Proliferation of digital banking, cryptocurrency, cybercrime require informed, proactive judiciary –CJN
By Ginika Okoye
The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun says the rapid proliferation of digital banking, fintech innovation, cryptocurrency and cybercrime require a judiciary that is well informed, agile and proactive.
Kekere-Ekun said this at the 23rd National Seminar on Banking and Allied Matters for Judges organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.
She charged judges to continuously engage with the evolving landscape of finance.
Kekere-Ekun said the courts must possess the capacity to interpret complex transactions and assess novel financial arrangements within the framework of existing laws.
She said that an efficient and impartial judiciary would encourage financial inclusion, support credit systems, protect investments and propel economic expansion.
The CJN said that when stakeholders in the financial sector, whether banks, investors or entrepreneurs, could rely on a judicial system that was responsive, fair and predictable, it would build trust and catalyse long-term investment.
”As arbiters of justice, we bear a central role in fostering financial confidence and predictability, qualities that form the bedrock of any thriving economy.
”On the contrast, perceptions of delay, unpredictability or opacity in dispute resolution erode investor confidence, deter growth and can lead to systemic distrust.
”The judiciary is not merely a forum for adjudicating disputes, it is a foundational pillar of economic governance,” she said.
The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, said that CBN remained committed to working with the judiciary and relevant institutions to promote clearer legal frameworks and timely adjudication of financial matters.
Cardoso, represented by CBN’s Director of Legal Services, said the Bank was also committed to promoting capacity-building initiatives that strengthened the integrity of Nigeria’s financial environment.
He said that for Nigeria to lead in the evolving financial landscape, institutions, particularly the judiciary, must be equipped to provide speedy interpretation and timely resolution of complex financial and commercial matters, such as cross-border insolvency.
”Investors and business confidence will hinge on the predictability, clarity, and responsiveness of our legal system.
”The judiciary and the financial system are both anchored on one unshakable foundation, trust.
”Justice, when delivered fairly and consistently, underpins the confidence in contracts, commercial transactions, and dispute resolution,” he said.
Mr Oliver Alawuba, the Chairman, Board of Bank Chief Executive Officers (CEOs), said the banking industry depended daily on the efficiency, fairness, and predictability of judicial processes.
Alawuba, also the Group Managing Director of the United Bank for Africa (UBA), said that judicial delays, overlapping jurisdictions, and
enforcement challenges continue to increase the risk profile of financial
transactions.
”Fiscal consolidation, monetary tightening, and market reforms are laying the groundwork for long-term stability.
”But for these efforts to succeed, they must be underpinned by strong institutions – none more important than the judiciary,” he said.
Prof. Pius Olanrewaju, the President, Chartered Institute of Bankers of Nigeria (CIBN), said the institute was committed to fostering ethical conduct and professionalism within the banking industry.
He said the institute aimed at entrenching the culture of ethics, professionalism, and integrity in the industry through alternative dispute resolution mechanisms, which would help alleviate the burden on the state’s judiciary.
He said the seminar with the theme, “Justice and Finance in Partnership: Enabling Trust, Security and Nigeria’s Economic Growth and Development”, was apt as it encapsulated the essential link between a strong judicial system and a sound financial system.
According to him, the two elements must work hand in hand to foster national growth and development.
”Trust is the lifeblood of banking, and security its bedrock.
”Every financial transaction, from deposits to loans, hinges on the assurance that rights will be upheld, obligations fulfilled, and injustices addressed, without trust, the financial system crumbles.
”The absence of legal certainty and effective judicial oversight can devastate economic confidence, as a cornerstone of financial intermediation, the judiciary plays a vital role,” he said.
Olusegun Alebiosu, the Managing Director/Chief Executive Officer, FirstBank Group, stressed the need for the banks, the financial systems sector and the judiciary to collaborate to save the society.
Alebiosu, who said that cybercrimes were increasing on a daily basis, called for timely delivery of justice on financial cases.
Mr Afam Osigwe, President of the Nigeria Bar Association (NBA), said the curricula for judicial training must integrate real-time developments in digital banking, cross-border concessions and data privacy.
Osigwe represented by Dr Mobolaji Ojibara of the NBA, said there were still many unresolved tensions between the judiciary and the financial sector.
”For instance, the length of time it takes to determine cases, particularly recovery actions and enforcement of security instruments,” he said.
The News Agency of Nigeria (NAN) reports that the two-day seminar attracted judges, judiciary and financial stakeholders from across the country. (NAN)(www.nannews.ng)
Edited by Ese E. Eniola Williams
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