The Chief Executive Officer of Polaris Bank, Mr. Adekunle Sonola has urged Nigerian government to prioritise legal policy and reforms for sustained economic growth.
In a presentation he recently delivered at the Annual Law Dinner of the Nigerian Bar Association (NBA), Lagos branch, Sonola emphasised the need for legal reforms, highlighting the escalating challenges faced by businesses in the ever-evolving national and global landscape.
The CEO, who spoke on the event’s theme, ‘Favourable Investment and Business Environment Through Legal Policy and Reforms’, reiterated the indispensable need for comprehensive legal reforms to align with the demands of modern business operations.
Sharing insights on the current business environment, Sonola delved into the prevailing challenges within the investment and business climate such 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.
He 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 include; a thorough review of laws governing business ownership; streamlined taxation processes, and improved immigration procedures. The Banker emphasized the need for social embeddedness, increased accessibility, and the incorporation of automation to modernize the legal framework.
In projecting into the future, the Polaris Bank CEO underscored the perpetual need for legal reforms, while emphasizing 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.
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.
Earlier, Chairman of Lagos NBA, Mr. 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”.
He reiterated that “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 for graciously accepting to deliver the Annual Dinner lecture and also had kind words for sponsors of the event.
Chairman of the NBA Lagos Dinner Committee, Adeleke Alex-Adedipe appreciated stakeholders of the chapter for their immense support which 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 was 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.
