Banks want special courts to handle outstanding financial crimes
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• Ready for recapitalization, says CIBN
• Accuse the police and EFCC of illegal activities.
Nigerian bankers are calling for the creation of a special commercial court to clear the backlog of financial cases amid concerns about the growing toll of cybercrime.
Banking officials said yesterday in Abuja that a backlog of financial cases and lack of knowledge in the judiciary has raised concerns and that unless urgent action is taken, the growing challenges will derail the expected growth of the Nigerian industry. He said it was possible.
The two leaders also expressed readiness to increase the capital of the Central Bank of Nigeria (CBN) in line with the expectations of the Central Bank of Nigeria (CBN) amid the weakening naira.
Speaking at a program organized by the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with the National Institute of Justice (NJI), the Chairman of CIBN, Dr. Ken Opara, said there was a need for the creation of a specialized tribunal to hold court exclusively. Ta. Rather than creating a division within the existing court structure, it handles commercial and financial cases.
Mr Opara expressed concern about the dynamic nature of the financial sector, particularly the development of financial technology, and said judgments needed to be made.
He said the industry also needs to work together to increase production capacity or the decision may not be the right one.
“We need to speed up cases. That is why we are filing cases for commercial courts. We have seen a lot of improvement in departments and divisions, especially in the handling of commercial cases. But our “We believe more needs to be done, such as establishing a special court for commercial and financial cases that can handle financial matters,” he said.
Mr. Opara said strong measures are needed in terms of cybersecurity as capital is being eroded by the disparities that exist globally.
While CBN Governor Olayemi Cardoso had said banks needed to increase their capital base to cope with the $1 trillion economy predicted by President Bola Tinubu, Opara said banks were already at the top. He said he was taking proactive measures.
He said most banks in Nigeria can meet the standards, adding that funding is not a problem for banks in Nigeria.
At the event, which focused on ‘Financial Services Industry and the Judiciary: Scaling up for a Healthy Economic Ecosystem’, Mr Opara said that despite a series of precedents, magistrates’ courts illegally issue banking orders. He said there was.
Mr. Opara said the responsibility of the Economic and Financial Crimes Commission (EFCC) in curbing crime cannot be overemphasized, but he said its officers illegally raided banks and debited the accounts of bank customers. It added that it had instructed banks not to do so. Legal provisions regarding confidentiality of bank accounts.
“Traditionally, a foreclosure application names a third party (the garnishee) to manage the debtor’s assets to be seized. However, the judgment creditor first confirms the bank’s debt to the judgment debtor. “It is still common practice to file lawsuits (for foreclosure) against all banks without having to do so,” he said.
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Source: guardian.ng