The Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA), Oliver Alawuba, has made a call for the establishment of dedicated financial courts to fast-track the resolution of banking and financial disputes.
He argued that prolonged litigation was stifling economic growth and raising the cost of doing business in Nigeria.
Speaking in Abuja on Tuesday at the 23rd National Seminar on Banking and Allied Matters for Judges, organised by the Chartered Institute of Bankers of Nigeria (CIBN), Alawuba said judicial delays in financial cases obstruct credit flow, inflate capital costs, and elevate risk in financial transactions, factors that ultimately hinder national development.
“Time is key to financial justice. This seminar is not just timely, it is strategic. I hope that from this forum, we can advance a harmonised legal framework for financial dispute resolution across all jurisdictions,” Alawuba told participants.
He urged the Nigerian judiciary to adopt the model of countries like Kenya and India, where specialised financial courts or commercial divisions within existing courts have helped resolve disputes more efficiently.
Beyond structural reforms, the UBA CEO highlighted the urgent need for judicial digitisation, noting that advancements in e-filing, virtual court sittings, and automation can significantly streamline the resolution of financial conflicts.
“Digitisation of judicial processes, building on the strides already made through e-filing and virtual court sittings, is necessary. Judicial capacity building in digital banking, fintech, and cybercrime will be essential as these sectors continue redefining financial intermediation,” Alawuba explained.
He stressed that as digital banking and fintech continue to reshape Nigeria’s financial landscape, judges must be equipped to handle the emerging complexities of these innovations.
Also addressing the seminar, the President of CIBN, Prof. Pius Olanrewaju, reiterated the Institute’s commitment to fostering ethics, professionalism, and integrity across the banking industry.
He also championed the broader use of alternative dispute resolution (ADR) mechanisms, noting their potential to ease the litigation burden on courts and ensure faster, more effective financial conflict resolution.
The seminar, themed “Justice and Finance in Partnership: Enabling Trust, Security, and Nigeria’s Economic Growth and Development”, underscored the vital role of an efficient, modern judicial system in promoting stability and growth in the financial sector.