The Acting Chief Justice of Nigeria (CJN), Justice Ibrahim Tanko Muhammad will on Monday and Tuesday chair the maiden workshop for Justices of the Supreme Court and judges of other courts on issues relating to “secured transactions in movable assets.”
The workshop, being the first of its kind, is being jointly organised by the National Judicial Council (NJI), the National Collateral Registry (NCR) and the Juris Law Office (JLO).
The head of JLO, Professor Niyi Ayoola-Daniels, explained that the workshop is intended to bring the Justices and judges up to date on the salient provisions of the Secured Transactions in Movable Assets Act, 2017 (The Act) and Part III of the Central Bank of Nigeria Regulation on Registration of Security Interests in Movable Property by Banks and Other Financial Institution Regulation No. 1 of 2015 (The Regulation).
Ayoola -Daneil said the workshop is part of efforts by the government to ensure that the nation’s Judiciary is abreast of the provisions of the law to allow for its effective application.
He said the Act alone and the Regulation will not guarantee “best practices” and ”Rule of Law” in secured transactions in movable assets in Nigeria without effective application by a well knowledgeable and sound Judiciary on the subject matter”.
He said the workshop, with the theme: “Leveraging on movable asset for credit delivery In Nigeria: Legal and regulatory framework,” is slated for Abuja between February 11 and 12, 2019.
Ayoola-Daniels said the workshop aims “to acquaint Justices and judges with appropriate legal and regulatory framework of the secured transactions in Movable Assets Act and its contribution to the national economy.
He said the Acting CJN will also deliver the keynote address, while the Governor, Central Bank of Nigeria (CBN) Godwin Emefiele is scheduled to give the opening remarks.
Ayoola-Daniels added: “Also expected to participate at the workshop are Supreme Court Justices, Court of Appeal Justices, Chief Judge and Judges of the Federal High Court as well as Judges of the High Courts from many states across the country.
“The Honourable Attorney General of the Federation and Minister of Justice, key government officials, captains of industry, and officials of the World Bank/ International Finance Corporation (IFC).
“The Central Bank of Nigeria, in collaboration with the International Finance Corporation (IFC), established the National Collateral Registry (NCR) in 2016 in line with the Bank’s mandate on sustainable economic inclusive growth and financial inclusion. The NCR is a financial infrastructure that seeks to deepen credit delivery to Micro Small and Medium Enterprises (MSMEs) through enhanced acceptability of movable assets such as equipment, machinery, vehicles, crops, livestock, account receivables, inventories, and jewelleries,” he said.
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