Managing Director, AMCON, Ahmed Kuru.The Nigerian Ambassador to Egypt, Mr Nura Rimi, has called for reforms in the Nigerian judicial system saying that will provide the needed assurance to investors willing to invest in the country.
At the opening ceremony of the 2021 Federal High Court foreign training in Cairo, Egypt, the ambassador, during his address, stated that prolonged, inefficient dispute resolution had worsened investor aversion towards the country.
A statement issued by the Asset Management Corporation of Nigeria on Monday quoted Rimi as saying, “Many investors and investments have been lost over the years as a result of the failure to pursue efficient and effective judicial reforms.
“Indeed, timely disposal of cases in the Organisation for Economic Cooperation and Development countries has sustained investor confidence in their economies. It demonstrates the remarkable efficiency of the judicial system in those countries.
“Accordingly, investors would be convinced that any dispute relating to their investments would be determined expeditiously by the courts in these countries.
“This is not the case of the Nigerian judicial system. But this can be remedied or mitigated by judicial reforms through sustained dynamic training of the judiciary as demonstrated by the Chief Judge of the Federal High Court – Justice J.T. Tsoho.”
Rimi explained that court-related litigations in Nigeria commencing from the trial courts to the appellate court, and then the supreme court in a commercial dispute which could last for as long as eight to 20 years were disappointing, citing examples.
Mr Ahmed Kuru, the Chief Executive Officer of AMCON, said that quick, efficient and fair dispensation of justice was not only necessary but godly.
He said, “With specific reference to AMCON, we have repeatedly made the point at every opportunity that all stakeholders must view the AMCON mandate as one of serious national importance.
“If at sunset, AMCON is unable to recover a huge debt of over N5tn, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ monies will be used to settle.
“The implication is that the public will be made to pay for the recklessness of only a few individuals who continue to take advantage of the loopholes in our laws to escape their moral and legal obligations to repay their debts.
“We should not allow a few individuals to escape with our commonwealth, and we want to do it within the confines of the law.”
He added that Nigerians must encourage a society where people must be made to honour their obligations.