Prolonged litigations on financial matters impede banks’ capacity to support SMEs — CEOs

By Ginika Okoye

The Board of Banks’ Chief Executive Officers (CEOs) says that prolonged litigations of financial cases and enforcement bottlenecks impede banks’ capacity to support Small and Medium Enterprises (SMEs).

Mr Oliver Alawuba, the Chairman of the Board, 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.

Alawuba, also the Group Managing Director of the United Bank for Africa (UBA), said the delay also stopped credit access and raise cost of capital.

Alebiosu who said that cybercrimes were increasing on a daily basis, called for timely delivery of justice on financial cases.

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.

This, he said encapsulated the essential link between a strong judicial system and a sound financial system.

The News Agency of Nigeria (NAN) reports that the two-day seminar attracted stakeholders from the banking and the judiciary from across the country. (NAN)(www.nannews.ng)

Edited by Dorcas Jonah/Ese Eniola Williams