Commercial Disputes: Chief Justice of Nigeria advocates speedy resolution of cases
Peter Bahago, Abuja.
The Chief Justice of Nigeria, Justice Ibrahim Tanko Mohammed, has urged judges in Nigeria to ensure speedy resolution of cases that have to do with commercial disputes in order to ensure financial stability in the country.
The Chief Justice gave the charge at a two-day workshop, organized by the National Judicial Institute, in collaboration with the Central Bank of Nigeria (CBN) and Juris Law Office for judges in Abuja, Nigeria’s capital.
The two-day workshop with the theme, “The Role of the Judiciary in Financial System Stability”, will also focus on Bank and other Financial Institutions Act, BOFIA 2020.
The Chief Justice also noted that while it is impossible to avoid dispute in commercial ventures, experience has shown that investors are more concerned about dispute resolutions mechanism put in place to quickly resolve issues that may arise.
“If the judiciary must play its role in financial stability in Nigeria, cases of delay must be aggressively and frontally addressed.
“It suffices, therefore, to say that at this point, timely dispensation of justice by the judiciary is a critical factor that will enhance financial stability in Nigeria’’, he added.
Meanwhile Nigeria’s Attorney-General and Minister of Justice, Abubakar Malami, represented by Mr. Benjamin Okolo, described banks as the engine room for every economy as economic activitities are governed by financial exchanges, lending and borrowing, financial and investment advice. He, therefore, called for the Central Bank of Nigeria to ensure strict regulation of activities of banks.
“The discretionary powers of the Central Bank of Nigeria as the regulatory body have been greatly expanded under the current dispensation,’’ said the Minister of Justice.
Mr. Malami also commended the visionary leadership of the CBN Governor, Mr. Godwin Emefiele, for making BOFIA the focus of the workshop.
The apex bank Governor, who was represented by the Deputy Governor, Financial System, Aisha Ahmed, said that the CBN recognizes the role of the judiciary in upholding the Bank’s mandate and ensuring the orderly operation of the financial system.
“The role of the judiciary as custodian of the law, providing certainty is crucial to building confidence in the financial market,” Aisha Ahmed said.
The CBN Governor, Mr. Godwin Emefiele and the Chairman, Body of Bank Chief Executive Officers, Dr. Herbert Wigwe, received awards of recognition by Juris Law Office, one of the organizers of the workshop for their visionary leadership.
