The Group Managing Director/CEO of the United Bank for Africa (UBA), Oliver Alawuba, has called for the creation of a special financial court to address prolonged litigation in financial cases, citing its negative impact on banking operations and economic growth.
Alawuba, speaking at the 23rd National Seminar on Banking and Allied Matters for Judges, organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, emphasized that delayed court proceedings hinder credit access, inflate capital costs, and increase the risk profile of financial transactions.
In his remarks, Alawuba urged the Nigerian judiciary to consider establishing specialized financial courts or commercial divisions within existing courts, noting that countries like Kenya and India have successfully implemented similar systems to expedite financial dispute resolution.
“Time is key to financial justice. This seminar is not just timely, it is strategic. I hope that from this forum, we can advance a harmonized legal framework for financial dispute resolution across all jurisdictions,” he stated.
Digitization and Judicial Capacity Building
The UBA CEO also stressed the need for digitizing judicial processes, advocating for advancements in e-filing, virtual court sittings, and automation, to further streamline financial dispute resolution.
He added that judicial capacity building in emerging financial sectors, including digital banking, fintech, and cybercrime, is critical to addressing new challenges in financial intermediation.
“Digitization of judicial processes, building on the strides already made through e-filing and virtual court sittings, is necessary. Judicial capacity building in digital banking, fintech, and cybercrime will be essential as these sectors continue redefining financial intermediation,” Alawuba explained.
CIBN Reaffirms Commitment to Ethical Banking and Alternative Dispute Resolution
Also speaking at the event, President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, underscored the institute’s dedication to entrenching ethics, professionalism, and integrity in Nigeria’s banking industry.
Olanrewaju noted that alternative dispute resolution mechanisms could play a key role in reducing litigation burdens and fostering efficient financial conflict resolution.
The seminar, themed “Justice and Finance in Partnership: Enabling Trust, Security, and Nigeria’s Economic Growth and Development”, highlights the critical role of a strong judicial system in ensuring a stable financial sector.
What You Should Know
- The Managing Director/Chief Executive Officer of First Bank, Olusegun Alebiosu, stressed the need for the banks, financial systems sector and the judiciary to collaborate to save the society.
- Alebiosu, who said that cybercrimes were increasing daily, called for the timely delivery of justice in financial cases.
- The two-day seminar attracted stakeholders from the banking and judiciary from across the country.
