The Chief Judge of the Federal High Court, Honourable Justice John Tsoho, has called for a continuous training program for High Court Judges to bolster their knowledge and expertise in the intricacies of banking and financial laws. Justice Tsoho made this appeal during a keynote address at the Nigeria Deposit Insurance Corporation (NDIC) sensitization seminar in Uyo, Akwa Ibom State.
The seminar, which marked the commencement of the 2023 sensitization series, was themed “Strengthening Depositors’ Confidence in Banks and Other Financial Institutions through Speedy Dispensation of Justice.” In his address, Justice Tsoho acknowledged the challenges brought about by technological advancements, such as electronic and online banking. He emphasized that adequate training is necessary to equip judges in handling cases in these areas expeditiously and efficaciously.
Justice Tsoho stated, “It is not surprising to encounter various problems when dealing with innovations like electronic or online banking. Some of these challenges include economic, social, legal, technical, or security-related issues. Among them are instances of electronic fraud, money laundering, and illegal activities facilitated through the banking system, such as kidnapping for ransom.”
He stressed the importance of regulatory bodies, such as the NDIC, in instilling confidence and trust in depositors by ensuring the safety and security of their funds. Justice Tsoho further highlighted that the Federal High Court judges should continuously enhance their knowledge of banking and financial laws, citing the strategic significance of the seminar in offering such opportunities.
In his address, Justice Tsoho implored judges to rebuild the eroding trust and confidence of depositors in banks and financial institutions by delivering justice swiftly. He acknowledged the growing concerns over internet fraud, insider dealings, and tampering with depositor’s money, emphasizing that High Court judges have a crucial role in curbing these malpractices through prompt dispensation of justice.
Moreover, Justice Tsoho noted that the seminar serves as a platform for judges to discuss approaches to strengthen the regulatory framework and the functions of the NDIC. During the seminar, judges also review various applications and cases before them, ensuring the necessary orders and decisions are made.
Speaking at the seminar, the Administrator of the National Judicial Institute (NJI), Honorable Justice Salisu Abdullahi, acknowledged the challenges that the banking sector faces in the age of financial technology (fin-tech) and the complexities associated with its interface with traditional banking. He emphasized the importance of addressing these challenges and their consequences.
In his remarks, the Managing Director/Chief Executive of the NDIC, Hassan Bello, highlighted the critical role played by the judiciary in resolving banking disputes from license revocation to liquidation and termination activities. Bello also highlighted that the maximum coverage limit for depositors of Deposit Money Banks (DMBs), Primary Mortgage Banks (PMBs), Payment Service Banks (PSBs), and Mobile Money Operators (MMOs) is N500,000 per depositor, per institution, while Micro-Finance Banks (MFBs) have a maximum coverage limit of N200,000 per depositor, per MFB.
