Acting Chief Justice of Nigeria (CJN), Olukayode Ariwoola, has called for speedy resolution of disputes in order to enhance stability in the Nigerian financial sector.
Ariwoola said it was time for a cross discussion of the legal and contextual issues, including the challenges being encountered by operators and regulators of the banking and financial services sector in relation to the judicial system.
This, he said, was “to identify possible solutions to the problems and thereby ensure stability of the Nigerian banking and financial economy.”
He was speaking at a capacity building workshop for justices and judges of the Court of Appeal and Federal High Court on Banking and Financial Services.
He noted that the theme of the workshop, “The Role of the Judiciary in Banking Sector Reforms and Economic Growth in Nigeria,” signified the desire by relevant stakeholders to continuously improve the competence and capacity of judicial officers in the areas of substantive and procedural law, judicial ethics and skill as well as social context awareness of issues that are critical to the well-being of the country.
While stating that “the banking sector is operated based on the assurances of trust and confidence,” the CJN stressed such trust and confidence “can be easily eroded where there are delays and inefficiencies in speedily resolving disputes arising from the sector.”
Ariwoola, however, maintained that the judiciary has proactively positioned itself to meet the challenges posed by the dynamics and innovations of the digital age by streamlining several rules of court to embrace and encourage quick methods of dispute resolution.
He said: “Not only are courts becoming more automated, but our rules of court have also evolved to include IT solutions and alternative dispute resolution mechanism, among other strategies that enhance more efficiency in the administration of justice.”