Ini Billie, Uyo
Chief Judge of the Federal High Court, Hon. Justice Tsoho has said the loss of confidence in the judiciary is a recipe for anarchy.
Speaking on Thursday in Uyo while presenting a keynote address at the 2023 sensitisation seminar organised by Nigeria Deposit Insurance Corporation (NDIC), for Federal High Court Judges, Tsoho urged judges to guard against unnecessary delays in the dispensation of justice.
“Loss of confidence in the justice sector is a recipe for anarchy. Strengthening depositors’ confidence in banks and other financial institutions through speedy dispensation of justice remains a vital part of ensuring financial stability.
“Inordinate delays culminating in a backlog of cases constitute the greatest challenge before the Courts and this easily erodes public confidence in the Judiciary. Judges must seriously guard against available delays in the dispensation of justice.
“The importance of the seminar for Judges of the Federal High Court on Deposit Money Insurance as drawn out from the theme of the seminar, “Strengthening depositors’ confidence in Banks and other financial institutions through the speedy dispensation of Justice” cannot be over-emphasized at this time.
“On the one hand, assurances of confidence and trust are necessary to assuage growing and strident fears by depositors about internet fraud, insider dealings, and tampering with depositor’s money, mismanagement, security of such monies and items of value and other deposits in the custody of the Banks and other financial institutions,” he stated.
Tsoho explained that the seminar was an opportunity for FHC Judges who are also citizens of Nigeria and aware of problems in the dispensation of justice to discuss and review the various approaches to strengthen the regulatory framework and functions of the NDIC when cases and applications were filed before them for the necessary orders and decisions to be made.
In his opening remarks, the Administrator, National Judicial Institute (NJI), Hon. Justice Salisu Abdullahi, said numerous challenges were facing the Banking sector, including the interplay between financial technology (fin-tech) and traditional banking, the complexities of the interface and their attendant consequences.
“The questions which require answers at this Seminar are twofold. On the one hand, the question is whether the current banking laws and regulations including the regulatory practices in institutions like NDIC are up to date, relevant and in tune with present and emerging realities.
“On the other hand, do the banking laws and regulations including the regulatory practices in institutions like NDIC require urgent and consequential reforms?
“These questions along with several others that are likely to be raised should necessarily form components of the discussions and outcome of this Seminar for the collective good of all,” he stated.
While welcoming participants, Managing Director/Chief Executive, NDIC, Hassan Bello, said, “Right from the revocation of banking license all through liquidation and termination of liquidation activities, the judiciary plays a critical role in resolving disputes, that evolves.
“Currently the maximum claim for depositors of Deposit Money Banks, (DMBs) Primary Mortgage Banks (PMBs) Payment Service Banks (PSBs) and subscribers of Mobile Money Operators (MMOs) is N500,0000 per depositor, per deposit-taking institution, while Micro-Finance Banks (MFB) have a maximum coverage limit of N200, 000 per depositor per MFB,” he explained.