The Chief Judge of the Federal High Court, Justice John Tsoho, has emphasized the need for ongoing training of High Court Judges to enhance their understanding and proficiency in the relevant banking and financial laws. Justice Tsoho made this call in Uyo, Akwa Ibom State, during his keynote address at the 2023 sensitization seminar organized by the Nigeria Deposit Insurance Corporation (NDIC) for Federal High Court Justices. The seminar focused on the theme, “Strengthening depositors’ confidence in Banks and other financial institutions through the prompt dispensation of Justice.”
He pointed out that modern innovations like electronic or online banking present various challenges, including economic, social, legal, technical, or security-related issues. Justice Tsoho stressed that adequate training would equip judges to deliver justice swiftly in cases involving such challenges.
He stated, “It is not uncommon to acknowledge that innovations such as electronic or online banking come with numerous problems, some of which are economic, social, legal, technical, or security-related. These problems include electronic fraud such as money laundering, kidnapping for ransom facilitated through the banking system, and other illegal activities.”
Justice Tsoho urged judges, particularly those in the Federal High Court, to continue expanding their knowledge in the relevant banking and financial laws. He emphasized the strategic importance of the seminar in providing opportunities for such knowledge enhancement.
Justice Tsoho also called on judges to restore the diminishing confidence of depositors in banks and other financial institutions by ensuring the expeditious delivery of justice. He acknowledged the growing concerns of depositors regarding internet fraud, insider dealings, and unauthorized access to depositors’ funds in banks and financial institutions.
Furthermore, Justice Tsoho recognized that the seminar would offer judges the chance to discuss and evaluate different approaches to strengthening the regulatory framework and the role of the NDIC when cases and applications are brought before them, necessitating orders and decisions.
In his opening remarks, the Administrator of the National Judicial Institute (NJI), Justice Salisu Abdullahi, acknowledged the numerous challenges faced by the banking sector. These challenges include the interaction between financial technology (fin-tech) and traditional banking, the complexities arising from this interface, and their associated consequences.
The Managing Director/Chief Executive of the NDIC, Hassan Bello, welcomed the participants and highlighted the critical role played by the judiciary in resolving disputes arising from the revocation of banking licenses, liquidation, and related activities. Bello also provided information on the maximum coverage limits for depositors in different types of financial institutions.