Abuja: 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, held in Abuja.
According to News Agency of Nigeria, Mr. Oliver Alawuba, the Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, emphasized the critical role of a stable and efficient judiciary in Nigeria’s economic transformation. Alawuba highlighted that the effectiveness of the financial system relies heavily on a responsive and knowledgeable judiciary, especially in resolving cases related to cybercrime, fraud, and enforcement of financial contracts.
Alawuba remarked, “No economy can flourish without the enabling guardrails of justice.” He stressed the dependency of the banking industry on the efficiency, fairness, and predictability of judicial processes, citing the rising burden of non-performing loans, now over N1.57 trillion, as a symptom of judicial inefficiencies. He called for urgent reforms, including digitization, capacity building, and the establishment of specialized financial courts.
Justice Kudirat Kekere-Ekun, the Chief Justice of Nigeria (CJN), noted the judiciary’s critical role in promoting financial confidence and legal predictability. She stated that judicial predictability enhances market efficiency, lowers risk premiums, and unlocks capital for infrastructure and business development.
Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), expressed the institute’s commitment to fostering ethical conduct and professionalism within the banking industry. He emphasized the importance of alternative dispute resolution mechanisms to alleviate the burden on the judiciary. Olanrewaju described the seminar’s theme, “Justice and Finance in Partnership: Enabling Trust, Security and Nigeria’s Economic Growth and Development,” as encapsulating the essential link between a strong judicial system and a sound financial system.
Justice Salisu Abdullahi, Administrator of the National Judicial Institute, underscored the judiciary’s critical function in driving investor confidence and economic stability. He noted that a competent and independent judiciary not only resolves disputes but also actively underwrites economic growth, creating fertile ground for capital safety, innovation, and thriving businesses.
The seminar, jointly organized by the Chartered Institute of Bankers of Nigeria (CIBN) and the National Judicial Institute, brought together financial and judicial stakeholders, including regulators, bank CEOs, legal scholars, and law enforcement leaders. The event aimed to explore solutions to pressing issues affecting Nigeria’s financial system and legal framework.
