Nigeria’s Chief Justice, Tanko Muhammad, yesterday said the financial sector and the entire economy stand to benefit from quick dispensation of justice in commercial or business transactions.
The CJN said credit reporting reforms in Nigeria require special attention from the judiciary. According to him, credit reporting reforms is a critical position in the economy given that movable assets are involved.
He added that small businesses in the country require access to credit to thrive and the rights of the relevant parties to a transaction must be protected. The CJN, who spoke at the “World Bank/CBN Specialised Two-day Virtual Workshop For Judicial Officers On Secured Transactions In Movable Asset And Credit Reporting Reforms In Nigeria,” said the importance of the judiciary to the financial sector cannot be over-emphasized.
“Against this background, I wish to state that potential investors often hinge their decisions to come to Nigeria on enforceability of their rights in any commercial venture. ”Therefore, courts must be versed with credit transactions principles, especially with the passage of the STMA Act and Credit Reporting Act, 2017,” he said.