Group Managing Director and Chief Executive Officer of the United Bank for Africa (UBA), Oliver Alawuba, has made a strong case for the establishment of specialized financial courts in Nigeria to fast-track the resolution of financial disputes and enhance economic stability.
Speaking at the 23rd National Seminar on Banking and Allied Matters for Judges, organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Alawuba noted that delayed litigation in financial cases has significant negative consequences for the banking sector and the wider economy. He emphasized that protracted court proceedings increase the cost of credit, limit access to finance, and raise the overall risk associated with financial transactions.
“Time is key to financial justice,” Alawuba asserted. “This seminar is not just timely, it is strategic. I hope that from this forum, we can advance a harmonized legal framework for financial dispute resolution across all jurisdictions.”
He proposed the creation of either dedicated financial courts or specialized commercial divisions within the existing judicial structure, drawing examples from countries like Kenya and India, where similar systems have led to improved efficiency in financial case adjudication.
Call for Digital Reform and Judicial Training
Alawuba also highlighted the urgent need to digitize judicial processes. He called for expanded use of electronic filing systems, virtual court sittings, and automation tools to reduce delays and improve transparency in financial dispute resolution.
He further emphasized the importance of equipping judges and legal practitioners with the skills needed to handle emerging challenges in digital banking, fintech, and cybercrime—sectors that are rapidly transforming financial services.
“Digitization of judicial processes, building on the strides already made through e-filing and virtual court sittings, is necessary. Judicial capacity building in digital banking, fintech, and cybercrime will be essential as these sectors continue redefining financial intermediation,” he said.
CIBN Reaffirms Commitment to Ethical Banking and ADR
Reinforcing Alawuba’s message, President of the CIBN, Professor Pius Olanrewaju, reiterated the institute’s commitment to promoting ethics, professionalism, and integrity within the Nigerian banking industry. He also advocated for the wider use of alternative dispute resolution (ADR) mechanisms to ease the burden on the courts and foster quicker, less adversarial financial conflict resolution.
Need for Institutional Synergy to Tackle Financial Crimes
Also addressing the seminar, the Managing Director/CEO of First Bank, Olusegun Alebiosu, called for enhanced collaboration between financial institutions and the judiciary. Citing the growing threat of cybercrime, he stressed that swift and effective delivery of justice in financial cases is vital to safeguarding public trust and ensuring societal well-being.
“Cybercrimes are increasing daily. The judiciary and financial sector must work together to protect the fabric of our society,” Alebiosu noted.
Seminar Theme and Stakeholder Participation
This year’s seminar, themed “Justice and Finance in Partnership: Enabling Trust, Security, and Nigeria’s Economic Growth and Development”, brought together key stakeholders from across Nigeria’s banking and judicial sectors. Discussions focused on strengthening the legal framework for financial transactions, ensuring efficient conflict resolution, and aligning judicial processes with evolving financial realities.
As Nigeria strives to attract investment and deepen its financial systems, the call for judicial reform—through digitization, specialized courts, and targeted training—underscores the need for a legal environment that supports innovation, trust, and economic resilience.