The Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, has said that the rapid rise of fintech, digital banking, and cybercrime means the Nigerian judiciary must be more responsive and knowledgeable.
She made this statement on Tuesday during the 23rd National Seminar on Banking and Allied Matters for Judges, which took place in Abuja. The event was hosted by the Chartered Institute of Bankers of Nigeria (CIBN).
Justice Kekere-Ekun explained that judges must keep up with changes in financial technology and law. She said courts must have the ability to interpret complex digital transactions and new financial systems under existing legal rules.
She pointed out that a judiciary that functions properly and fairly can improve access to finance, protect investors, support credit systems, and help the economy grow.
“As arbiters of justice, we bear a central role in fostering financial confidence and predictability, qualities that form the bedrock of any thriving economy,” she said.
She warned that if courts appear slow or unreliable in resolving financial disputes, investors will lose confidence and avoid doing business in Nigeria.
“Perceptions of delay, unpredictability or opacity in dispute resolution erode investor confidence, deter growth and can lead to systemic distrust,” she added.
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caGovernor of the Central Bank of Nigeria, Dr Olayemi Cardoso, said the CBN would continue to support the judiciary and other institutions to create a clear and effective legal system for handling financial matters. Represented by the Bank’s Director of Legal Services, he said the CBN was also committed to training programs that would improve Nigeria’s financial environment.
“Investors and business confidence will hinge on the predictability, clarity, and responsiveness of our legal system,” he noted. He added that legal trust forms the backbone of all banking and commercial operations in the country.
Mr Oliver Alawuba, Chairman of the Board of Bank CEOs and Group Managing Director of United Bank for Africa (UBA), said the banking sector relies heavily on the speed and fairness of Nigeria’s judicial system. He noted that delays in court rulings, overlapping authorities, and enforcement problems raise the risks of financial transactions.
“Fiscal consolidation, monetary tightening, and market reforms are laying the groundwork for long-term stability,” Alawuba said, but insisted that these reforms need strong institutions like the judiciary to succeed.
CIBN, FirstBank, NBA Want Stronger Links Between Law and Finance
Prof. Pius Olanrewaju, President of CIBN, said the institute is working hard to improve ethics and professionalism in banking. He explained that CIBN promotes alternative dispute resolution systems to reduce the pressure on the courts.
He described the seminar’s theme—“Justice and Finance in Partnership: Enabling Trust, Security and Nigeria’s Economic Growth and Development”—as a perfect summary of the need for a strong partnership between the legal and financial sectors.
“Trust is the lifeblood of banking, and security its bedrock,” he said. He added that all financial activities—from savings to loans—depend on the legal system’s ability to protect rights and resolve problems.
Mr Olusegun Alebiosu, Chief Executive Officer of FirstBank Group, said collaboration between banks, the financial industry and the judiciary is needed to build a safer society. He raised concern about the daily increase in cybercrime and urged the judiciary to act faster on financial cases.
President of the Nigerian Bar Association (NBA), Mr Afam Osigwe, said judicial training must include real-time updates in areas like digital banking, international finance, and privacy law.
Represented by Dr Mobolaji Ojibara, he said problems such as delays in deciding debt recovery and enforcing financial security still exist between courts and the financial sector.
The two-day seminar brought together judges, legal officers, bankers and other financial experts from across Nigeria.
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