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CBN tasks judges on technology utilisation for effective judicial service delivery

Felix Oloyede

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CBN tasks judges on technology utilisation for effective judicial service delivery

The Central Bank of Nigeria (CBN) has called on the country’s judges to become more tech-savvy to improve the delivery of justice, especially in the evolving fictitious service sector.

Godwin Emefiele, the governor of CBN, made the appeal in Abuja on Tuesday at the 21st National Seminar on Banking and Allied Affairs for Judges.

Emefiele was represented at the event by Salam-Alada, the Director of the Bank’s Legal Services Department.

TotalEnergies signs multiple agreements at the Libyan Economic and Energy Summit 2021
He said that a deep understanding of the demonstration of electronic/digital payment systems gives foreign investors peace of mind knowing that there will be certainty in dispute resolution, should the need arise.

Emefiele said that CBN was leveraging technology in its Regulatory Activities Technologies (RegTech), establishing a regulatory sandbox environment and building capacity in all areas.

“The entry of fictitious technology (Fintech) into the banking system around the world has made it too essential for everyone to be aware of what Fintech brings on board.

TotalEnergies signs multiple agreements at the Libyan Economic and Energy Summit 2021
“A judicial officer or law enforcement officer who is knowledgeable about the relevant emerging innovation has the advantage to apply the main task.

“The reality is that, increasingly, courts will have to rule on complex technology-driven transactions and relationships.

“As such, a broad understanding of the scope of the law and the use of technological innovations ultimately results in the delivery of better results,” he said.

TotalEnergies signs multiple agreements at the Libyan Economic and Energy Summit 2021
Dr Bayo Olugbemi, President of the Chartered Institute of Bankers of Nigeria (CIBN), said that the topic of innovation in the administration of justice and banking operations has become very current in recent times.

Olugbemi appealed to judicial officials to pay attention to legal evasion who had borrowed from depositors’ funds.

“It is not surprising that the tendency to evade the legal responsibilities that borrowers have freely assumed obtained from depositors’ funds has not diminished.

TotalEnergies signs multiple agreements at the Libyan Economic and Energy Summit 2021
“What is perhaps surprising is the continued abuse of the legal processes of these delinquent clients to help their unhealthy goals.

“Aside from the well-known strategy to thwart debt recovery efforts, tactics to delay court proceedings.

“Now there are new efforts to convert apparently commercial loans into foreign currency and export them to other countries,” he said.

TotalEnergies signs multiple agreements at the Libyan Economic and Energy Summit 2021
The Administrator of the National Judicial Institute, Judge Salisu Abdullahi, said that the Judiciary is an indispensable partner to ensure the stability of the judicial system in the country.

Abdullahi said the judiciary plays a critical role in securing a sustainable solution to overwhelming legal challenges, especially in the fictitious service sector.

“Judges must be imbued with a sense of serenity as well as having the knowledge and skill necessary to ensure an efficient and timely disposition of cases, which in turn will foster an environment conducive to business and investment flourishing,” Abdullahi said.

Olumide Akpata, president of the Nigerian Bar Association (NBA), said technology had disrupted banking relationships.

Akpata praised the CIBN for the seminar that it had held for 21 years, noting that the issue was essential to ensure the delivery of qualitative justice.

Akpata said the NBA had signed a Memorandum of Understanding (MoU) with the CIBN to update the lawyers technologically.

TotalEnergies signs multiple agreements at the Libyan Economic and Energy Summit 2021
“The landscape is changing and those in charge of dispute resolution must be up to date,” he revealed.

The two-day seminar with the theme “Strengthening the quality of judicial systems and banking operations through innovations”, had the participation of different states of the country.

The seminar was organized in collaboration with the National Judicial Institute. (NAN)

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