Stakeholders seek financial, judicial collaboration to boost economic growth
By Ginika Okoye
Stakeholders in the financial and judicial sectors have called for stronger collaboration in both sectors to drive sustainable economic development in Nigeria.
The stakeholders made the call at the 23rd National Seminar on Banking and Allied Matters for Judges, in Abuja.
Mr Oliver Alawuba, the Group Managing Director/Chief Executive Officer, United Bank for Africa (UBA) Plc, said that a stable and efficient judiciary was critical for Nigeria’s economic transformation.
Alawuba said that the effectiveness of the financial system was largely dependent on a responsive and knowledgeable judiciary, particularly in resolving cases involving cybercrime, fraud, and enforcement of financial contracts.
“No economy can flourish without the enabling guardrails of justice.
“From credit systems to contract enforcement, the banking industry depends daily on the efficiency, fairness, and predictability of our judicial processes,” he said.
He highlighted the rising burden of non-performing loans now over N1.57 trillion, saying it was a symptom of judicial inefficiencies.
He called for urgent reforms, including digitisation, capacity building, and the establishment of specialised financial courts.
“Our partnership is not one of convenience, but of necessity.
“Without a strong, efficient judiciary, banks will struggle to extend credit with confidence,” he said.
The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, said that the judiciary played a critical role in promoting financial confidence and legal predictability.
“Judicial predictability is not just a legal virtue, it is an economic asset, it enhances market efficiency, lowers risk premiums, and unlocks capital for infrastructure and business development,” she said.
Prof. Pius Olanrewaju, the President, Chartered Institute of Bankers of Nigeria (CIBN), said that the institute was committed to fostering ethical conduct and professionalism within the banking industry.
Olanrewaju said that the institute was aimed at entrenching the culture of ethics, professionalism, and integrity in the industry through alternative dispute resolution mechanisms, which will help alleviate the burden on the judiciary.
He said that 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.
The Administrator of the National Judicial Institute, Justice Salisu Abdullahi, highlighted the judiciary’s critical function in driving investor confidence and economic stability.
According to him, a judiciary that is both competent and fiercely independent does not just resolve disputes; it actively underwrites economic growth.
“It creates the fertile ground where capital feels safe, innovation can flourish, and businesses can thrive,” he said.
The News Agency of Nigeria (NAN) reports that the two-day seminar was jointly organised by the Chartered Institute of Bankers of Nigeria (CIBN) and the National Judicial Institute.
It brought together financial and judicial stakeholders, including regulators, bank CEOs, legal scholars, and law enforcement leaders to explore solutions to pressing issues affecting the country’s financial system and legal framework. (NAN)(www.nannews.ng)
Edited by Kadiri Abdulrahman
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