CJN, SEC Clamour For Robust Judicial System

Local and foreign investments will thrive in Nigeria if business owners have confidence in the judicial system especially in the speedy resolution of commercial disputes, the Chief Justice of Nigeria, CJN, Justice Mahmud Mohammed has submitted.

Justice Mohammed made the above point last week at the annual workshop for judges on legal issues in the capital market, which was hosted by the Securities and Exchange Commission, SEC, in Abuja, where he was represented at the occasion by Justice Ibrahim Tanko Mohammed.

According to him, delays in getting redress on business-related issues at the courts could frustrate and discourage foreign investors. He therefore suggested that the problem be promptly addressed.

“It is crucial to the holistic development of the capital market that sustainable and vibrant dispute resolution mechanisms are put in place in order to boost investors’ confidence in the sector.

“All hands must be on deck to ensure the independence of the judiciary and that judicial officers have all they require to work with, such as adequate facilities, sufficient budgetary allocation, capacity building and continuous professional development amongst others,” he said.

The CJN urged judicial officers to acquaint themselves with business laws and emerging trends, especially in the capital market, corporate governance and the law and procedure of the investments and securities tribunal, in order to serve the nation better.

He said this will help in handling commercial disputes very well at the courts.

Also speaking at the event, the Director General of SEC, Mounir Gwarzo, said the judiciary must play a key role in complementing the efforts of the Federal Government to attract foreign investors to the country.

According to him, the judiciary and the SEC must be on the “same page” to boost the confidence of foreign investors in the country.

“Investors would be very comfortable that when they invest in the market and they are not able to get what they want, that they have recourse to finding ways and means that their issues can be resolved and the only way such thing can be done is when both the capital market and the judiciary are on the same page,” said Gwarzo.