding the apex bank ahead of the 2023 elections.
Luke expressed gratitude to God for the successful completion of the programme and thanked his supervisors, Prof. Jacob Dada and Dr Alex Ebu, for their support and guidance.
He said the achievement represents his transition from lawmaking to legal scholarship, driven by a desire to better understand and contribute to the improvement of banking regulation in Nigeria.
*AkwaIbomTimes