Polaris Bank CEO Urges Nigerian Govt To Prioritize Legal Reforms For Economic Growth

Adekunle Sonola, the CEO of Polaris Bank, urged the Nigerian government to focus on legal policy and reforms as a cornerstone for sustained economic development.

Speaking at the prestigious Annual Law Dinner of the Nigerian Bar Association (NBA), Lagos branch themed “Favourable Investment and Business Environment Through Legal Policy & Reforms,” Sonola emphasized the imperative role of legal frameworks in creating an environment conducive to investments and business growth.

During his address, Sonola highlighted the pressing challenges faced by businesses in Nigeria’s evolving national and global landscape. He stressed the urgency of legal reforms aligned with the demands of modern business operations.

“The current business environment faces challenges such as high-interest rates, security concerns, and infrastructure deficits,” Sonola stated. “Legal frameworks profoundly impact competitiveness and are pivotal for a conducive business atmosphere.”

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The CEO outlined critical issues within the legal system, including prolonged dispute resolution times, a backlog of cases, and manual court processes. He expressed concerns about inadequate remuneration for Judges, administrative obstacles, and the need for enhanced law enforcement.

To address these issues, Sonola proposed recommendations encompassing a thorough review of business ownership laws, streamlined taxation processes, and improved immigration procedures. He stressed the importance of social integration, increased accessibility, and the integration of automation to modernize the legal framework.

However, Sonola emphasized the perpetual necessity for legal reforms to align with Nigeria’s dynamic economic and social landscape. He highlighted their pivotal role in driving business growth, attracting investments, and fostering overall economic well-being in the country.

The event, attended by industry leaders, legal luminaries, and High Net Worth Individuals, also saw acknowledgment of top law firms’ members and current and retired Jurists with certificates of recognition, fostering goodwill and camaraderie between legal professionals.

Chairman of Lagos NBA, Olabisi Makanjuola, commended the support received by the branch, stating that such gatherings were pivotal in bridging the gap between lawyers and Judges in real-time, while expressing gratitude to Adekunle Sonola for delivering the annual dinner lecture and sponsors for their support.

Adeleke Alex-Adedipe, Chairman of the NBA Lagos Dinner Committee, appreciated stakeholders for their support, making the Annual Law Dinner a reality, and lauded the Committee for their dedication in organizing the successful event.