The Chief Justice of Nigeria (CJN), Justice Ibrahim Muhammad, on Tuesday, said that the financial sector and the entire economy stand to benefit from speedy dispensation of justice in commercial or business transactions.
According to the CJN, credit reporting reforms in Nigeria require special attention from the judiciary hence the need for quick dispensation of justice in commercial transactions.
Muhammad, who spoke at a two-day specialized Virtual Workshop for Judicial Officers on Secured Transactions in Movable Asset (STMA) and Credit Reporting Reforms in Nigeria, stated that credit reporting reforms is a critical position in the economy because movable assets are involved.
The workshop is sponsored by the World Bank and the Central Bank of Nigeria (CBN).
”Against this background, I wish to state that potential investors often hinge their decisions to come to Nigeria on enforceability of their rights in any commercial venture.
”Therefore, courts must be versed with credit transactions principles, especially with the passage of the STMA Act and Credit Reporting Act, 2017.
”This means that there is need for the judiciary to be strengthened to help the financial sector protect credit transactions. The financial sector and indeed the entire economy stand to benefit from quick dispensation of justice in commercial or business transactions,” he said.
The CJN added that since access to credit is necessary for the economic development of Nigeria, it behoves the judiciary to protect parties to a transaction and ensure fair and ethical standards.
The Attorney General of the Federation (AGF) and Minister of Justice, Mallam Abubakar Malami (SAN), who in his own remark noted that the country’s judiciary has a crucial role to play in securing banking transactions in movable assets and credit reporting, said that it is now a collective duty to ensure that the potential and prospects of credit delivery are optimally realized in the country.
Malami stated that the on-going economic development strategy requires the joint efforts of the CBN the Judiciary, and all stakeholders to make giant strides.
The Administrator of the National Judicial Institute (NJI), Justice Roseline Bozimo, commended the management and staff of the Juris Law Office for sustaining the mutual cooperation and collaboration in organising workshops for judicial officers, thereby contributing in no small measure to deepening the jurisprudence of judicial officers.
Bozimo disclosed that the workshop was in line with the statutory mandate of the institute to organise courses, workshops and conferences for the continuing judicial education of judicial officers.
She said the principal objective of moveable assets financing laws globally is to contribute to the sustainability and stability of the financial system of every economy while protecting investors and financiers alike.
Justice Bozimo said: ”Distinguished participants, this workshop provides a platform to share knowledge and cross fertilize ideas from other jurisdictions amongst stakeholders on how to ensure efficient adjudication of disputes arising from secured lending in moveable assets in Nigeria.”
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