Honourable Justice John Tsoho, the Chief Judge of the Federal High Court, has asked for ongoing training for High Court judges to improve their expertise in relevant banking and financial regulations.
Tsoho made the statement while delivering the keynote address at the 2023 sensitization seminar for Federal High Court Justice in Uyo, Akwa Ibom State. The seminar’s theme was “Strengthening depositors’ confidence in Banks and other financial institutions through speedy dispensation of Justice.”
He pointed out that technological advancements like electronic or online banking present a number of difficulties that may be connected to economic, social, legal, technical, or security issues, adding that sufficient training would enable courts to resolve such matters without undue delay.
He asserts that “it is not inappropriate to suggest that any innovation, such as electronic or online banking, comes with a number of challenges, some of which are connected to economics, society, the law, technology, or security.
“Among these issues are financial crimes committed via the use of the banking system, including electronic fraud like money laundering, kidnappings for ransom paid through the bank, and others.
“Through swift administration of justice, the regulatory agencies, such as the NDIC and the Judges, shall establish and preserve depositors’ faith and trust in the safety and security of their money and other assets put in the bank.
“Judges should therefore continue their education to expand their body of knowledge in the relevant banking and financial laws, as expected. This seminar is very strategic and will provide such opportunities,” says the Federal High Court.
Tsoho also encouraged courts to make sure they swiftly administer justice in order to restore depositors’ dwindling faith in banks and other financial institutions.
He noted the vocal and rising concerns among depositors about insider trading, online fraud, and tampering with depositors’ funds in banks in relation to financial institutions, noting that it is up to the High Court Judges to stop the flow by delivering justice swiftly.
Tsoho stated that on occasions when cases and petitions were brought before them for the appropriate orders and judgments to be issued, the seminar would provide the judges with the chance to debate and evaluate the different ways in enhancing the regulatory framework and operations of the NDIC.
In his opening remarks, Hon. Justice Salisu Abdullahi, Administrator of the National Judicial Institute (NJI), noted that there were many challenges facing the banking industry, including the interaction between financial technology (fin-tech) and conventional banking as we know it, the difficulties of this interface, and their consequences.
The NDIC’s Managing Director and Chief Executive, Hassan Bello, welcomed the participants and emphasized that the judiciary plays a crucial role in resolving disputes that arise from the suspension of a banking license all the way through liquidation and the end of liquidation activities.
As of right now, he revealed, the maximum claim for depositors of Deposit Money Banks (DMBs), Primary Mortgage Banks (PMBs), Payment Service Banks (PSBs), and subscribers of Mobile Money Operators (MMOs) is N500,000 per depositor, per deposit taking institution, while the maximum coverage limit for Micro-Finance Banks (MFBs) is N200,000 per depositor, per MFB.
