Economy

Emefiele, others discuss ‘new normal’ in financial, judicial systems

Published

on

News

The Central Bank Governor, Mr Godwin Emefiele, on Tuesday in Lagos, said that the disruptions resulting from the COVID-19 pandemic were felt both in the financial and the judicial systems.

Emefiele said this at the 20th National Seminar on Banking and Allied Matters for Judges.

The theme of the two-day semunar is,“The Judiciary and the Financial Services Industry in the New Normal: Challenges, Innovation and Regulations”.

Emefiele, who was represented by the the Deputy Governor of CBN, Aisha Ahmad, said that both systems, in their respective areas, had to take steps to meet up with the challenge.

He said he was aware that at the peak of the lockdown, court sittings were suspended across the country, except for the hearing of urgent, essential or time- bound cases in accordance with existing laws.

“Of course, this situation would have resulted naturally in the buildup of backlog of cases in a judicial system that has already been challenged with 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.

Emefiele said this was in addition to the health risk exposure to judicial workers, litigants and the general public for the court that sat during that period.

“So what we think the impact of this new normal could be on this two key sectors particularly, is for the judicial system to rise to the challenge posed by the new normal.

“As the financial services sector continues to witness rapid innovation in the product and service delivery channels, it is important to mention that this was happening prior to Covid-19 as we saw new technology, new innovations spring up, new entrants, new activities and new players in the system.

“But now with coronavirus even more prevalent, the CBN and other financial services have had to adjust the regulatory and supervisory framework in response to these changes.

“ In this phase, the Judicial system will also need to keep abreast of this transformation in order to be in full position to adjudicate cases presented by the sector,” he said.

The Attorney-General of Lagos State, Moyosore Onigbanjo, represented by his Senior Special Assistant, Mrs Mujibat Oshodi, also said that the pandemic had impact on the sectors.

He, however, said it also brought some desired innovations that most forward thinking justices and practitioners had been clamouring for.

“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 urged business institutions and the society at large to set work mechanism to fit the situation.

According to him, there is need for the judicary to be further strengthened to improve the quick dispensation of justice in commercial or business transactons.

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 buisness growth”.

Earlier, Mr Bayo Olugbemi, President of CIBN advised that innovation could not and should not be limited to leveraging technology in the judicial process alone.

” I know that when we speak of innovation in the context of the new normal, we refer usually to leveraging technology to improve the efficiency of the administration of justice process.

“ Innovation is also required in the area of interpretation of statutes and resolution of disputes between parties in the time-honoured tradition established by distinguished jurists such as Lord Denning, Honourable Justice Kayode Eso, JSC, Honourable Justice Chukwudifu Oputa, JSC and Honourable Justice Mohammed Bello, CJN (all of blessed memories) who used judicial engineering to ensure that justice is done to parties before them by interpreting statutes and case law to cover novel situations previously not contemplated.

“The judiciary must continue in this innovative tradition in the resolution of commercial and other disputes brought before them and thereby contribute its quota to the development of the economy and other areas of national life,” he said.

NAN reports that Justice I. Tanko Muhammad, Chief Justice of Nigeria and Chairman, Board of Governors of the National Judicial Institute; President Nigeria Bar Associaion, Olumide Akpata; and Justice R.P.I Bozimo, Administrator, National Judicial institute, also spoke at the event.

The News Agency of Nigeria reports that the seminar was organised 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.

Edited By: Oluwole Sogunle
Source: NAN

Short Link: https://wp.me/pcj2iU-3wsx

Lydia Ngwakwe

Lydia Ngwakwe: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

Children now more interested in entertainment than reading – Akpokeneme ECOWAS Court women’s forum share food items to indigents in FCT Again FCTA cancels Eid-il-Fitr public prayer COVID-19: FG imposes midnight curfew, reintroduces ban on mass gathering Stolen artifacts: Oba of Benin disowns impostors C/River to deploy drones for medical supplies – Ayade Karate Federation to attend Olympic qualifiers in Paris Maiden Davnotch Tennis Championship attracts 300 athletes Fans react as Davido ‘spanks’ daughter, Hailey for twerking Eid-el-Fitr: FRSC deploys 1,820 personnel in Kano State Ramadan: Tambuwal urges Islamic scholars to continue praying for Nigeria, Buhari Role of Control Centre in arms proliferation and national security Consumer Rights Violation: FCCPC investigates death of 2 patients. Nasarawa begins distribution of 6000 bags of rice to widows Ramadan: Intensify prayers for Nigeria on its security challenges – Gov Lalong Sanwo-Olu receives LASU Panel report on new VC’s appointment Ramadan: Israel donates food items to support Nigerian Muslim families Obaseki seeks collaboration to expand Edo’s tax revenue AfDB urges economic diversification for growth I’ll take every step to reposition AAU, says Obaseki Ex-Minister Alhassan laid to rest in Jalingo WHO inaugurates appeal for purchase of oxygen, others in India Police begin investigation into Ohafia INEC fire — Abia PPRO Police rescue 7 kidnap victims in Edo COVID-19: NCDC registers 49 new infections SEC bans unregistered CMOs from operations May 31 INEC creates additional 4,861 PUs in Lagos NAPTIP rescues 52 victims, arrests 4 suspected human traffickers in Kano SPDC’s pipeline spills 276 barrels of crude in April – Report Gov. Emmanuel donates N60m to families of slain policemen Maize farmers promise high produce, urge FG to sustain import ban We don’t need war in Nigeria — Ooni of Ife LASG to partner German firm on agribusiness Kano Govt to inaugurate waste recycling project, create 4,000 jobs –official FG delegation to visit Ghana over Nigerian/Ghanaian traders’ conflict NGX opens week upbeat with N59bn growth Kwara launches interest-free loans for young entrepreneurs Only FG can guarantee financial autonomy for judiciary, says SAN FG declares Wednesday, Thursday, as Public Holidays to mark Eid-eI-Fitr celebration Army debunks alleged deployment of only Northern officers to S/East Buhari congratulates designer of National Flag, Michael Akinkunmi at 85 INEC increases polling units in Anambra to 5,720 U17 World cup winner, Nwakali may switch allegiance, says Agent Farming, skill acquisition, solutions to security challenges- ex-NCPC boss Malami donates car, 24 motorbikes to Ulamas Norway may ditch AstraZeneca, Johnson & Johnson jabs I don’t have links with bandits, say retired Gen. Abdulsalam Abubakar Amaechi inaugurates 11-member committee to probe activities of NPA India’s IT hub Bengaluru, rural areas struggling with virus surge NiMet predicts 3 days cloudiness, sunshine