By Chinwendu Obienyi
The Independent Shareholders Association of Nigeria (ISAN), at the weekend expressed concern over the capacity of Nigeria’s judicial system, urging the Federal Government to effect reforms that would stabilise and stimulate the growth of the economy taking advantage of Africa Free Trade Agreement.
Speaking during the ISAN 7th Triennial Delegates Conference in Lagos, the National Co-ordinator,ISAN, Dr. Anthony Omojola, said one thing that distinguishes Nigeria from other developed countries is the efficiency of their judicial system.
The theme of the conference was “The Administration of Justice in Nigeria and Our Economy”.
According to him, there is a need to push for better funding of the judiciary and establish measures that will deter corrupt practices capable of hampering economic growth.
He said the nation should seek measures that are necessary and fundamental to the independence of the judiciary, improved service conditions for judiciary officers as well as efficiency and transparency of the system.
“For an economy that has witnessed three economic depressions within a decade, and still stands as the giant of Africa, Nigerians must be grateful to God,” he said.
Omojola maintained that the Triennial Delegates Conference was one of the most important projects of the association.
He said, “Today’s event is another of our humble contributions to the development of the capital market in particular, and the Nigerian economy in general.
In his paper titled, “The Nigerian Judiciary and The Economy”, A Senior Advocate of Nigeria (SAN), Barrister Chuks Nwachuku, noted that a good judiciary is the foundation of every viable and vibrant economy in the free world.
He said the confidence that an investor has in the legal system affects the quantum of investment he or she will be willing to make in the country.
According to him, there is no question that the judiciary continues to be a drag on the growth of the Nigerian economy due to the issue of delay.
He argued that there can be no lasting solution to the issue unless the judiciary understands its role as a catalyst for the growth of the economy through the quick determination of commercial disputes and criminal trials.
Also, he noted that the judiciary needs to answer the hard question of its contribution to the Gross Domestic Product (GDP) of the country.
He also said that confidence is heightened when there is the knowledge that efficient, effective, and reliable justice will be delivered quickly and fairly.
On the issue of delay in justice, he said that Nigeria represents a case study on how to deny justice by permanently postponing it.
In his goodwill message, Acting Director-General, the Securities and Exchange Commission (SEC), Lamido Yuguda said the judiciary has been contributing to the development of the capital market through its role of adjudicating matters involving stakeholders in the capital market.
Yuguda who was represented by the Director, the Lagos Zonal Office of the Commission, Hafsat Rufia stated that the theme of the conference is important and relevant to the growth and development of Nigeria.
She said it is heartwarming to note the excellent support the Commission has been receiving from the various Shareholder Associations in the country, especially ISAN.
“As SEC continues its important regulatory work of protecting both foreign and domestic investors who invest their funds in the Nigerian Capital Market, we will continue to partner with and engage the judiciary and other relevant stakeholders.
In an increasingly competitive global environment for capital flows, foreign investors consider the strength and independence of a regulator in their investment decisions.
It is therefore a matter of urgent national priority to continue to send the right signals to the investing world that the Nigerian capital market is indeed soundly regulated by a strong and independent SEC, devoid of conflicting interference from any arms of Government.
The SEC is happy to have, over the years, enjoyed the support of the Nation’s courts in the quest to build a vibrant capital market that can contribute to achieving our national objectives,” she said.