27 October 2020 by VICTORIA ABAH
The Chief Justice of Nigeria, Justice Ibrahim Tanko Muhammad says Courts must be versed with credit transactions principles, especially with passage of the Secured Transactions in Movable Asset Act (STMA) and Credit Reporting Act, 2017.
The CJN in an address at the World Bank/CBN specialized two-day virtual workshop for judicial officers, explained that the judiciary has a crucial role to play in STMA and Credit Reporting in Nigeria, and therefore must be strengthened to help the financial sector protect credit transactions.
According to him, the importance of the judiciary to the financial sector cannot be over-emphasized, as potential investors often hinge their decisions of coming to Nigeria on the enforceability of their rights in any commercial venture.
Tanko therefore said the judiciary must give special attention to Credit reporting reforms in Nigeria because of its critical position in the economy, to ensure the rights of relevant parties to a transaction are protected.
He emphasized that the purpose of both Laws is to facilitate and promote access to credit and enhance risk management in credit transactions, which would promote responsibility in the market and encourage responsible borrowing.
Justice Ibrahim Tanko maintained that the on-going economic development strategy requires the joint efforts of the Central Bank, the Judiciary, and all stakeholders to make giant strides.
The workshop which was organised by the National Judicial Institute and Juris Law Office in conjunction with the CBN and the World Bank Group has its theme as “The Role of the Judiciary in Ensuring the Effectiveness of the Secured Transaction in Movable Assets and Credit Reporting Act”