Attorney-General of the Federation (AGF) Prince Lateef Fagbemi (SAN) and his Lagos State counterpart Lawal Pedro (SAN) have called for a legal framework for electronic transactions.
They made the call in Lagos at the presentation of the book: “Nigerian Law of Electronic Transactions.”
It was written by the former Lagos State Attorney-General and Commissioner for Justice, Adeniji Kazeem (SAN).
Fagbemi, who chaired the event, noted that every sphere of human existence can no longer feign ignorance of the pervasive effect of information and communication technology.
He said: “This has even become more pronounced with the proliferation of Artificial Intelligence wherein physical human involvement is now gradually being limited and/or phased out in the way we live and do business.
“Expectedly, therefore, and as legal professionals, we cannot but take the bull by the horns in proffering the ground rules for a seamless transition from our present situation to this new world order.
“As we navigate the 21st century, the intertwined nature of law and technology becomes increasingly desired.
“The legal framework governing electronic transactions is critical to ensuring 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.”
Fagbemi praised the author for his dedication and insightful contribution to this dynamic field of law.
He said the book was timely and could not have come at a better time.
“I commend Mr. Kazeem for his foresight and commitment to advancing legal research and practice in this area.
“His work during his tenure as the Attorney-General and Commissioner of Justice for 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.
Pedro said electronic transactions have become a regular part of life and require regulation.
“The legal framework is crucial to guarantee the trustworthiness of electronic transactions,” he said.
According to him, opportunities will not be fully harnessed, including job creation, unless there is a strong legal framework for the use of technology.
Kazeem said the inspiration to write the book arose from witnessing the rapid digital transformation reshaping commercial transactions across Nigeria and the globe.
According to him, data from the Nigerian InterBank Settlement Systems Plc (NIBSS) show that the value of electronic payment transactions reached a staggering N600 trillion in 2023, a 55 per cent increase from N387 Trillion in 2022.
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He noted that transaction volume has also seen a significant rise from 5.1 billion in 2022 to 9.7 billion in 2023.
“While these figures may not all translate to completed commercial transactions from a purely legal standpoint, they undeniably point towards a massive increase in digital transactions across the nation,” he said.
The surge in commercial technology, Kazeem noted, offers a wealth of opportunities for the government as it streamlines public service delivery from easy online tax payments to efficient distribution of social programmes.
He also said that a thriving digital commerce landscape benefits the nation through increased tax revenue from transparent e-transactions, economic growth fueled by a flourishing digital economy, and financial inclusion.
It also fosters good governance by leaving an auditable trail that combats corruption, the SAN noted.
Kazeem said there is, therefore, a need for a legal framework.
He said it was necessary to know which legal framework applies if a dispute over an electronic transaction arises, as well as at what point such transactions become contracts.
“Technology’s rapid evolution demands a legal system that adapts to protect its citizens, and which serves the growing FinTech and technology sectors.
“While industry summits often touch on regulatory compliance, the crucial aspect of legal protections for the users remains largely unexplored. This book aims to bridge that gap.
“It delves into how the law can provide those safeguards. By contributing to this knowledge base, I hope to empower everyone and fuel the creation of a comprehensive electronic transactions law in Nigeria,” the author said.
Chief Judge of Federal High Court, John Tsoho, represented by Justice Ayokunle Faji, hailed Kazeem for his contribution to knowledge, saying the book came at the right time.
“It will be a good source of assistance to judges,” he said while advocating the need for “standalone legislation on electronic transactions.”
Also at the launch were former Federal Commissioner for Works Pa Femi Okunnu (SAN); former Lagos Commissioner for Tourism, Arts and Culture, Steve Ayorinde, who represented former governor Akinwunmi Ambode, who unveiled the book; former All Progressives Congress (APC) National Legal Adviser Babatunde Ogala (SAN); former Lagos Attorney-General and Commissioner for Justice Olasupo Shasore (SAN), among other dignitaries.
