Abuja, May 25, 2023 – Justice Olukayode Ariwoola, the Chief Justice of Nigeria (CJN), has commended the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, and the bank for the unwavering efforts, dedication and proactive initiatives toward the growth of the economy.
Ariwoola gave the commendation on Wednesday, while declaring open the 2023 Capacity Building Workshop on Banking and Financial Services Sector for Judicial Officers, which he said, was was designed to explore strategies that would aid the legal system in adapting to the rapid and significant changes in the banking sector.
He said the workshop was also aimed to create a platform for participants to exchange ideas and experiences, fostering meaningful discussions to address the legal challenges in adjudicating digital banking disputes effectively.
Speaking on the theme of the workshop, “The Law and Modern Banking: Adaptation and Issues regarding Digital Products and Services; Regulation of Payment Service Banks and Other Emerging Digital Payment Services,” the CJN said it was necessary to have a comprehensive understanding of the regulatory framework put in place by the CBN and compare it with other relevant laws and regulations establishing the legal frameworks governing digital products and services.
Ariwoola said that collaboration among the judiciary, financial regulators, and industry stakeholders was of utmost importance if the country was to successfully navigate the challenges posed by modern banking and digital services.
He advised participants to ensure that they strike a balance by interpreting and applying the law to encourage financial inclusion, while safeguarding consumer interests.
The CJN also advised judges to take advantage of the training to enhance their understanding of the legal complexities associated with digital products and services.
Emefiele, in his goodwill message, underscored the importance of the judiciary to the Nigerian economy, stressing that an efficient judicial system would help to strengthen confidence in the economy.
He described the theme of the workshop as apt and germane to the current efforts of the Bank toward attaining macro-economic and financial system stability, noting that the judiciary contributes to the effectiveness of the monetary policy, financial system stability, economic growth and development through its interpretations of statutes and sometimes giving effect to the acts of the Government and its agencies.
Emefiele called on members of the judiciary to entrench a fair and just legal system to help attract the much-needed foreign investments to the country.
He said such investments would help to reduce pressure on the country’s reserves, enhance monetary and price stability and reduce exchange rate volatility.
Earlier in a welcome address, Justice Salisu Garba Abdullahi, the Administrator of the National Judicial Institute, had described the importance of the workshop as valuable to equipping judicial officers with the indispensable knowledge and skills required to navigate the intricate landscape of modern banking, particularly concerning digital products and services. (GBN)
