The Acting Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola said on Monday that “timely and efficient adjudication” of cases as they arise would stabilize the Nigerian financial sector.
He said time is of the essence in resolving legal and contextual
issues such as the challenges encountered by operators and regulators of banking, financial institutions and businesses.
Therefore, it is essential “to identify possible solutions to the problems and thereby ensure stability of the Nigerian banking and financial economy”, he stressed.
Ariwoola, stated this at a capacity building workshop for Justices and Judges of the Court of Appeal and Federal High Court on Banking and Financial Services.
He noted that the theme of the workshop, “The Role of the Judiciary in Banking Sector Reforms and Economic Growth in Nigeria”, signifies the desire by relevant stakeholders to continuously improve the competence and capacity of judicial officers in the areas of substantive and procedural law, judicial ethics and skill as well as social context awareness of issues that are critical to the well-being of the country.
While stating that “the banking sector is operated based on the assurances of trust and confidence”, the CJN stressed that such trust and confidence “can be easily eroded where there are delays and inefficiencies in speedily resolving disputes arising from the sector”.
Justice Ariwoola, said that the Judiciary has proactively positioned itself to meet the challenges posed by the dynamics and innovations of the digital age by streamlining several rules of court so as to embrace and encourage quick methods of dispute resolution.
He added that “Not only are courts becoming more automated, but our rules of court have also evolved to include IT solutions and alternative dispute resolution mechanism, amongst other strategies that enhance more efficiency in the administration of justice”.
Earlier in his welcome address, the Administrator of the National Judicial Institute (NJI), Justice Salisu Abdullahi,had stated that the workshop was organized by the Central Bank of Nigeria (CBN) and Juris Law in collaboration with the NJI.
To provide a platform for bankers, financial experts, regulators, and other stakeholders in the banking and financial sector to discuss and agree on best approaches that will secure the successful implementation of recent reforms relating to the sector.
On his remark, President/ Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Mr Ken Opara, stated that the effective and timely determination of disputes bordering on financial system stability is crucial to the banking sector because it reduces the number of public funds to be expended on such matters.
He appealed to the Judiciary to encourage mediation and conciliation mechanisms as dispute resolutions on matters relating or affecting the financial sector.
Opara tasked the Judiciary to create and embrace online payment platforms to ease the filing of court processes to eradicate delays associated with