The Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, has reiterated that an “efficient and expeditious adjudication” of cases will promote stability in the Nigerian financial sector and will also boost investor confidence.
Ariwoola said so on Monday during a capacity building workshop for judges and judges of the Court of Appeal and the Federal High Court for Banking and Financial Services.
The theme of the workshop is: “The Role of the Judiciary in Banking Sector Reforms and Economic Growth in Nigeria”.
While explaining its position, the CJN noted that time was running out for a cross-discussion of legal and contextual issues, including the challenges faced by operators and regulators in the banking and financial services sector vis-à-vis the judicial system.
According to him, it is only by identifying possible solutions to the problems that the Nigerian banking and finance economy can thrive.
On occasion, the CJN further instructed relevant stakeholders to continue to improve the competence and capacity of judicial officers in the areas of substantive and procedural law, ethics and judicial skills, as well as social context awareness of issues critical to well-being. to be from the country.
“The banking sector is operated on the basis of guarantees of trust,” the CJN pointed out, that this trust “can be easily eroded in the event of delays and inefficiencies in the prompt resolution of disputes emanating from the sector. Not only are the courts increasingly automated, but our procedural rules have also evolved to include IT solutions and alternative dispute resolution mechanisms, among other strategies that improve the efficiency of the administration of justice,” Ariwoola added.
Speaking earlier, the Administrator of the National Judicial Institute (NJI), Justice Salisu Abdullahi described the workshop organized by the Central Bank of Nigeria (CBN) and Juris Law in collaboration with the NJI as a platform for bankers, financial experts, regulators and other stakeholders in the banking and financial sector to discuss and agree on the approaches that will best ensure the successful implementation of recent reforms relating to the sector.
Also speaking, the President/Chairman of the Board of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Ken Opara, said that the effective and timely determination of disputes affecting the stability of the financial system is crucial for the banking sector. because it reduces the number of public funds to devote to these issues.
He then called on the judiciary to improve mediation and conciliation mechanisms for the settlement of disputes, Opara instructed the judiciary to create and adopt online payment platforms to facilitate the filing of legal proceedings in order to eliminate delays associated with manual processes.