The Chief Judge of the Federal High Court, Hon. Justice John Tsoho, has emphasized the potential consequences of a loss of confidence in the judiciary, warning that it could lead to anarchy. He made this statement during a sensitization seminar organized by the Nigeria Deposit Insurance Corporation (NDIC) for Federal High Court judges in Uyo, Akwa Ibom State.
Justice Tsoho highlighted the importance of the judiciary’s role in maintaining financial stability and public confidence in the banking sector. He expressed concerns about inordinate delays and backlogs in court cases, which he identified as a significant challenge eroding public trust in the judiciary.
In his keynote address, Justice Tsoho stated, “Loss of confidence in the justice sector is a recipe for anarchy. Strengthening depositors’ confidence in banks and other financial institutions through the speedy dispensation of justice remains a vital part of ensuring financial stability.”
The seminar focused on “Strengthening depositors’ confidence in banks and other financial institutions through the speedy dispensation of justice.” It aimed to address issues related to banking regulations, financial stability, and the interplay between financial technology and traditional banking.
The Administrator of the National Judicial Institute, Hon. Justice Salisu Abdullahi, also highlighted the challenges faced by the banking sector and raised questions about the relevance and necessity of banking laws and regulations in light of current and emerging realities. He stressed the importance of discussing potential reforms to address these challenges.
Hassan Bello, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation, underscored the judiciary’s critical role in resolving disputes related to banking, from the revocation of banking licenses to liquidation and termination of liquidation activities.
The seminar aimed to provide a platform for judges to discuss and review approaches to strengthen the regulatory framework and functions of the NDIC when handling cases and applications related to the banking sector.