CJN Tasks Judges on Financial Sector Laws

Says judicial integrity paramount in handling capital market cases

Alex Enumah in Abuja

The Chief Justice of Nigeria (CJN), Hon. Justice Olukayode Ariwoola, GCON, has harped on the need for judicial officers to be conversant with the relevant laws governing the financial sector, both within and outside the country.

The CJN gave the charge following the crucial role the Judiciary plays in the development and growth of any nation, including the political and economic environment.

Justice Ariwoola spoke while declaring open a 3-day workshop on the Asset Forfeiture Regime, under the Nigerian Law. The workshop which held in Abuja was organised by the Attorney General Alliance – Africa Programme (AGA-Africa) in collaboration with the National Judicial Institute (NJI).

While emphasising that there is a correlation between an efficient Judiciary, stable economy and international financial systems, the CJN stated that Judges can only contribute their quota, when they are up-to-date with relevant laws.

“The Judiciary is a key player in the society, therefore, it is pertinent for you as judicial officers to be up to date with relevant laws regulating the capital market, so as to have an objective view of the capital market at all times.

“In this light, the effective use of relevant and most importantly, current laws for guidance in adjudicating capital market cases, contributes to the potency of your decisions as judicial officers”, he said.

Adding that, going forward, recent legislations such as the Money Laundering Prevention and Prohibition Act MLPPA, 2022, as well as the Proceeds of Crime Act POCA , 2022, amongst others, will enhance the capacity of judicial officers in handling asset forfeiture and capital market cases, “in line with the legal and institutional framework for recovering proceeds of crime as well as the management, confiscation and forfeiture of property or assets that are procured for unlawful activities; even if the proceeds of crime are used to procure assets in the capital market”. 

Meanwhile, the CJN urged that besides knowledge of relevant laws, judicial officers must be guided by the Code of Conduct for Judicial Officers, in their adjudication of the capital market cases. 

Justice Ariwoola said: “It important that I emphasise the need to dispose of cases in a speedy and efficient manner, as justice delayed is certainly denied.

“It is ours to ensure that our justice sector is at par and in line with global best practices, remains a task that all stakeholders must close ranks to tackle, as it is the desire of Nigerians that delay in justice delivery is curbed”.

According to him, timely, transparent and efficient adjudication, including enforcement of laws, will curb corruption and create incentives for investors. 

In an overview of the Asset Forfeiture Regime in Nigeria, a Senior Partner, PUNUKA Attorneys and Solicitors, Chief Anthony Idigbe, SAN, noted that the purpose of the workshop was mainly to share knowledge both in regional and international perspective, on the Asset Forfeiture Regime, particularly in the light of the recent Proceeds of Crime Act, 2022.

He noted that the laws, when applied effectively by the courts will eliminate impunity in the system, serve as a deterrent to others, and in addition, help in bringing back forfeited assets to public use.