The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN had stressed the need for Nigerian lawyers to set the ground rules in financial electronic transactions to engender trust, security, efficient and seamless transactions in the people’s day to day business deals.
This forms part of Fagbemi’s remarks in a recent book presentation titled “Nigerian Law of Electronic Transactions” authored by a former Attorney General and Commissioner for Justice, Lagos State, Mr Adeniji Kazeem.
Fagbemi noted that publication of such books is not only welcome but very critical to the pervasive effect of information technology in the lives of the people. “As we navigate the 21st century, the intertwined nature of law and technology becomes increasingly desired. The legal framework governing electronic transactions is critical to ensuring trust, security, and efficiency in our digital economy. This book is a timely and invaluable addition to our legal literature, addressing the complexities and nuances of electronic transactions in Nigeria”, the Attorney General emphasized.
Lagos State Governor, Mr Babajide Sanwo-Olu and his Deputy, Mr Obafemi Hamzat, represented by the Commissioner for Justice Lawal praised Kazeem’s contribution to legal practice saying the book came at the right time due to the current trend across global.
The Chief Judge of the Federal High Court, Tsoho who Justice Yinka Faji, the Presiding Judge of the Federal High Court, Lagos hailed the author and noted that with the new book, judges can now have more materials to broaden their knowledge.
The author, Kazeem said the inspiration to write the book arose from witnessing the rapid digital transformation reshaping commercial transactions across Nigeria and the globe. “The inspiration for writing this book arose from witnessing the rapid digital transformation reshaping commercial transactions across Nigeria and the globe. Here in Nigeria, we are experiencing a surge in electronic payment activity, driven by innovation and changing consumer behaviour. Data from the Nigerian Inter-Bank Settlement Systems Plc (NIBSS) paints an interesting picture. The value of electronic payment transactions reached a staggering N600 Trillion in 2023, a 55% increase from N387 Trillion in 2022. Transaction volume has also significantly risen from 5.1 billion in 2022 to 9.7 billion in 2023. While these figures may not all translate to completed commercial transactions from a purely legal standpoint, they undeniably point towards a massive increase in digital transactions across the nation.’’
Others present at the book presentation include luminary, Alhaji Femi Okunnu, SAN, former Lagos state governor Akinwunmi Ambode, who was represented by Mr. Steve Ayoride, the state Attorney General and Commissioner of Justice, Lawal Pedro, SAN, Justice Habeeb Adewale Abiru(JSC), Judges of the Lagos State Judiciary, Dr Kemi Pinheiro SAN, Mr Olasupo Shashore SAN, Mr Babatunde Ogala SAN, Justice Bode Rhodes-Vivour(JSC rtd), and a host of other dignitaries.
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