Abuja: The Board of Banks’ Chief Executive Officers (CEOs) has highlighted that prolonged litigations in financial cases and enforcement bottlenecks are hampering banks’ ability to support Small and Medium Enterprises (SMEs). Mr. Oliver Alawuba, Chairman of the Board and Group Managing Director of the United Bank for Africa (UBA), voiced these concerns 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, Alawuba emphasized that delays in judicial processes and overlapping jurisdictions are not only obstructing credit access and increasing the cost of capital but are also elevating the risk profile of financial transactions. He advocated for the establishment of specialized financial courts or commercial divisions within existing courts, a practice already implemented successfully in countries like Kenya and India. Alawuba stated, “Justice delayed is not only justice denied, but justice mutilated,” underscoring the importance of timely resolutions in financial justice.
Mr. Olusegun Alebiosu, Managing Director/Chief Executive Officer of First Bank Group, reiterated the necessity for collaboration among banks, the financial sector, and the judiciary to address these issues. He pointed out the rising incidence of cybercrimes and stressed the need for prompt justice in financial cases. Meanwhile, Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), highlighted the institute’s commitment to promoting ethical conduct and professionalism within the banking industry through alternative dispute resolution mechanisms. These efforts aim to reduce the judiciary’s burden and foster a culture of ethics and integrity in the financial sector.
The seminar, themed ‘Justice and Finance in Partnership: Enabling Trust, Security and Nigeria’s Economic Growth and Development’, underscored the critical connection between a robust judicial system and a stable financial system. The two-day event drew stakeholders from both the banking and judiciary sectors nationwide.
