Polaris Bank CEO, Sonola, advocates legal reforms for economic growth

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

Sonola made the call in a presentation he delivered at the Annual Law Dinner of the Nigerian Bar Association (NBA), Lagos branch which held at the weekend in Lagos themed: “Favourable Investment and Business Environment Through Legal Policy & Reforms”.

The summit, a pivotal gathering for industry leaders, legal luminaries and High Networth Individuals (HNIs), provided a platform for the CEO to underscore the critical role of legal frameworks in shaping a conducive environment for investments and business development.

Emphasizing 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.

Sharing insights on the current business environment, the Polaris Bank CEO, delved into the prevailing challenges within the investment and business climate such as high high-interest rates, security concerns, and infrastructure deficits.
He explained the nexus between legal activities and the day-to-day operations of businesses, highlighting the profound impact on overall competitiveness.

READ ALSO:Polaris bank gets new management, Sonola becomes new MD

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

Sonola put forth a series of recommendations for comprehensive legal policy and reforms. These recommendations include; a thorough review of laws governing business ownership; streamlined taxation processes, and improved immigration procedures. The Banker emphasized the need for social embeddedness, increased accessibility, and the incorporation of automation to modernize the legal framework.

In projecting into the future, the Polaris Bank CEO underscored the perpetual need for legal reforms, while emphasizing their role in aligning 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 overall economic well-being of Nigeria

Earlier in his welcome address, Chairman of Lagos NBA, and the Chief Host of the Annual Law Dinner, Olabisi Makanjuola described the session as not “a mere gathering but a tradition” woven into the fabric of fostering goodwill between the Bar and the Bench. Continuing, he reiterated that “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.

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