By Modupe Gbadeyanka
The chief executive of Polaris Bank Limited, Mr Adekunle Sonola, has called for comprehensive legal reforms in Nigeria to achieve sustainable growth.
Speaking at the Annual Law Dinner of the Lagos branch of the Nigerian Bar Association (NBA) last weekend, he said these reforms should focus on the laws governing business ownership, streamlined taxation processes, and improved immigration procedures.
According to the banker, there is the need for social embeddedness, increased accessibility, and the incorporation of automation to modernise the legal framework.
Sharing insights on the current business environment at the event themed Favourable Investment and Business Environment Through Legal Policy & Reforms, Mr Sonola delved into the prevailing challenges within the investment and business climate such as high high-interest rates, security concerns, and infrastructure deficits.
The Polaris Bank CEO also outlined several key challenges within the legal system, including prolonged dispute resolution times, a backlog of cases, and manual court processes.
In his presentation, he articulated concerns about inadequate remuneration for judges, obstacles in the administration of laws, and the imperatives for improved law enforcement.
He explained the nexus between legal activities and the day-to-day operations of businesses, highlighting the profound impact on overall competitiveness.
In projecting into the future, the bank executive 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
Earlier in his welcome address, the Chairman of Lagos NBA, Mr Olabisi Makanjuola, thanked the guests and members of the group for the in the last 6 months, saying the session is not “a mere gathering but a tradition” woven into the fabric of fostering goodwill between the bar and the bench.
Business Post reports that the summit, a pivotal gathering for industry leaders, legal luminaries and High Networth Individuals (HNIs), provides a platform for the stakeholders to underscore the critical role of legal frameworks in shaping a conducive environment for investments and business development.