Legal reforms’ll spur growth, says Polaris Bank CEO

Chief Executive Officer (CEO), Polaris Bank, Adekunle Sonola, has urged the government to prioritise legal policies and reforms for sustained growth.
He made at the Annual Law Dinner of the Nigerian Bar Association (NBA), Lagos Branch, at the weekend in Lagos.

He spoke on the theme: “Favourable investment and business environment through legal policy & reforms.”

The CEO to underscore the critical role of legal frameworks in shaping a conducive environment for investments and business development.

Sonola highlighted the challenges faced by businesses.

He reiterated the need for legal reforms to align with the demands of modern businesses.

The Polaris Bank chief listed the challenges in the investment and business climate as high high-interest rates, insecurity, and infrastructure deficits.

He explained the nexus between legal activities and operations of businesses, highlighting the impact on competitiveness.

He articulated concerns about inadequate remuneration for judges, obstacles in the administration of laws, and the imperatives for improved law enforcement.

Sonola recommended review of business ownership; streamlined taxation processes, and improved immigration procedures.

He emphasised the need for social embeddedness, increased accessibility, and the incorporation of automation to modernise the legal framework.

The Polaris Bank CEO noted that effective legal frameworks are pivotal for business growth, attracting investments, and fostering well-being of Nigeria.

Chairman, Lagos NBA, and the Chief Host of the Annual Law Dinner, Olabisi Makanjuola said: “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.”