A Judge of the High Court of Kogi State, Justice Alaba Omolaye-Ajileye, has decried the total absence of a legislative framework to regulate electronic transactions in the country. He made this remark in a paper he delivered, at the July edition of the monthly Webinar organised by the Rule of Law Development Foundation (ROLDF) on the topic: “Technology and The Law: A Call for A Paradigm Shift in the Legal Profession in Nigeria”.
He noted that the exigencies of the modernity of our age, demand that the National Assembly takes urgent and proactive steps to enact the requisite electronic transaction laws. Justice Omolaye-Ajileye observed that, due to the growing use of technology, countries around the world have been enacting laws to protect consumers who engage in e-commerce or online transactions, but none exists in Nigeria in the class of the United Nation Commission on International Trade Law Model Law, otherwise called the UNCITRAL Model Law on Commerce. He revealed that in the absence of a law regulating electronic transactions, consumers engage in such transactions at their own peril.
According to Justice Omolaye-Ajileye, it was this legislative lacuna that opened up a controversy recently, over the legitimacy or otherwise 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 illegal money, but in appropriate authorities filling the legislative or regulatory gaps. The learned jurist stressed that Nigeria, being a country, whose economy is growing within the realm of technological advancements, has no reason to lag behind such a global trend. He called on the National Assembly to proceed without any further delay, to remove all inhibitions that exist in dealing with e-commerce.
The jurist asserted on a conclusive note, that the current legislative apathy and complacency on issues relating to technology ought to be addressed with dispatch. “The world is marching on, and Nigeria cannot afford to stagnate”, he opined.
In his contribution, Mr J. B. Daudu, SAN and Coordinator, Rule of Law Development Foundation (ROLDF), commended the crispy submissions of the learned jurist, and assured the participants of the determination of the Rule of Law Development Foundation to pursue the enactment of the relevant laws.
