Polaris CEO advocates legal reforms for economic growth

Polaris Bank’s CEO, Adekunle Sonola, has urged the Nigerian government to prioritise legal policy and reforms for sustained economic growth.

Sonola made the call in a presentation at the Annual Law Dinner of the Nigerian Bar Association (NBA), Lagos branch, held in Lagos, themed, “Favourable Investment and Business Environment Through Legal Policy & Reforms.” The summit is a pivotal gathering for industry leaders, legal luminaries and High Networth Individuals (HNIs), providing 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 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.

He outlined several key challenges within the legal system, including; prolonged dispute resolution times, a backlog of cases, and manual court processes, concerns about inadequate remuneration for judges, obstacles in the administration of laws, and the imperatives for improved law enforcement.

The banker emphasised the need for social embeddedness, increased accessibility, and the incorporation of automation to modernise the legal framework.

Earlier in his welcome address, chairman of Lagos NBA, and the Chief Host of the Annual Law Dinner, Olabisi 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 Polaris Bank CEO, Adekunle Sonola, for graciously accepting to deliver the annual dinner lecture and his kind words for sponsors of the event.