The Chief Executive Officer of Polaris Bank, Adekunle Sonola, has urged the Nigerian Government to prioritise legal policy and reforms for sustained economic growth.
The Bank CEO made the call at the Annual Law Dinner of the Nigerian Bar Association, Lagos State branch.
The event, held at the weekend in Lagos, was themed: “Favourable Investment and Business Environment Through Legal Policy and Reforms.”
The summit, a pivotal gathering for industry leaders, legal luminaries and High Networth Individuals, provided a platform for the CEO to underscore the critical role of legal frameworks in shaping a conducive environment for investments and business development.
Emphasising the need for legal reforms in his address, Sonola, in his presentation, highlighted the escalating challenges faced by businesses in the ever-evolving national and global landscape.
He reiterated the indispensable need for comprehensive legal reforms to align with the demands of modern business operations.
Sharing insights on the current business environment, the Polaris Bank CEO delved into the prevailing challenges within the investment and business climate such as high high-interest rates, security concerns and infrastructure deficits.
He explained the nexus between legal activities and the day-to-day operations of businesses, highlighting the profound impact on overall competitiveness.
Sonola outlined several key challenges within the legal system, including prolonged dispute resolution times, a backlog of cases and manual court processes.
His presentation articulated concerns about inadequate remuneration for Judges, obstacles in the administration of laws, and the imperatives for improved law enforcement.
Sonola put forth a series of recommendations for comprehensive legal policy and reforms.
These recommendations included a thorough review of laws governing business ownership, streamlined taxation processes, and improved immigration procedures.
The Banker emphasised the need for social embedding, increased accessibility, and incorporation of automation to modernise the legal framework.
In projecting into the future, the Polaris Bank CEO underscored the perpetual need for legal reforms, while emphasising their role in aligning with the dynamic economic and social landscape.
He concluded with a positive outlook, noting that effective legal frameworks are pivotal for business growth, attracting investments, and fostering overall economic well-being of Nigeria
Earlier in his welcome address, the Chairman of Lagos State branch of the NBA and Chief Host of the Annual Law Dinner, Olabisi Makanjuola, while commending members of the branch for the immense support his administration has received in the last six months, described the session as not “a mere gathering but a tradition” woven into the fabric of fostering goodwill between the Bar and the Bench.
Makanjuola said: “Our tradition of inviting members of the Bench to our dinners is a testament to our belief that when lawyers and judges share moments of conviviality, it bridges the widening gap between us in real-time.”
He expressed appreciation to Sonola for graciously accepting to deliver the Annual Dinner lecture and also had kind words for sponsors of the event.
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Earlier, Chairman of the NBA Lagos Dinner Committee, Adeleke Alex-Adedipe, had appreciated stakeholders of Lagos NBA for their immense support, which, he said, made the Annual Law Dinner a reality and commended members of the Committee for their dedication and sacrifice that delivered a well-organised dinner.
Highlight of the Annual Law Dinner saw the presentation of certificates of recognition to distinguished members of top law firms and current and retired jurists, considered a noteworthy gesture, that was warmly acknowledged by those present.
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