Losing faith in the judicial system, according to Chief Judge of the Federal High Court, Hon. Justice John Tsoho, is a formula for anarchy.
He asked judges to take seriously avoiding delays in the administration of justice.
Tsoho made this statement on Thursday in Uyo, the capital of Akwa Ibom State, during his keynote talk at the 2023 sensitization conference for Federal High Court judges, which was put on by the Nigeria Deposit Insurance Corporation.
“It is important to stress that when a bank collapses, a sizable portion of the economy is lost. An institution’s demise could result in a decrease in the money supply, which would increase unemployment.
A lack of trust in the legal system is a formula for anarchy. Financial stability still depends critically on preserving depositors’ faith in banks and other financial institutions through the prompt administration of justice.
“The greatest difficulty facing the courts is excessive delays that result in a backlog of cases, which quickly erodes public faith in the judicial system. Judges must take considerable precautions to avoid any potential delays in the administration of justice.
“The importance of the seminar for judges of the Federal High Court on Deposit Money Insurance as drawn out from the theme of the seminar, ‘Strengthening depositors’ confidence in Banks and other financial institutions through speedy dispensation of Justice’, cannot be overstated at this time,” Tsoho continued.
The need for assurances of confidence and trust is stated as follows: “On the one hand, assurances of confidence and trust are necessary to assuage growing and strident fears by depositors about internet fraud, insider dealings, and tampering with depositor’s money, mismanagement, security of such monies and items of value and other deposits in the custody of the Banks and other financial institutions.”
The seminar, according to Tsoho, gave FHC Judges the opportunity to discuss and review the various strategies for strengthening the NDIC’s regulatory framework and functions on the occasions when cases and applications were brought before them for the necessary orders and decisions to be made. The FHC Judges are also Nigerian citizens, so they are aware of these issues.
Also speaking, Hon. Justice Salisu Abdullahi, administrator of the National Judicial Institute, noted that the banking industry faced many challenges, including the interaction between financial technology and conventional banking, and that the seminar would offer solutions to some of the issues.
“This seminar has two questions that need to be addressed. One concern is whether existing banking laws and regulations, particularly the regulatory processes used by organizations like the NDIC, are current, pertinent, and in line with evolving reality.
On the other hand, he questioned whether urgent and significant revisions were needed for banking rules and regulations, particularly the regulating methods in organizations like the NDIC.
For the benefit of everyone’s well-being as a whole, Abdullahi said, “These questions, along with a number of others that are likely to be raised, should necessarily form components of the discussions and outcome of this seminar.”
Hassan Bello, managing director and chief executive of the Nigeria Deposit Insurance Corporation, had earlier stated that “the judiciary plays a critical role in resolving disputes that evolve, right from the revocation of banking license all the way through liquidation and termination of liquidation activities.”