Justice Alaba Omolaye-Ajileye of the Kogi State High Court has decried the absence of legislative framework to regulate electronic transactions in the country.
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The jurist noted that such anomaly puts electronic transaction customers at risk.
Justice Omolaye-Ajileye made the observation in a paper delivered at the July edition of the monthly Webinar organised by the Rule of Law Development Foundation (ROLDF) on the topic: Technology and The Law: A Call for A Paradigm Shift in the Legal Profession in Nigeria.
The jurist noted that the exigencies of modernity demand that the National Assembly takes urgent and proactive steps to enact the requisite electronic transaction laws.
He said due to the growing use of technology, countries around the world have been enacting laws to protect consumers that engage in e-commerce or online transactions.
Justice Omolaye-Ajileye decried the absence of such a law in Nigeria in the class of the United Nation Commission on International Trade Law Model Law, otherwise called the UNCITRAL Model Law on Commerce. He warned that in the absence of a law regulating electronic transactions, consumers engage in such transactions at their own peril.
According to him, it was this legislative lacuna that opened up a controversy recently over the legitimacy or otherwise of Cryptocurrency.
He submitted in his paper that the solution does not lie in the Central Bank Governor’s unilateral declaration of Cryptocurrency as an illegal money but in appropriate authorities filling the legislative or regulatory gaps.
The jurist stressed that Nigeria, being a country whose economy is growing within the realm of technological advancements, has no reason to lag behind such a global trend.
He urged the National Assembly to proceed, without any further delay to remove all inhibitions that exist in dealing with e-commerce.
The jurist asserted on a conclusive note that the current legislative apathy and complacency on issues relating to technology ought to be addressed with dispatch.
“The world is matching on and Nigeria cannot afford to stagnate,” he opined.
In his contribution, a Senior Advocate of Nigeria (SAN) and ROLDF’s Coordinator, Mr J. B. Daudu, commended the jurist’s submissions and assured the participants of the determination of the Rule of Law Development Foundation to pursue the enactment of the relevant laws.
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