Polaris Bank CEO, Sonola Advocates Legal Reforms For Economic Growth At NBA Summit

 In a recent address at the Annual Law Dinner of the Nigerian Bar Association (NBA), Lagos branch, Polaris Bank's CEO, Adekunle Sonola, urged the Nigerian government to prioritize legal policy and reforms for sustained economic growth. The event, themed "Favourable Investment and Business Environment Through Legal Policy & Reforms," provided a platform for Sonola to underscore the crucial role of legal frameworks in shaping a conducive environment for investments and business development.

Sonola delved into the prevailing challenges within the investment and business climate, including high-interest rates, security concerns, and infrastructure deficits. He emphasized the nexus between legal activities and day-to-day business operations, pointing out their profound impact on overall competitiveness.

Highlighting key challenges within the legal system, Sonola addressed prolonged dispute resolution times, a backlog of cases, and manual court processes. He articulated concerns about inadequate remuneration for judges, obstacles in the administration of laws, and the imperatives for improved law enforcement. Sonola proposed recommendations for comprehensive legal policy and reforms, including a thorough review of laws governing business ownership, streamlined taxation processes, and improved immigration procedures. He stressed the need for social embeddedness, increased accessibility, and the incorporation of automation to modernize the legal framework.

Looking to the future, Sonola underscored the perpetual need for legal reforms to align with the dynamic economic and social landscape. He concluded with a positive outlook, noting that effective legal frameworks are pivotal for business growth, attracting investments, and fostering the overall economic well-being of Nigeria.

Chairman of Lagos NBA, Olabisi Makanjuola, commended members of the branch for their support and described the Annual Law Dinner as a tradition fostering goodwill between the Bar and the Bench. He expressed appreciation to Polaris Bank CEO, Adekunle Sonola, for delivering the lecture and acknowledged sponsors of the event. The Chairman of the NBA Lagos Dinner Committee, Adeleke Alex-Adedipe, thanked stakeholders for their support and commended committee members for their dedication, leading to a well-organized dinner. The event also featured the presentation of certificates of recognition to distinguished members of top law firms and current and retired Jurists, warmly acknowledged by those present.