Banks Call for Special Court to Deal with Financial Crimes

Dr Ken Opara, president, Chartered Institute of Bankers of Nigeria (CIBN) has said that there was a need for the creation of a specialised court to exclusively deal with commercial and financial cases as opposed to having divisions within the existing court structure.

Opara, spoke at a programme organised by the CIBN in collaboration with the National Judicial Institute (NJI),

He was concerned about the dynamic nature of the financial sector, especially with rising financial technology, saying there was a need to deliver judgment.

According to him, there is also a need for the sector to work together to boost capacity otherwise the right judgment could remain elusive.

“We need to speed up cases. That is why we are canvassing for a commercial court. We have seen a lot of improvement, especially division and department in taking care of commercial cases. But we think much more needs to be done by setting up a special court for commercial and financial cases that will be able to take care of our financial matters,” he said.

Opara said strong measures are required on cybersecurity as capital is being eroded due to gaps that exist globally.

While Olayemi Cardoso, governor of the CBN, had said banks would be required to increase their capital base to service the $1 trillion economy projected by President Bola Tinubu, Opara said banks had already taken steps ahead of the apex.

He said most banks in Nigeria would be able to meet the benchmark, adding that raising the fund would not be an issue for Nigerian banks.

At the event, which focused on ‘The Financial Service Industry and the Judiciary: Upscaling for a Sound Economic Ecosystem,’ Opara said magistrate courts are illegally issuing bankers orders despite a series of judicial precedents.

Opara added that while the responsibility of the Economic and Financial Crime Commission (EFCC) to curb crime cannot be over emphasized, officials from the commission are illegally storming banks and directing the bank to place post no debits on the account of the bank customers contrary to the legal provisions on confidentiality of banks accounts.

“Traditionally, the application for a Garnishee specifies the third-party (garnishee) in the custody of the debtor’s assets to be attached. However, the prevalent practice continues to be for the judgment creditor to proceed against all banks (as garnishees) without first verifying the indebtedness of the bank to the judgment debtor,” he said.