Group's Managing/Executive Director, United Bank for Africa (UBA) PLC, Oliver Alawuba, together with the president of the Supreme Court of Nigeria, Hon. Judge Kuda Kekere-Ekun, and other key stakeholders in the financial and judicial sectors, have requested a stronger collaboration in both sectors to boost sustainable economic development in Nigeria.
The interested parties made this call on Tuesday during the National Seminary on Banking and Allied Affairs for Judges held at the National Judicial Institute (NJI) in Abuja.
The two -day seminar with the theme “Justice and Finance in Association: enabling the confidence, security and economic growth and development of Nigeria”, was jointly organized by the Institute of Bankers of Nigeria de Nigeria (CIBN) and the National Judicial Institute, and brought together the eminent judges, the judges, the financial regulators, the CEOS of the CEOs of the Banking and the leaders The Law of Financial Games.
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Alawuba, who is also president of the Bank's CEO body, emphasized that a stable and efficient judiciary is critical for Nigeria's economic transformation.
He pointed out that the effectiveness of the financial system depends largely on a receptive and knowledgeable judiciary, particularly in the resolution of cases involving cybercrime, fraud and application of financial contracts.
“No economy can flourish without enabling railing. From credit systems to the application of contracts, the banking industry depends daily on efficiency, equity and predictability of our judicial processes,” Alawuba said.
He highlighted the growing burden of non -compliance loans, now more than N1.57 billion, as a symptom of judicial inefficiencies and urged urgent reforms, including digitalization, capabilities development and the establishment of specialized financial courts.
“Our association is not convenience, but necessarily. Without a strong and efficient judiciary, banks will have difficulty extending credit with confidence,” he added.
In his opening speech, the honorable president of the Justice of Nigeria, Justice Kudard. Kekere-Ekun, affirmed the critical role of the Judiciary in the promotion of financial trust and legal predictability.
“Judicial predictability is not just a legal virtue: it is an economic asset. Improves market efficiency, it reduces risk premiums and capital unlocks for infrastructure and business development,” he said.
Judge Kekere-Ekun requested a continuous judicial education in emerging areas such as digital finances, cybernetic crime and Fintech's innovation, noting that: “Our courts must possess the ability to interpret complex transactions and evaluate new financial arrangements within the framework of existing laws.”
In his comments, the president and president of the Council, Cibn, Prof. PÃo Olanrewaju, emphasized the central theme of the seminar: “trust is the soul of banking and the safety of its base bed. Each financial transaction, from deposits to loans, depends on the life that the rights will be confused, obligations fulfilled and the injured injuries.” “
He reiterated the role of the Judiciary to maintain the integrity of the banking system and catalyze national growth.
In his welcome speech, the administrator of the National Judicial Institute, Hon. Judge Salisu Abdullahi highlighted the critical function of the Judiciary to boost the confidence of investors and economic stability, and added that: “A Judicial Power that is competent and fiercely independent not only resolves disputes; but actively subscribe economic growth. Create the fertile land where capital feels safe, innovation can flourish and companies can flourish.”
The seminar also emphasized the alternative mechanisms for the resolution of disputes, the harmonization of the legal framework and the role of timely award to reinforce investor confidence.