We need improved judicial reforms to keep businesses afloat in Nigeria —ISAN
By Adenike Agunsoye
The Independent Shareholders Association of Nigeria(ISAN) has said that Nigeria needs improved judiciary reforms to keep businesses afloat.
The National Chiarman, ISAN, Prince Dr. Anthony Omojola made this disclosure to Nigerian NewsDirect on Thursday during its 7th Triennial Delegates Conference.
According to him, “In the course of playing our own part in the scheme of things, we have had to agree and disagree with Government, their Regulatory Agencies, Company Board and their Manager especially those that are quoted on the Nigerian Exchange Limited (NGX).”
“We have been fighting that Unclaimed Dividends do not belong to the government and would not belong to the government or any agency under guise.
“For over 15 years now the fight continues and the last effort of the Federal Government and it agencies to legislate on it has been checkmated through court process.
“For an economy that has witnessed three major depressions within a decades and still stand as the giant of Africa, Nigeria must be grateful to God for its reliance to stand the test of time, one thing that distinguished us from the developed economy is our judiciary system whilst Nigerian is bracing upon ease of doing business to halt the exist of companies from our shores and take advantage of the Africa Free Trade, our Judiciary needs reforms to stabilize and encourage the growth in the Economy”, he stated.
In his keynote speech, a legal practitioner, Barr. Chuks Nwachukwu addressed the issue of delay in court process.
“There are two factors that greatly contribute to delay in the court which most commenters hardly mentioned. Our Judges take too long to give rulings on interlocutors applications, even simple ones.The constitution provides that judgment on a matter should be delivered not later than 90 days from the close of final addresses. This applies to final judgment.”
Nwanchukwu emphasized that the above statement should mean that rulings or interlocutory applications should be delivered much sooner but our judges think differently and the popular thinking is that the same time frame applies to both.
He mentioned that loss of possible foreign investment is not the only loss that the economy suffers by reason of intolerable delay in our court. Some economic activities,such as hirer purchase and prawn broking, have either been lost or suffered diminished growth.
“We can only imagine how many more Economic activities many Nigerian refuse to get involved in the fear of being bogged down with intractable disputes in the court and how many billions of Naira and employment opportunities the economy continues to lose. We can imagine companies that are unfortunate to find themselves in Shareholder or other internal disputes may never survive,” he explained.
To speed up proceedings and ensure quicker and more effective justice delivery, Bar. Nwachukwu advised that the judiciary must review it rules of procedure to state shorter time lines for proceedings including the delivery of rulings on interlocutory applications, the right of appeal in interlocutory matters should be limited to the Court of Appeal, the establishment of commercial court and so on.
“All these would be possible only if more judges are appointed and more fund allocated,” he concluded.
