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The Presiding Judge, Owerri Judicial Division of the National Industrial Court, Hon. Justice Nelson Ogbuanya on Tuesday chaired the knowledge session of the 23rd National Seminar on Banking and Allied Matters for Judges, organized by the Chartered Institute of Bankers of Nigeria in collaboration with the National Judicial Institute, Abuja, Federal Capital Territory.
The theme of this year's seminar centred on “Justice and Finance In Partnership: Enabling Trust, Security and Nigeria's Economic Growth and Development”.
The event brought important stakeholders in the banking and Judicial sectors to a brainstorming session on how an effective partnership of Justice and Finance can rekindle the Trust, Security and Economic Growth of Nigeria.
Prior to the year 2000, the problem of recovery of security became an albatross on the neck of the Nigerian Banking Industry. Nigerian Banks were faced with the challenges of increasing credit fault, resulting in an escalating volume of bad/doubtful debts and other associated risks. Many of the borrowing customers of the various banks were not showing a high sense of responsibility concerning their financial obligations.
These customers, after receiving credit facilities from banks, usually resort to the use of Court injunctions to frustrate the banks from realizing the collaterals pledged to secure credit facilities. As part of the measures to address the situation, the Bankers' Committee constituted a sub-Committee on Realisation of Secured Credits comprising company Secretaries/Legal Advisers of Banks.
It is important to state that the first "Seminar on Banking and Allied Matters for Judges" was held in collaboration with the National Judicial Institute in 2001. Even since then, it has become an annual event where issues of common interest are discussed.
From the humble beginning of this seminar, when the concern was mainly on improving the relationship between the banks and the Judiciary to ensure easy recovery of secured credits that were non-performing, to the very recent edition, which centres on evaluating the impact of the Judicial Reforms on the Banking Sector.
Among several issues discussed at this year's seminar is the need for a specialised court to handle the adjudication of matters resulting from credit facilities granted by the Banks, while some participants suggested a shared jurisdiction across all the High Courts, considering timing and speed of adjudication, which is of the essence in curbing theft.
The session witnessed the presence of heavy-weight judicial officers which include the Hon. Judges of National Industrial Court, Hon. Justice Zaynab Bashir and Hon. Justice Opeloye Ogunbowale among others.
