A Bold Move by the Nigerian Judiciary to Restore Investors Confidence

Last week, I highlighted Adebayo Ogunlesi's visionary investment approach of placing a long-term bet on infrastructure. I called on private equity firms, pension funds, insurance firms, and patient capital investors to make a similar bet on Nigeria's future, addressing our infrastructure gap. One major concern for investors is the efficiency of our judicial system and the unpredictable adherence to court judgments, especially by the executive arm of government.

The Nigerian judiciary on Friday 26th January 2024 made a strategic move that could reshape perceptions of the investment community about Nigeria. The case in point: the conviction of Alexander Okoh, the former Director General of the Bureau of Public Enterprises, for contempt of court.

Let me be clear; I am not here to delve into the intricate legal aspects of the main matter. I am not a lawyer. What compels me to write is the profound symbolism in the judiciary's resolute stance, echoing loudly that in matters of court judgments, there is no room for cherry-picking.

In an era where investors demand predictability and adherence to the rule of law, this move is nothing short of significant. The global investment community often views Nigeria through a lens tinted with concerns about the efficiency of our legal system and the adherence to court decisions, particularly when political figures are involved.

The conviction of Okoh represents more than a legal outcome; it signifies a commitment to a level playing field. It sends a clear message that irrespective of one's status or affiliations, the rule of law prevails. It brings a sense of assurance that in Nigeria, court decisions are not suggestions but binding directives that demand respect.

This pivotal judgment, delivered last week Friday, is a step towards building a trustworthy investment environment. It addresses a key concern that has lingered in the minds of potential investors – the fear of uncertainty and arbitrary adherence to court orders. While I am not equipped to discuss legal intricacies, I am elated that the judiciary has taken a firm stand on the principle that there is no pick-and-choose when it comes to court judgments.

As we aspire to attract global investments and bridge our infrastructure gap, the judicial system must become a beacon of reliability. I strongly believe in the power of strong institutions, and a robust and impartial judiciary is a cornerstone of economic progress. This move, albeit in the shadows of legal intricacies, is a step towards reinforcing that cornerstone.

#Nigeria #Investment #RuleOfLaw #Economy #Judiciary #TheQuantitySurveyor’sPerspective