1.0 Introduction The Seminar was declared open by the Honorable Chief Justice of Nigeria, Hon. Justice Mahmud Mohammed, GCON, FNJI, FCIArb. In his Opening Remarks, he highlighted the progress made by the Judiciary in its effort to improve the justice system. He noted that the theme of the Seminar was apt and will assist in developing a sustainable framework for efficient debt recovery in addition to addressing the challenges of financial crimes especially in the context of increasing sophistication of the products and services of the financial system. He encouraged participants to contribute meaningfully to the discussion at the Seminar. He thereafter declared the Seminar open. The Seminar with the theme “Emerging Challenges in Debt Recovery and Financial Crimes” had five Business Sessions with the following Sub-themes; Session 1: Debt Recovery Dilemma in the Nigerian Banking System Session 3: The Role of Banks in Anti-Money Laundering/Counter Financing of Terrorism and Other Financial Crimes Session 4: Enhancing Cooperation and Innovation Across the Judicial and Financial Services Sectors Session 5: The Way Forward on E-payment Crime and the Criminal Justice Process in Nigeria. The resource persons were drawn from the Judiciary, Banking sector, Legal profession and other relevant stakeholders in the industry. Each of the faculty member shared their experiences, expertise and proffered solutions to current challenges of debt recovery and the resolution of financial crimes 2.0. Highlights and Recommendations A. Highlights • Banks have a duty to embed policies and procedures for Anti-Money Laundering and Counter Financing of Terrorism in their processes to help them avoid • I ne present penormance process in most banks emphasizes deposit mobilisation and target to the detriment of compliance with procedures; while some banks have a more encompassing performance process, others play down on compliance with procedures. • Although many laws are in existence, there is an apparent lack of enforcement which has limited progress. The present agitation among the populace is to ensure better implementation of those laws. • There is preponderance of the incidence of ambush/undisclosed fees on loans which causes a lot of discontentment among customers. culpability. There is also the need for banks to continuously train their personnel, ensure efficient surveillance and enhanced due diligence. • Regulators have provided adequate legal and regulatory framework to properly manage the challenges of AML/CFT as well as financial crimes. The banks thus need to ensure compliance to avoid culpability. • AML and CFT are both related to financial crimes but differ in principle. Money Laundering involves huge sums of money and cycle in which money moves and comes back, whereas Terrorism Financing may involve spending of small, medium or huge sums which do not return to the system. • Infrastructural and demographic challenges have limited banks’ ability to properly address the issue ofAML/CFT. • The banking profession is infiltrated by non-professional bankers and this has led to watering down of ethical and omfg,,innal mnrit int/Oanriarric • The present Performance process in most in most banks emphasizes deposite mobilisation and target to the detriment of compliance with procedure; while some some banks have a more emcompassing performance with procedures. • There should be more thorough credit appraisals. • Although many laws are in existence, there is an apparent lack of enforcement which has limited progress. The present agitation among the populace is to ensure better implementation of those laws. • There is preponderance of the incidence of ambush/undisclosed fees on loans which causes a lot of discontentment among customers. B. Recommendations At the end of the Sessions, the participants collectively agreed and recommended the following to stakeholders: • There is the need for enhancement in the role of CIBN, especially in sanctioning its members for infractions and compromises in the discharge of their professional duties. • There is the need to encourage the practice of receivership particularly in relation to handling of assets while the business/contract is ongoing. This wilt ensure the assets remain beneficial and intact after the process. • Bank Relationship Managers are advised to restrict their familiarity with customers in conducting their businesses within professional limits. • Relationship Managers and other bank officials should be exposed to regular trainings to enhance productivity in the financial sector. • That in financial contract matters, appeals should terminate at the Court ofAppeal. • In the case of application for stay of execution of the judgement pending appeal, the judgement sum should be deposited into an interest yielding account pending the determination of the appeal. • There is a need to designate courts in every jurisdiction by Heads of courts to hear and determine Commercial related disputes that would enable speedy trials. • There should be constructive intervention by the courts in the resolution of disputes in the sector, by recognising effective 1-1.1-int-rnanr. • The courts should incorporate time frame into orders for freezing of accounts. • There is the need to ensure institutional process of unique identification of persons which will go a long way in addressing challenges of financial crimes. • Personnel of stakeholder Institutions including regulators, operators and other bodies should be better trained and retrained for proper and effective prosecution of matters in court. • There is the need for continuous capacity building for judges as well as specialization for judges to enhance the effectiveness of handling financial cases. • The courts should engage technical experts like the CIBN in cases of financial complexity. • The bureaucracy present in land registration, including land mortgages. is cumbersome, expensive and should be reviewed. • There is the need to harmonise the existing laws on financial and commercial matters for ease of reference of application and adjudication by operators, law enforcement agents as well as the judiciary. • Regulators need to do more in terms of legal and regulatory framework to check misconduct rather than concentrate only on ratios and financial indices (prudential guidelines) which may have been produced through fraudulent manipulations of the financial records. • A forum similar to the national conference (CONFAB) should be organized for all relevant stakeholders with a view to enhancing cooperation between the stakeholders. • All stakeholders should familiarize themselves with recent developments in Information and Communication Technology (ICT). 3.0 Conclusion The Participants expressed appreciation to the Hon. Chief Justice of Nigeria and the Chairman of the Board of Governors of the National Judicial Institute, Hon. Justice Mahmud Mohammed GCON, FNJI, FC1Arb, Justices of the Supreme Court, Justices of the Court of Appeal, ‘Members of the Board of Governors of the Institute, all Heads of Courts, and dignitaries who participated and contributed to the success of the Seminar. They also thanked the Bankers Committee, the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, CON, FCIB; Managing Director, Nigerian Deposit Insurance Corporation, Alhaji Umar Ibrahim, mni, FCIB and President/Chairman of Council of The Chartered Institute of Bankers of Nigeria, Professor Segun Ajibola, Ph.D, FCIB. the Administrator of the National Judicial Institute, Hon. Justice R. P. 1. Bozimo, OFR, all the members of the Council, Management and Staff of the CIBN and the NJI for organizing a very successful 16th Annual Seminar for Judges on Banking and Allied Matters, 2016. Signed: ‘Seye Awojobi, FCIB Registrar/Chief Executive The Lered institute Bankers of Nigeria Hon. Justice. R.P.I. Bozimo, OFR (Rtd) Administrator National Judicial Intitute For Enquries, Please Contat: Mr. Seye Awojobi, FCIB, Registrar/Chief Executive, CIBN “Bankers House, PC 19, Adeola Hopewell Street, Victoria Island, Lagos, Nigeria. Tel: +234-1-4617924, 4610655, 6310046 ]]>