The Chartered Institute of Bankers of Nigeria (CIBN) and other stakeholders in the banking sector have appealed to judicial officers especially of the superior courts and regulatory authorities to pay close attention and intervene in the rising trend of cyber-attacks and other challenges posed by innovation.
Speaking at the 21st edition of the National Seminar on Banking and Allied Matters for Judges, organized by the Chartered Institute of Bankers of Nigeria (CIBN), in collaboration with the National Judicial Institute, NJI, under the auspices of the Bankers Committee of the Central Bank of Nigeria, President of CIBN, Dr. Bayo Olugbemi decried rising cyber-attacks on banks and other financial institutions, which he fears could undermine the industry’s gains.
“It is not unknown, even in Nigeria, for cybercriminals to “seize” websites and portals owned by financial institutions and demand for ransom to be paid to release these sites or to refrain from releasing confidential and proprietary information of banks and their customers if monetary demands of these attackers are not met,” he said.
Olugbemi said that the recurring issues of abuse of procedures relating to garnishee proceedings and enforcement of lenders’ rights in secured credit transactions continue to be of concern to the industry and continue to impede the release of additional credit to the economy, which would have helped to accelerate recovery from the downturn caused by the Coronavirus pandemic.
Godwin Emiefele, Governor of the Central Bank of Nigeria, noted that the expansion of banking and financial services business to digital platforms, as opposed to the conventional forms, has now made it more imperative for judges to be tech-savvy, to enhance the quality of justice delivery generally and specifically in the financial services sector.
Salisu Abdullahi, Administrator of the National Judicial Institute (NJI), expressed optimism that the seminar will equip judges to deal with complex contemporary financial disputes and develop core competence in banking matters.
Mr. Olumide Akpata, the Nigerian Bar Association (NBA) president, said that technology had altered banking relations. He commended the CIBN for the seminar sustained for 21 years, noting that the theme was critical in ensuring qualitative justice delivery.
