Abuja: The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, has emphasized the necessity for a judiciary that is informed, agile, and proactive in response to the rapid proliferation of digital banking, fintech innovation, cryptocurrency, and the rise in cybercrime. She conveyed these sentiments during the 23rd National Seminar on Banking and Allied Matters for Judges, organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
According to News Agency of Nigeria, Justice Kekere-Ekun highlighted the importance of continuous engagement by judges with the evolving financial landscape. She stressed that the judiciary must be equipped to interpret complex transactions and assess novel financial arrangements within the existing legal framework. An efficient and impartial judiciary, she noted, would encourage financial inclusion, support credit systems, protect investments, and drive economic expansion.
The Chief Justice further elaborated that a responsive, fair, and predictable judicial system would build trust among stakeholders in the financial sector, including banks, investors, and entrepreneurs, thereby catalyzing long-term investment. She remarked on the central role the judiciary plays in fostering financial confidence and predictability, warning that perceptions of delay and unpredictability in dispute resolution could erode investor confidence and deter growth.
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, reiterated the CBN’s commitment to collaborating with the judiciary and relevant institutions to promote clearer legal frameworks and timely adjudication of financial matters. Represented by CBN’s Director of Legal Services, Cardoso emphasized the need for capacity-building initiatives to strengthen the integrity of Nigeria’s financial environment, particularly in dealing with complex financial and commercial matters, such as cross-border insolvency.
Mr. Oliver Alawuba, Chairman of the Board of Bank Chief Executive Officers (CEOs) and Group Managing Director of the United Bank for Africa (UBA), underscored the banking industry’s reliance on efficient, fair, and predictable judicial processes. He pointed out that judicial delays and enforcement challenges continue to increase the risk profile of financial transactions, stressing the necessity of strong institutions to underpin fiscal consolidation and market reforms.
Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), affirmed the institute’s commitment to fostering ethical conduct and professionalism within the banking industry. The seminar’s theme, ‘Justice and Finance in Partnership: Enabling Trust, Security and Nigeria’s Economic Growth and Development,’ encapsulated the critical link between a robust judicial system and a sound financial system. Olanrewaju highlighted the importance of trust and security in financial transactions and the judiciary’s role in maintaining economic confidence.
Olusegun Alebiosu, Managing Director/Chief Executive Officer of the FirstBank Group, called for collaboration between banks, the financial sector, and the judiciary to address the rising incidence of cybercrimes and ensure timely justice delivery on financial cases.
Mr. Afam Osigwe, President of the Nigeria Bar Association (NBA), highlighted the need for judicial training curricula to integrate developments in digital banking, cross-border concessions, and data privacy. He noted unresolved tensions between the judiciary and the financial sector, particularly regarding the duration of case determinations and enforcement of security instruments.
The News Agency of Nigeria reports that the two-day seminar attracted judges, judiciary, and financial stakeholders from across the country.
