CJN Urges Stronger Collaboration Between Judiciary, Financial Regulators to Safeguard Banking Sector

The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, has called for enhanced synergy between the judiciary and financial regulators to strengthen legality, trust, and stability within Nigeria’s banking and financial system.

Delivering her address at the opening of the 2025 capacity-building workshop on the banking and financial services sector, jointly organised by the National Judicial Institute (NJI) and the Central Bank of Nigeria (CBN) in Abuja on Thursday, Justice Kekere-Ekun highlighted the critical role of the courts in ensuring fairness, accountability, and adherence to the law.

Speaking under the theme, “Judicial Oversight and Financial Regulation: Building Trust and Stability in Nigeria’s Banking Sector,” the CJN said the judiciary and financial regulators, while having distinct roles, are deeply interconnected.

She noted, “When the judiciary and financial institutions operate in harmony, the financial system becomes resilient, and public confidence is strengthened. Conversely, misalignment erodes trust and slows economic growth.”

Justice Kekere-Ekun also stressed that judicial oversight complements regulatory policies by ensuring they operate within legal frameworks. She drew attention to emerging challenges in the financial landscape, including digital banking, fintech innovations, cyber risks, and consumer protection.

“While technology has improved financial inclusion and efficiency, it has also introduced new vulnerabilities. Judicial officers must ensure that contractual obligations are honoured, disclosure requirements enforced, and principles of good faith upheld. We must also guard against abuse of court processes that frustrate legitimate debt recovery and undermine confidence in the financial system,” she warned.

The CJN underscored the importance of continuous judicial education, urging judges to stay updated on specialised areas such as banking, finance, and digital innovation. She added, “The law cannot stand still while commerce and technology advance. Workshops like this equip the Bench with the tools needed to navigate these complexities.”

Earlier, the NJI Administrator, Justice Babatunde Adejumo, emphasised the judiciary’s pivotal role in maintaining stability, trust, and fairness in the banking and financial sectors.

“The health of our banking and financial systems depends not only on sound monetary policies but also on the integrity, wisdom, and credibility of the judiciary. Through its rulings, the judiciary balances economic policy with the protection of rights,” he said.

Justice Adejumo described the workshop as a strategic platform to bridge knowledge gaps and promote collaboration between the judiciary and the Central Bank. Key areas of focus include the scope of the CBN’s regulatory powers, loan recovery challenges, credit enforcement, consumer protection, and financial inclusion.

The workshop aims to deepen understanding among judicial officers and financial regulators on the intersection of law, policy, and economic stability, reinforcing trust and transparency in Nigeria’s financial sector.