By Lukman Olabiyi
Last week, former Lagos State Commissioner for Justice and Attorney-General, Adeniji Kazeem, a senior advocate of Nigeria, received praise for his substantial contributions to legal practice. The accolades were given at the launch his book, Nigerian Law of Electronic Transactions, in Lagos.
The event saw high-profile attendees, including Governor Babajide Sanwo-Olu, Attorney-General of the Federation (AGF), Prince Lateef Fagbemi, a senior advocate of Nigeria, former Lagos State governor, Mr. Akinwunmi Ambode, Chief Judge of the Federal High Court, Justice John Tsoho, Alhaji Femi Okunnu (SAN), Lagos State Deputy Governor, Dr. Obafemi Hamzat, and current Lagos State Attorney-General, Lawal Pedro (SAN).
Fagbemi, who chaired the occasion, lauded Kazeem for his dedication and insightful contributions to the dynamic field of legal practice. He emphasized the timely nature of Kazeem’s book, underscoring its importance in today’s rapidly evolving digital landscape.
Fagbemi said the book was timely and could not have come at a better time. He said: “I commend Mr. Kazeem for his foresight and commitment to advancing legal research and practice in this area.
“It is indeed an honour to chair this event and support the launch of a book that promises to be a cornerstone in the development of our legal system. I believe this work will greatly benefit legal practitioners, scholars, policymakers and all stakeholders involved in the digital economy. I, therefore, commend this book to everyone and encourage you to go through its contents. I assure you that it is only by so doing that you would appreciate more the intellectual and professional capacity of the author. The taste of the pudding is surely in the eating.
“Let me reiterate that the publication of resource materials such as the book being unveiled today is a welcome idea. Infact, it is timely and could not have come at a better time.
“In some of my recent public interventions, I have emphasized the fact that legal practice/education and, indeed, all spheres of human existence can no longer feign ignorance of the pervasive effect of information and communication technology on our lives. This has even become more pronounced with the proliferation of Artificial Intelligence wherein physical human involvement are now gradually being limited and/or phased out in the way we live and do business
“Expectedly, therefore, and as legal professionals, we cannot but take the bull by the horn, in proffering the ground rules for a seamless transition from our present situation to this new world order. As we navigate the 21st century, the intertwined nature of law and technology becomes increasingly desired.”
Sanwo-Olu and his deputy, Hamzat, who were represented by Pedro, highlighted the importance of the book in the light of global trends. He noted that electronic transactions have become a routine aspect of daily life, necessitating a robust legal framework to ensure their trustworthiness.
“Opportunities in the digital economy will not be fully harnessed without a strong legal framework for the use of technology,” Pedro emphasized.
Ambode, who was represented by former Commissioner for Information and Strategy during his tenure, Steve Ayorinde, also showered encomium on Kazeem for not relenting in contributing his quota to the development of legal profession in Nigeria.
Tsoho who was represented by Justice Ayokunle Faji, hailed the author and noted that with the new book, judges can now have more material to broaden their knowledge.
“It wzzzzzzzill be a good source of assistance to judges,” he said while advocating the need for “standalone legislation on electronic transactions.”
Kazeem said the inspiration for writing the book arose from witnessing the rapid digital transformation reshaping commercial transactions across Nigeria and the globe. According to him, data from the Nigerian InterBank Settlement Systems Plc (NIBSS) show that the value of electronic payment transactions reached a staggering N600 trillion in 2023, a 55 per cent increase from N387 trillion in 2022.
He noted that transaction volume has also seen a significant rise from 5.1 billion in 2022 to 9.7 billion in 2023.
“While these figures may not all translate to completed commercial transactions from a purely legal standpoint, they undeniably point towards a massive increase in digital transactions across the nation,” he said.
The surge in commercial technology, Kazeem noted, offers a wealth of opportunities for the government as it streamlines public service delivery from easy online tax payments to efficient distribution of social programmes.
He also said that a thriving digital commerce landscape benefits the nation through increased tax revenue from transparent e-transactions, economic growth fueled by a flourishing digital economy, and financial inclusion. It also fosters good governance by leaving an auditable trail that combats corruption, the he noted.
Kazeem said there is, therefore, a need for a legal framework. He said it was necessary to know which legal framework applies if a dispute over an electronic transaction arises, as well as at what point such transactions become contracts.
“Technology’s rapid evolution demands a legal system that adapts to protect its citizens and which serves the growing FinTech and technology sectors. While industry summits often touch on regulatory compliance, the crucial aspect of legal protections for the users remains largely unexplored. This book aims to bridge that gap.
“It delves into how the law can provide those safeguards. By contributing to this knowledge base, I hope to empower everyone and fuel the creation of a comprehensive electronic transactions law in Nigeria,” the author said.
