The Chief Judge of the Federal High Court, Honourable Justice John Tsoho, has called for continuous training of High Court Judges to build their knowledge and capacity in the appropriate banking and financial laws.
Tsoho made the call in Uyo, Akwa Ibom State, while delivering a keynote address at the 2023 sensitisation seminar organised by Nigeria Deposit Insurance Corporation (NDIC) for Federal High Court Justice with the theme, “Strengthening depositors’ confidence in Banks and other financial institutions through speedy dispensation of Justice.”
He noted that innovations such as electronic or online banking come with numerous challenges which could be economic, social, legal, technical or security related, adding that adequate trainings would empower judges to deliver justice on such cases without unnecessary delay.
According to him, “It is not out of place to say that any innovation such as electronic or online banking come with many problems, some of which are economic, social, legal, technical or security related.
“Out of these problems that there are electronic fraud such as money laundering, kidnapping for ransom paid through the bank and other illegal activities perpetrated through the use of banking system.
“The regulatory bodies such as the NDIC and the Judges should build, maintain confidence and trust of depositors on the safety and security of their money and other valuables deposited in the bank through quick administration of justice.
“Judges therefore, especially those of the Federal High Court should continue to be trained to build their body of knowledge in the appropriate banking and financial laws, as expected, this seminar is very strategic and will offer such opportunities.”
Tsoho also urged judges to ensure they rebuild the waning confidence of depositors in banks and other financial institutions through speedy delivery of justice.
He observed the growing and strident fears by depositors over internet fraud, insider dealings, and tampering with depositor’s money in banks vis a vis financial institutions saying that High Court Judges have the onerous task of stemming the tide by dispensing justice without avoidable delays.
Tsoho noted that the seminar will give the judges the opportunity to discuss and review the various approaches in strengthening the regulatory framework and functions of the NDIC at occassions where cases and applications were filed before them for the necessary orders and decisions to be made.
In his opening remarks, the Administrator of the National Judicial Institute (NJI), Hon Justice Salisu Abdullahi, noted that they could not shy away from the fact that numerous challenges were facing the banking sector, including the interplay between financial technology (fin-tech) and traditional banking as we know it, the complexities of this interface and their attendant consequences.
Welcoming the participants, the Managing Director/Chief Executive, NDIC, Hassan Bello, noted that 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 evolve.
He disclosed that 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 (MFBs) have a maximum coverage limit of N200,000 per depositor per MFB.