Emefiele Bags Juris Law Award

Says BOAFIA will change banking operations

Governor of the Central Bank of Nigeria, Godwin Emefiele has been awarded Juris Law award by the Juris Law Office in collaboration with the National Judicial Institute. The award was given to Mr Emefiele yesterday in Abuja for his support towards the development of law for economic growth in Nigeria.

Receiving the award, Emefiele restated that the banking industry is strong, stable and resilient and continues to experience steady growth, with a promise to enabling the sector to deliver on these critical functions through reform initiatives.

The award was presented to him at a workshop for judicial officers on recent reforms of the banking financial services sectors in Nigeria: Bank and Other Financial Institutions Act (2020) in Focus. The workshop was titled: ‘The Role of the Judiciary in Financial System Stability in Nigeria’.

Chief Justice of Nigeria, Ibrahim Tanko Muhammad in his welcome address said timely disposition of justice is a critical requirement for financial sector stabilization.

Speaking through the deputy governor in charge of Financial Systems Stability, Mrs Aishah Ahmad, Emefiele said the passage into law of the BOFIA 2020 by the 9th National Assembly improves the legal framework in the Nigerian financial services sector, complementing other policy reforms aimed at fostering financial stability in Nigeria.

Deputy Governor Ahmad said the provisions in BOFIA Act addressed a number of issues that will strengthen stability, confidence of market users, adding that it would also significantly change the way banking services are carried out.

“It is important, as we celebrate this innovation, those that use the financial system have confidence that market conduct is strong, there is consumer protection, and there is fairness in how these services are delivered.

“The Act actually helps us by giving us more tools to resolve failing financial institutions in a way that limits the amount of taxpayers’ money they use for this. And it opens up the options. I look forward to market users experiencing a stronger, safer financial services industry that brings a lot of confidence,” she said.

Ahmad said the CBN is also engaging the judiciary on how to operationalize and implement the provisions for the establishment of a special tribunal for quick dissolution of financial disputes.

The tribunal is expected to address the incidence of non-performing loans that has posed a great threat to the Nigerian financial system.

Supervisory observance indicates that recalcitrant debtors have exploited the non-prioritization of credit recovery matters in the Nigerian judicial system to frustrate debt recovery efforts by financial institutions.

“We need the strong participation of the judiciary, coming up with a platform and a programme that works. So, look forward to putting on all the plans we are discussing into fruition,” she stated.

Chairman, body of bank chief executive officers, Dr Herbert Wigwe who also got the Juris Law award for his contributions to corporate governance and rule and law in Nigeria’s banking industry, urged the lawyers to look into the contemporary issues in the nation’s banking sector.

 

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