September 18, 2021

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Beyond law

Judge Decries Absence of Legislation to Regulate Nigerian Digital Transactions

A Choose of the Substantial Court of Kogi Condition, Justice Alaba Omolaye-Ajileye, has decried the complete absence of a legislative framework to regulate electronic transactions in the state. He manufactured this remark in a paper he sent, at the July edition of the month-to-month Webinar organised by the Rule of Regulation Enhancement Basis (ROLDF) on the subject matter: “Technology and The Law: A Simply call for A Paradigm Shift in the Authorized Job in Nigeria”.

He pointed out that the exigencies of the modernity of our age, desire that the Nationwide Assembly normally takes urgent and proactive steps to enact the requisite electronic transaction legislation. Justice Omolaye-Ajileye observed that, due to the escalating use of engineering, nations around the world all around the planet have been enacting rules to safeguard customers who engage in e-commerce or on the net transactions, but none exists in Nigeria in the course of the United Nation Commission on Intercontinental Trade Regulation Model Legislation, in any other case called the UNCITRAL Model Legislation on Commerce. He unveiled that in the absence of a regulation regulating electronic transactions, customers interact in these types of transactions at their very own peril.

According to Justice Omolaye-Ajileye, it was this legislative lacuna that opened up a controversy not too long ago, above the legitimacy or normally of Cryptocurrency. He submitted in his paper that, the solution does not lie in the Central Bank Governor’s unilateral declaration of Cryptocurrency as an unlawful revenue, but in acceptable authorities filling the legislative or regulatory gaps. The acquired jurist stressed that Nigeria, staying a country, whose financial system is increasing within the realm of technological breakthroughs, has no cause to lag behind this kind of a world-wide craze. He named on the Nationwide Assembly to commence without having any even further hold off, to clear away all inhibitions that exist in working with e-commerce.

The jurist asserted on a conclusive observe, that the present legislative apathy and complacency on concerns relating to technology should to be resolved with dispatch. “The earth is marching on, and Nigeria cannot find the money for to stagnate”, he opined.

In his contribution, Mr J. B. Daudu, SAN and Coordinator, Rule of Regulation Development Foundation (ROLDF), counseled the crispy submissions of the acquired jurist, and certain the members of the determination of the Rule of Law Development Foundation to pursue the enactment of the applicable regulations.