James Ojo, Godwin Tsa Abuja
The Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, yesterday urged Judges to ensure speedy resolution of financial disputes pending in their courts so as to boost investor confidence in the economy.
While speaking on the need for Judges to be circumspect in adjudicating over disputes relating to depositors’ funds, the CJN noted that the Judiciary, as an arbiter has an important role to play, by ensuring speedy resolution of disputes.
He spoke in Abuja at the sensitisation seminar organised by the Nigerian Deposit Insurance Corporation (NDIC) for Judges of the Federal Capital Territory (FCT)and States High Court, under the theme: ‘Challenges to Deposit Insurance Law and Practice in Nigeria.’
READ ALSO Is this nation not best served by a team of rivals?
Justice Onnoghen observed that the principal objective of a deposit insurance system is to contribute to the sustainability and stability of the financial system of every economy while protecting depositors by creating a safety net in the event of a bank failure.
The CJN assured that “the judiciary, on its own part, will assiduously ensure that disputes are resolved in line with sacrosanct constitutional and statutory provisions”.
While acknowledging that a sound, competitive banking system is critical to a nation’s economic vitality, the CJN called for speedy resolution of financial disputes is an economic development catalyst, as investors and other financial institutions will remain confident that their investments are safe.
Meanwhile the Minister of Labour and Employment, Mr. Chris Ngige, yesterday charged the Organisation of Africa Trade Union Unity (OATUU) to work out modalities on how to facilitate the review of its relationship with the Federal Government in terms of funding.
Ngige had invited the OATUU to his office to brief the continental body of the decision of the Buhari government to reduce the number of international bodies the country belongs to due to paucity of funds.
Led by the Deputy Secretary General, Comrade Valetine Udeh, Ngige said the Federal Government recently decided to review the list of international organisations and association which the country will belong to.
“This is because of the fact that the payments of subvention and statutory contributions to such organizations have started taking a toll on the Federal Treasury.
Luckily for us, it is grants that we give to OATUU and we feel very comfortable telling you our strength and weakness so that we can make progress,” he said.
Ngige assured the delegation that the Federal Government will not restrain the activities of the organized labour union but will continue to engage the union through social dialogue in the spirit of tripartism.
Labour organisations in the country had raised fears of the present administration’s subterranean moves to muzzle workers by invoking some sections of moribund labour laws used by colonialists to cow agitation against obnoxious moves.
READ ALSO Nigeria and its long history with fight against corruption
‘‘The Federal Government of Nigeria does not believe in curbing the activities of the organized labour union, because our constitution in Section 40 allows for freedom of association to form trade unions with people of like minds. It is the same law that gave birth to the formation of political parties that also empowered the formation of labour unions, hence President Muhammadu Buhari will never tamper with the activities of the unions,” he emphasized.
Ngige affirmed that the Federal Government was committed to working in synergy with the two active labour centres in Nigeria who are also dynamic members of OATUU with many affiliate unions.
Director of Press in the Ministry, Samuel Olowookere, stated that, the OAUTUU Deputy Secretary General in his remarks confirmed that, the visit which was at the behest of the Minister was to discuss the review of subvention to OATUU by the Federal Government of Nigeria.
He however expressed the appreciation of the union for the support it received from the Federal Government of Nigeria and pledged the commitment of the Pan African Organization to continue to cater for the wellbeing of the continent’s workforce.