Central Bank of Nigeria Governor, Godwin Emefiele, has stated that the disruption arising from the COVID-19 pandemic is being experienced in both the financial and judicial spaces.
The Governor made the statement at the 20th National Seminar on Banking and Allied Matters for Judges.
The seminar which is scheduled to last two days is themed, “The Judiciary and the Financial Services Industry in the New Normal: Challenges, Innovation and Regulations”.
The CBN chief who was represented by the Deputy Governor of CBN Aisha Ahmad stated that both systems, in their respective areas, had to take steps to address the challenges.
He stated that he was abreast of the situations at the height of the lockdown that witnessed court sittings been put on hold across the country, with the exception of time-bound cases in line with existing laws.
His statement reads in part, “Of course, this situation would have resulted naturally in the buildup of a backlog of cases in a judicial system that has already been challenged with a high incidence of protracted trials.
“The closure of courts during the lockdown would likely also have impacted on the revenue generation as some fees, such as filing fee, etc, most likely would not have been earned,” he said.
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In line with the apex bank chief’s view, the Attorney-General of Lagos State, Moyosore Onigbanjo, who was represented by his Senior Special Assistant, Mrs. Mujibat Oshodi, stated that the pandemic adversely impacted both the sectors.
The Lagos State chief legal officer drew some positives from the experience, as the challenge led to remarkable innovation in the judiciary.
Citing some examples Moyosore said, “For instance, the courts are now settling cases and adopting cases management systems that progressive practitioners had been advocating over time now; virtual hearing happens to be the reality.
“The Supreme court accepts the use of virtual hearing as constitutional judges in Nigeria and around the world have resorted, in delivering judgment virtually through platforms like skype, zoom etc.
“As far as Nigeria is concerned, such procedures seemed unlikely as at January 2020, however, recent judgments, rulings and proper court proceedings have held virtually in the past few weeks and the legal sector is better for it.
“These rapid developments are still in the crawling stages but it’s certainly refreshing to see that the judiciary and the legal practitioners are willing to embrace the new normal which has come to stay,” Onigbanjo said.
He encouraged business institutions and society at large to be adaptive to situations.
He called for the streamlining of the judiciary to allow it to improve the turnaround time in the administration of justice in commercial or business transactions.
Onigbanjo said: “While the financial system plays a major role in the economic development of the country, the judiciary must be seen to protect the rights of parties and promote responsibilities in the financial industry in order to promote economic and business growth”.
Also at the seminar were Justice I. Tanko Muhammad, Chief Justice of Nigeria and Chairman, Board of Governors of the National Judicial Institute; President, Nigeria Bar Association, Olumide Akpata; and Justice R.P.I Bozimo, Administrator, National Judicial Institute, also spoke at the event.
The seminar was organized by the Chartered Institute of Bankers of Nigeria (CIBN), in collaboration with the National Judicial Institute, under the auspices of the Bankers Committee of CBN.
