How Long is Long Enough to Resolve Commercial Case in Nigeria?
Nigeria’s judicial system lacks speed, though many are still not sure about the accuracy of decisions either. What is clear is that when justice is served, it is served hot for one, and cold for another. Financial market cases, commercial cases take eternity to resolve.
The elite understands this and that is why the Asset Management Corporation (AMCON) has been unable to recovered trillion of naira from ‘the cowboys’ that created the concept of ‘financial market smartness’.
There are commercial cases or class action in Nigeria that are worth turning to case studies, but theyhave been racked up somewhere. it is much easier for local professionals to cite Enron and Parmalat fraud cases than to take a deep dive to study how Intercontinental Bank Plc went down.
Or to check how the judicial is helping to solve the GTBank and Innosson commercial imbroglio and why the Bank of Agriculture lost its allure amidst a strong need for food security in Nigeria.
A dirty financial market is one where investors don’t get justice due to a strapped legal system. In Nigeria, many of these cases take decades to resolve if they will ever be resolved.
There have recent cases of cryptocurrency fraud that have been resolved in the US States within a year. But here, there appears to muddling of both political and commercial cases which often delay justice.
Someone said we cannot compare Nigeria with the US. While this may be correct, it does not absolve a growing nation like Nigeria from getting in the way of doing things right.
Several commercial cases have dragged on for a long, and justice delay is still justice denied in any part of the world. Dear Judiciary, please can we have special courts for commercial cases?
Elsewhere, a friend said most bankers fear leaving Broadstreet except for a big venture like Real Estate like Bola Onasanya, former Managing Director of FBN who proved to be different in that choice.
Several other bankers retired by Central Bank limit are still playing from the back door, dictating the rules of engagement as founders, and chairmen. By the way, where is Erastus Akingbola, the man who built the now-defunct Intercontinental Bank was not lucky.
Where is soft moustache, Erastus? What is he doing now? What is the future keeping for him? Would he ever make a comeback to the Broadstreet? Is he playing silently behind the curtain?
In 1989, Akingbola and three other investors floated the Intercontinental Bank Plc and became the founding Managing Director/Chief Executive of the Bank.
Akingbola was accused by the Central Bank of Nigeria in 2009 over a fraudulent scheme involving the defunct Intercontinental Bank buying its shares, leading to heavy losses. He was allegedly accused of laundering N179 billion. #How Long is Long Enough to Resolve Commercial Cases in Nigeria? Nigeria Eurobond Slumps after CBN Resumes OMO Auction