Efficient judicial system crucial to strengthening economic confidence, says Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says an efficient national judicial system helps to strengthen confidence in the economy.

Emefiele said this on Wednesday in Abuja, at the 2023 Capacity Building Workshop on Banking and Financial Services Sector for Judicial Workers organised by the CBN in collaboration with the National Judicial Institute (NJI).

Our correspondent reports that the theme of the workshop was “The Law and Modern Banking: Adapting to Issues Regarding Digital Products and Services; Regulation of Payment Services Banks and Other Emerging Digital Payment Services”.

According to Emefiele, investors are more willing to invest in jurisdictions where the rule of law takes prominence in shaping business and investment decisions.

He said that the judiciary helped to ensure that all parties adhered to legal ethical standards, while individuals and businesses could seek relief through the law courts on violations of agreements.

“They can also be sure that disputes will be treated swiftly and fairly in accordance with the prevailing laws.

“The presence of a fair and just legal system will help in attracting much needed foreign investments.

“Such investments will help in updating our distinguished legal community on emerging trends in the financial services industry”, he said.

According to him, this is with a view to enhancing their knowledge on how to build legal frameworks that will contribute to the growth of the financial services industry.

He added that it would also help them deal with some emerging risks associated with such innovations.

“The judiciary, invariably, contributes to the effectiveness of monetary policy, financial system stability, economic growth and development through their interpretation of statutes and sometimes, giving effect to acts of governments and its agencies,”he said.

Also speaking, the Chief Justice of Nigeria, Justice Olukayode Ariwoola said that the workshop was designed to explore strategies that will aid the legal system in adapting to rapid and significant changes in the banking sector.

According to Ariwoola, these transformations, when fully harnessed and managed. will further strengthen our financial system in terms of providing new opportunities and thereby bringing stability and growth to the financial sector.

“The theme of this workshop, no doubt carries tremendous significance in our contemporary society.

“We are currently witnessing a time of rapid technological advancements, particularly within the financial sector, where conventional practices are swiftly being displaced by digital products and services that offer unparalleled convenience and efficiency.

“In light of recent developments, I am of the view that it is expedient to have a comprehensive understanding of the regulatory framework put in place by the CBN.

“We should juxtapose it with other relevant laws and regulations establishing the legal frameworks governing digital products and services,” he said.

He cited the Cybercrime Act 2015; the Nigeria Data Protection Regulation (NDPR), and the BOFIA Act, 2007 as notablee examples of such regulations.

”These frameworks provide comprehensive directives concerning crucial aspects such as data protection, cyber security, and consumer protection in the context of digital activities.

“They delineate the specific criteria and responsibilities that digital service providers must adhere to”, Ariwoola said.

The Administrator of the NJI, Justice Salisu Abdullahi, said that the workshop was aimed at equipping judicial officers with the indispensable knowledge and skills required to navigate the intricate landscape of modern banking.

According to Abdullahi, this aligns perfectly with the mandate of the NJI in an era where technology is driving unprecedented transformation in the financial sector.

“It is of utmost importance that the judiciary remains up-to-date with the latest developments and trends to carry out its duties effectively,” he said.