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CBN Secures Chief Justice of Nigeria’s Support to Curb e-Fraud

CBN Secures Chief Justice of Nigeria’s Support to Curb e-Fraud

 

Barely a week after the Inspector General of Police (IGP), Mr. Solomon Arase, ordered the establishment of a dedicated Payment and Card Crime Unit in the Nigeria Police, the Central Bank of Nigeria (CBN) has solicited the support of the Chief Justice of Nigeria (CJN), Justice Mahmud Muhammad, in curbing fraud in the nation’s payments system.

 

Leading the members of the Nigerian Electronic Fraud Forum (NeFF) and some members of the Bank to the CJN’s office on Friday, October 30, 2015, Deputy Governor, Operations, Alhaji Suleiman Barau, said the forum recognized the judiciary as a strategic partner in stemming electronic fraud.

 

CBN Secures Chief Justice of Nigeria’s Support to Curb e-Fraud

 

Alhaji Barau who noted the enactment of the Cybercrime (Prohibition, Prevention) Act 2015, solicited the partnership of the judiciary in setting up of a platform of engagement between Judges of courts and the Financial Industry for the purpose of identifying skill gaps. The CBN Deputy Governor also sought for collaboration in working on an action plan to work on identified skill gaps, building knowledge and deepening capacity of the judiciary as well as setting-up of dedicated courts that will adjudicate on banking and financial matters.

 

Responding, the CJN said although their focus had shifted towards a more conciliatory approach to dispute resolution, most Superior Courts in the Country, including the Supreme Court, had enacted practice directions on serious crimes, including money laundering and fraud, which should see cases being fast tracked for trial and determination.

 

CBN Secures Chief Justice of Nigeria’s Support to Curb e-Fraud

 

He stressed that, as part of their contribution to check fraud, the Supreme Court had given directives for priority to criminal matters especially at the Appeal and the Supreme courts, an action which translates to speedy adjudication of such cases.

 

CBN Secures Chief Justice of Nigeria’s Support to Curb e-Fraud

 

Also contributing, a Justice of the Supreme Court, Justice Walter Adoghe, said problems with fraud cases mainly arose outside the courts, adding that prosecutors in particular needed to do their work well by helping to tender impeccable evidences and presenting materials that would lead to conviction.

 

Speaking further, Justice Adoghe attributed the delays in dispensation of justice to high number of counts of charges for, noting that too many counts often sent bad signals as they often took months to sort out.

 

CBN Moves to Ensure Fiscal, Monetary Policy Coordination

 

The Justices of the Supreme Court also took advantage of the meeting to seek clarifications on some of the Bank’s policies and initiatives including the Treasury Single Accounts (TSA) for federal government’s revenue generating agencies; the Bank Verification Number (BVN); naira devaluation, among others.

 

Some members of Alhaji Barau’s team included the Director, Banking and Payments System of the Bank, Mr. Dipo Fatokun, who is also the Chairman Steering Committee of the NeFF; Alhaji Ibrahim Mu’azu, Director, Corporate Communications, and Mrs. Tokunbo Martins, Director, Banking Supervision at the CBN.


Facts : 1/7/1959
Evolution of Departments:At inception, the organisational structure of the CBN was understandably simple consisting of two departments, namely, the General Manager's and the Secretary's Departments, with the appropriate division of labour as then percieved. The General Manager's Department was responsible for all the Department banking, currency issues, debt management and other operational functions of the bank while the Secretary's Department handled the administrative and staff matters, carried out some research into the economic and financial conditions, and collected and analysed relevant statistics for policy formulation.
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