A professor of law, Animi Awah has said development will continue to elude Nigeria until its leaders show more respect for the rule of law. She said this during her inaugural lecture at the Nigerian Institute of Advanced Legal Studies (NIALS), University of Lagos (UNILAG) Akoka.
Awah spoke on the topic: “Harnessing Nigeria’s banking system: Potential for sustainable development.”
The lecture was part of activities to mark NIALS’s 35th anniversary.
She said the government must not act above law if it wants to enthrone a culture of respect for rules.
According to Awah, the rule of law requires that there is a set of rules which are known in advance; that such rules are actually in force; and that mechanisms exist to ensure their proper application.
Rule of law, she said, requires that conflicts in application of the rules can be resolved through binding decisions of an independent judicial or arbitral body. “Where there is an absence of those requirements, there is bound to be crisis,” she said.
Awah said where rule of law is truly practiced, the government is bound by the law and every person is treated equally under the law.
The human dignity of each individual is recognised and protected by law, she said, adding that justice is also accessible to all where rule of law is followed.
Awah added: “The rule of law requires transparent legislation, fair laws, predictable enforcement and accountable government to maintain order, promote private sector growth, fight poverty and have legitimacy.
Speaking on the recent banking crisis Nigeria faced, Awah said it occurred because “certain vital indices were not functional or were flagrantly abused.” “Banks do not just fail; the failure is triggered by activities of men and to talk of failure without making such people culpable is to mask a monumental fraud.
If the banking system is to affect development positively and give a clear signal to investors and other stakeholders, it needs to show a clear commitment to abide by rules and regulations and not seek to circumvent rules that seem to make demands on them,” she said
“To ensure that man induced crisis and failure do not occur, these vital indices need to be adhered to strictly and abusers called to book.”
The professor urged banks to do more towards housing funding and mortgage schemes.
Her words: “It would be a plus for development if Nigerians become house owners. More than 80 per cent of Nigerians live in rented housing compared with South Africa’s 19 per cent and 22 per cent in Ghana.”
According to her, Nigeria’s housing deficit, which is about 15 to 17 million housing unit, will need an estimated cost of 45 to 69 trillion to address.
“Urbanisation is one of the greatest causes of housing deficit in Nigeria. It has been estimated that about 85 percent of the urban population in Nigeria live in single rooms, often with eight to 12 persons per room.
“This state of housing and urbanisation is antithetical to sustainable socio-economic growth. Only a planned urban development can stem this tide. The Sites and Service Scheme need to be resuscitated and made to work more effectively to both the rich and poor,’’ she said.
Prof. Awah who stated that an efficient financial system is a foundation for building sustained economic growth and an open vibrant economic system, noted that if the banking system is effective, efficient and disciplined, it will enthrone a rapid growth in other sectors.
According to her, the real test of development is not economic growth but sustainable development, which must be people centered-reduces poverty, create employment and improve living condition.
She advised Nigeria and other developing countries to ensure that everyone participates in economic and social development. She advocated the use of the banking system for development. ‘‘Development will come not only from a state that governs well, and a private sector that provides jobs that generate income but also on civil society organisations that make political and social interactions easier and mobiles society to participate in economic, social and political activities.
NIALS Director-General Prof Epiphany Azinge (SAN) praised Awah on the lecture, saying the logical arguments she presented shows she is an authority in finance law.
“It was quite professorial and befitting of an inaugural lecture. We want to commend her effort and we’re proud she’s of the institute,” he said.
Commenting on the housing problems, Azinge said: “What type of houses are we talking about? There was a time people were thinking of fabricated houses; some were even thinking of improving on mud houses.
“But has it not gotten to a point where we can perfect the mud house? People believe the mud house is good for our weather, and for our climate. So, must we still look down on mud houses?
“Can’t we configure it in a much luxurious manner that people can live in them? Maybe with that people can build more of such houses, but in a better fashion, well put-together, so that we can have more houses. We don’t all need to build block houses and duplexes and what have you.
“What is important is that you have a roof over your head, so that people will not pay through their noses to afford decent housing,” Azinge said.
The week-long programme began on March 10 and ended on March 17.
Apart from the inaugural lecture, other programmes held during the week included the social media assessment of NIALS contributions to national development and media awards, and the institute’s Fellows’ Conversation on law and order.
There was also a hall of fame induction ceremony and the inauguration of NIALS professorial chairs.
Those inducted are former President, International Court of Justice, the late Justice Taslim Elias and former Chief Justice of Nigeria, Mohammed Uwais. The ceremonies ended with the Founders’ Day lecture, entitled: “In the eyes of the law,” delivered by Justice Karibi Whyte (rtd).
