From JOE EFFIONG, UYO
The Chief Judge of the Federal High Court, Honourable Justice John Tsoho has urged judges to guard avoidable delays in the dispensation of justice as exercise would not only lead to loss of confidence in the justice sector but could also breed anarchy.
Tsoho who said this in his keynote address on Thursday in Uyo, Akwa Ibom State at the 2023 sensitisation seminar organised by Nigeria Deposit Insurance Corporation, (NDIC), for Federal High Court Justices, stressed a dispensation of hustice as Inordinate delays poses agreat challenge to tge courts.
According to him, “It is significant to emphasize that when a bank fails, it takes a large part of the economy with it. The collapse of an institution could cause money supply to drop, leading to rise in unemployment.
“Loss of confidence in the justice sector is a recipe for anarchy. Strengthening depositors’ confidence in banks and other financial institutions through speedy dispensation of justice remains a vital part of ensuring financial stability.
“Inordinate delays culminating in a backlog of cases constitute the greatest challenge before the courts and this easily erodes public confidence in the Judiciary. Judges must seriously guard against avoidable delays in the dispensation 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 over-emphasized at this time.
“On the one hand, assurances of confidence and trust is 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.”
Justice noted that on the other hand the seminar provided grounds for FHC judges who are also citizens of Nigeria and who are not unaware of those problems, to discuss and review the various approaches to strengthen the regulatory framework and functions of the NDIC at occassions where cases and applications were filed before them for the necessary orders and decisions to be made.
The Administrator of the National Judicial Institute (NJI), Hon Justice Salisu Abdullahi, had noted in his opening remarks that they
could not shy away from the fact that numerous challenges were facing the banking sector including the interplay between financial technology (fin-tech) and traditional banking
“The questions which require answers at this seminar are twofold. On the one hand, the question is whether the current banking laws and regulations including the regulatory practices in institutions like NDIC are up to date, relevant and in tune with present and emerging realities.
“On the other hand do the banking laws and regulations including the regulatory practices in institutions like NDIC require urgent and consequential reforms?
“These questions along with several others that are likely to be raised should necessarily form components of the discussions and outcome of this Seminar for the collective good of all”, Abdullahi stated.
The Managing Director/ Chief Executive, NDIC, Hassan Bello, while welcoming the participants noted, “Right from the revocation of banking license all through liquidation and termination of liquidation activities the judiciary plays a critical role in resolving disputes, that evolves”
Bello disclosed that the “Currently 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 N500,0000 per depositor, per deposit taking institution, while Micro-Finance Banks(MFB) have a maximum coverage limit of N200, 000 per depositor per MFB”