The National Judicial Institute has blamed the bitter experiences of failed banks on poor documentation by bank officials.

Chief Justice of Nigeria and Chairman Board of Governors, NJI, Hon. Justice Aloma Mariam Mukhtar, disclose this on Wednesday at the 2012 National Seminar on Banking and Allied Matters for Judges organised by NJI and CIBN.

She said, “We have noticed over time that a major problem with banking related cases is poor documentation by bank officials ,which have made the country gone through the bitter experience of failed banks in the time past. The country is still experiencing some of the consequences of that bitter era.”

Mukhtar, who was represented by Justice of the Supreme Court, Hon. Justice Mahmud Mohammed, said to avert such crises in the banking sector, bankers ought to follow due process, keep proper records and also keep all contractual agreement with customers.

He also stressed the need for the judiciary to collectively collaborate with the financial sector in dispute resolution to promote public confidence in the banking industry.

“But this is not just limited to settlement of disputes arising in the course of banker/customer relationship, but also for the purpose of setting standard, ensuring corporate social responsibility and promoting public confidence in the banking industry,” Mukhtar added.

Meanwhile, the President of CIBN, Mr. Segun Aina,said the judicial system must adopt strategies for effective dispute resolution such as putting in place good dispute management policies and creating effective and conducive atmosphere.

However, on delays experienced in the dispensation of justice on banking related cases, Aina suggested that it was important to have fast -track courts such that cases could be concluded within a period of three months as currently applicable in some African countries like Malawi, Ghana and South Africa.

Source: Punch (written by Ademola Alawiye)