He urged judges to seriously guard against delays in the dispensation of justice to avoid such.
Tsoho said this on Thursday in Uyo, Akwa Ibom State capital, while delivering his keynote address at the 2023 sensitisation seminar organised by Nigeria Deposit Insurance Corporation, for Federal High Court judges.
“It is significant to emphasise that when a bank fails, it takes a large part of the economy with it. The collapse of an institution could cause money supply to drop, leading to a rise in unemployment.
“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.
“Inordinate delays culminating in a backlog of cases constitute the greatest challenge before the courts and this easily erodes public confidence in the judiciary. Judges must seriously guard against available delays in the dispensation of justice.”
Tsoho stated further, “The importance of the seminar for judges of the Federal High Court on Deposit Money Insurance as drawn out from the theme of the seminar, ‘Strengthening depositors’ confidence in Banks and other financial institutions through speedy dispensation of Justice’, cannot be over-emphasised at this time.
“On the one hand, assurances of confidence and trust are necessary to assuage growing and strident fears by depositors about internet fraud, insider dealings, and tampering with depositor’s money, mismanagement, security of such monies and items of value and other deposits in the custody of the Banks and other financial institutions.”
Tsoho explained that the seminar provided grounds for FHC Judges who are also citizens of Nigeria and who are not unaware of those problems, to discuss and review the various approaches to strengthen the regulatory framework and functions of the NDIC on occasions where cases and applications were filed before them for the necessary orders and decisions to be made.
Also speaking, the administrator, National Judicial Institute, Hon Justice Salisu Abdullahi, noted that numerous challenges were facing the banking sector including the interplay between financial technology and traditional banking, adding that the seminar would provide answers to some of the problems
“The questions which require answers at this seminar are twofold. On the one hand, the question is whether the current banking laws and regulations including the regulatory practices in institutions like NDIC are up-to-date, relevant and in tune with present and emerging realities.
“On the other hand, do the banking laws and regulations including the regulatory practices in institutions like NDIC require urgent and consequential reforms?” he queried.
“These questions along with several others that are likely to be raised should necessarily form components of the discussions and outcome of this seminar for the collective good of all”, Abdullahi stated.
Earlier, the Managing Director/ Chief Executive, Nigeria Deposit Insurance Corporation, Hassan Bello, said, “Right from the revocation of banking license all through liquidation and termination of liquidation activities, the judiciary plays a critical role in resolving disputes that evolves”
