The Attorney General of the Federation (AGF), Lateef Fagbemi (SAN), and his Lagos State counterpart, Lawal Pedro (SAN), have called for a legal framework for electronic transactions.
They made the call on Tuesday in Lagos, during the launch of the book “Nigerian Electronic Transactions Law”, written by former Lagos Attorney General and Commissioner for Justice, Adeniji Kazeem (SAN).
The book, reviewed by Gbenga Omolokun, CEO of VFD Microfinance Bank, consists of 180 pages with six chapters.
Mr. Fagbemi, who chaired the event, noted that all spheres of human existence can no longer feign ignorance of the pervasive effect of information and communication technologies.
“This has become even more pronounced with the proliferation of Artificial Intelligence, in which physical human involvement is being limited and/or gradually eliminated from the way we live and do business.
“It is to be hoped, therefore, and as legal professionals, that we cannot help but take the bull by the horns in offering the ground rules for a seamless transition from our current situation to this new world order.
“As we navigate the 21st century, the intertwined nature of law and technology becomes increasingly desired.
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“The legal framework that governs electronic transactions is essential to guarantee trust, security and efficiency in our digital economy.
“This book is a timely and invaluable addition to our legal literature, addressing the complexities and nuances of electronic transactions in Nigeria,” he said.
Mr. Fagbemi commended the author, Adeniji Kazeem, for his dedication and insightful contribution to this dynamic field of law.
He said the book was timely and couldn’t have come at a better time.
“I congratulate Mr. Adeniji Kazeem for his vision and commitment to advancing legal research and practice in this area.
“His work during his tenure as Attorney General and Commissioner for Justice of Lagos State laid a solid foundation for the integration of technology into our legal processes and this book is a testament to his enduring vision and effort,” the AGF added.
For his part, Pedro said electronic transactions had become a regular part of life and required regulation.
“The legal framework is crucial to guarantee the reliability of electronic transactions,” he stated.
According to him, the State is already taking advantage of technology in the payment of taxes, land use fees, electronic judicial filing and others.
He added that Lagos was at the forefront of the digital revolution.
According to him, opportunities cannot be fully exploited, including job creation, unless there is a strong legal framework for such transactions.
The Principal Judge of the Federal High Court, John Tsoho, represented by Justice Ayokunle Faji, commended Adeniji Kazeem for his contribution to knowledge, saying the book came at the right time.
“It will be a good source of assistance for judges and I am arguing for the need for independent legislation on electronic transactions,” he said.
Earlier, the author of the book, Adeniji Kazeem, said the inspiration for writing the book came from witnessing the rapid digital transformation that is reshaping business transactions in Nigeria and the world.
According to him, data from Nigerian InterBank Settlement Systems Plc (NIBSS) shows that the value of electronic payment transactions reached a staggering N600 trillion in 2023, an increase of 55 per cent from N387 trillion. in 2022.
It noted that transaction volume had also seen a significant increase from 5.1 billion in 2022 to 9.7 billion in 2023.
“While these figures may not all translate into completed business transactions from a purely legal standpoint, they certainly point towards a massive increase in digital transactions across the country,” he said.
The rise of business technology, Kazeem noted, offered a host of opportunities for the government as it streamlined the delivery of public services, from easy online tax payments to efficient delivery of social programs.
He also noted that a thriving digital commerce landscape benefited the nation through increased tax revenue from transparent electronic transactions, economic growth driven by a flourishing digital economy, and financial inclusion.
It also promotes good governance by leaving an auditable trail that combats corruption, the SAN noted.
Kazeem said that a legal framework was therefore necessary.
He explained that it is necessary to know what legal framework applies, if a dispute arises over an electronic transaction, as well as when such transactions become contracts.
“The rapid evolution of technology demands a legal system that adapts to protect its citizens and that serves the growing technology and financial sectors.
“While industry summits often address regulatory compliance, the crucial aspect of legal protection for users remains largely unexplored. This book aims to close that gap.
“It delves into how the law can provide those safeguards. By contributing to this knowledge base, I hope to empower everyone and drive the creation of a comprehensive electronic transactions law in Nigeria,” the author said.
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Among the dignitaries who attended the book launch were former Federal Commissioner for Works, Femi Okunnu (SAN) and former National Legal Adviser of the All Progressives Congress (APC), Babatunde Ogala (SAN).
Also attending the ceremony were former Lagos Attorney General and Commissioner for Justice, Olasupo Shasore (SAN), former Lagos Commissioner for Information and Strategy, Steve Ayorinde, among others.
(YAYA)