Abuja: The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, says the rapid proliferation of digital banking, fintech innovation, cryptocurrency and cybercrime requires a judiciary that is well informed, agile, and proactive.
Kekere-Ekun said this at the 23rd National Seminar on Banking and Allied Matters for Judges, which the Chartered Institute of Bankers of Nigeria (CIBN) organised in Abuja on Tuesday.
She charged judges to engage with the evolving landscape of finance continuously.
Kekere-Ekun said the courts must be able to interpret complex transactions and assess novel financial arrangements within the framework of existing laws.
She said an efficient and impartial judiciary would encourage financial inclusion, support credit systems, protect investments, and propel economic expansion.
The CJN said that when stakeholders in the financial sector, whether banks, investors, or entrepreneurs, could rely on a judicial system that is responsive, fair, and predictable, trust is built, and long-term investment is catalysed.
“As arbiters of justice, we bear a central role in fostering financial confidence and predictability, qualities that form the bedrock of any thriving economy.
“In contrast, perceptions of delay, unpredictability, or opacity in dispute resolution erode investor confidence, deter growth, and can lead to systemic distrust.
“The judiciary is not merely a forum for adjudicating disputes; it is a foundational pillar of economic governance,” she said.
The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, said that CBN remained committed to working with the judiciary and relevant institutions to promote clearer legal frameworks and timely adjudication of financial matters.
Cardoso, represented by CBN’s Director of Legal Services, said the Bank was also committed to promoting capacity-building initiatives that strengthened the integrity of our financial environment.
He said that for Nigeria to lead in the evolving financial landscape, institutions, particularly the judiciary, must be equipped to provide speedy interpretation and timely resolution of complex economic and commercial matters, such as cross-border insolvency.
“Investors and business confidence will hinge on our legal system’s predictability, clarity, and responsiveness.
“The judiciary and the financial system are anchored on one unshakable foundation, trust.
“Justice, when delivered fairly and consistently, underpins the confidence in contracts, commercial transactions, and dispute resolution,” he said.
Mr Oliver Alawuba, the Chairman of the Board of Bank Chief Executive Officers (CEOs), said the banking industry depended daily on the efficiency, fairness, and predictability of our judicial processes.
Alawuba, also the Group Managing Director of the United Bank for Africa (UBA), said that judicial delays, overlapping jurisdictions, and enforcement challenges continue to increase the risk profile of financial transactions.
“Fiscal consolidation, monetary tightening, and market reforms are laying the groundwork for long-term stability.
“But for these efforts to succeed, they must be underpinned by strong institutions – none more important than the judiciary,” he said.
Prof. Pius Olanrewaju, the President of the Chartered Institute of Bankers of Nigeria (CIBN), said the institute was committed to fostering ethical conduct and professionalism within the banking industry.
He said the institute aimed at entrenching the industry’s culture of ethics, professionalism, and integrity through alternative dispute resolution mechanisms, which would help alleviate the burden on the state’s judiciary.
He said the seminar with the theme, “Justice and Finance in Partnership: Enabling Trust, Security and Nigeria’s Economic Growth and Development,” was apt as it encapsulated the essential link between a strong judicial system and a sound financial system.
According to him, the two elements must work hand in hand to foster national growth and development.
“Trust is the lifeblood of banking, and security is its bedrock. Every financial transaction, from deposits to loans, hinges on the assurance that rights will be upheld, obligations fulfilled, and injustices addressed; without trust, the economic system crumbles.
“The absence of legal certainty and effective judicial oversight can devastate economic confidence; as a cornerstone of financial intermediation, the judiciary plays a vital role,” he said.
Olusegun Alebiosu, the Managing Director/Chief Executive Officer of FirstBank Group, stressed the need for the banks, the financial systems sector, and the judiciary to collaborate to save society.
Alebiosu, who said that cybercrimes were increasing daily, called for timely justice in financial cases.
Mr Adam Osigwe, President of the Nigerian Bar Association (NBA), said the curricula for judicial training must integrate real-time developments in digital banking, cross-border concessions, and data privacy.
Osigwe, represented by Dr Mobolaji Ojibara of the NBA, said there were still many unresolved tensions between the judiciary and the financial sector.
“For instance, the length of time it takes to determine cases, particularly recovery actions and enforcement of security instruments,” he said.
The two-day seminar attracted judges, the judiciary, and financial stakeholders across the country.