Bank CEOs: Legal Delays Hindering Support for SMEs, Call for Financial Justice Reform
Top executives from Nigeria’s banking sector have raised concerns that prolonged legal battles and slow enforcement of financial rulings are weakening banks’ ability to effectively support Small and Medium Enterprises (SMEs).
Speaking at the 23rd National Seminar on Banking and Allied Matters for Judges in Abuja, Mr. Oliver Alawuba, Chairman of the Body of Bank CEOs and Group Managing Director of United Bank for Africa (UBA), emphasized that these judicial setbacks are hurting the financial sector.
He noted that unresolved court cases and jurisdictional overlaps not only delay access to credit but also drive up the cost of capital and increase the risks involved in financial transactions.
Alawuba advocated for the creation of specialised financial courts or designated commercial divisions within the judiciary—an approach that has proven successful in countries like Kenya and India.
“Justice delayed is not just justice denied—it’s justice disfigured,” Alawuba stated. “Speed is vital when it comes to financial justice. That’s why this seminar is not only important—it’s strategic.”
He urged stakeholders to push for a more unified legal framework for resolving financial disputes and called for greater digitalisation in court processes, such as expanding e-filing and virtual hearings. He also highlighted the need for judges to be trained in emerging areas like digital banking, fintech, and cybercrime, which are transforming the banking landscape.
Also speaking at the event, Mr. Olusegun Alebiosu, Managing Director/CEO of First Bank Group, stressed the importance of collaboration between the judiciary and the financial sector. With cybercrimes rising rapidly, he emphasized the urgency of swift and effective justice delivery in financial cases.
Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), said the Institute remains focused on upholding ethics and professionalism in banking. He added that promoting alternative dispute resolution methods could ease the burden on the court system and help resolve cases faster.
Olanrewaju praised the theme of the seminar—“Justice and Finance in Partnership: Enabling Trust, Security and Nigeria’s Economic Growth and Development”—as timely and fitting, saying it captured the crucial relationship between a strong legal system and a healthy financial ecosystem.
