Stakeholders Hold Workshop on Dishonoured Cheques In Nigeria

The first ever national workshop on dishonoured cheques has been scheduled to hold in Nigeria. The event is slated to hold from the 20th – 21st of November 2013 at the International Conference Centre, Abuja. The Workshop will be a convergence of the crème de’ la crème of the financial sector and stakeholders with unrivalled commitment to eradicating all forms of inappropriate practices in the payment systems especially on the use of Cheques as medium of payment.
A press release by Nwala Chudie Oracle Esq , the Lead facilitator said the national workshop is fully endorsed by the Central bank of Nigeria (CBN), Asset Management Corporation of Nigeria (AMCON), Nigeria Deposit Insurance Corporation (NDIC), Independent Corrupt Practices and other related Offences Commission (ICPC) and Consumer Protection Council (CPC), Bureau of Public Enterprises (BPE), Nigeria Law Reform Commission etc.
There shall be subsequent advocacy campaigns on the need to stop issuance of dud cheques so that the integrity and sanctity of Cheques as negotiable instrument is retained,the statement said.
He explained that an important medium for advancing business life in any country is the reliability of its bills of exchange. For many years in Nigeria, Cheques have being the most common bill of exchange used in everyday transactions. Unfortunately, the confidence in this medium of exchange has continued to dwindle because of the lack of integrity, knowledge and or enforcement of the legal effect of giving a Cheque to another party which is returned unsettled upon its presentation. There is no doubt however, that the Central Bank of Nigeria (together with other regulatory, compliance and enforcement agencies) has consistently embarked upon strings of reforms, policies and regulations in a firm bid to evolving a healthy financial sector vide a reliable, consistent and secure payment system.
“The above is the background for the planned first ever National Stakeholders’ Workshop on Dishonoured Cheques with the theme ‘Statutory And Regulatory Frameworks For Dishonoured Cheques In Nigeria’.
“The primary objective of the National Stakeholders’ Workshop is to reinforce the untiring endeavour of the Central Bank of Nigeria in enhancing the credibility of the financial sector. The Workshop will be the stakeholders’ contribution to the string of concern that the present administration, with its drive for the stability and sanitization of the financial sector has continued to show lead.
“This workshop will ascertain and canvas the role of effective and viable use of Cheques in enhancing the cash-lite policy as well as awaken the consciousness of the existence of the extant Dishonoured Cheques (Offences) Act and to purposefully energize and inspire the Stakeholders with advocacy armament to possibly call for amendment of the Act and its feasible legal enforcement. The workshop will also seek a holistic appraisal of the legislative and Regulatory framework for Dishonoured Cheques in Nigeria with a further view of sensitizing the various regulatory and enforcement agencies on their roles in curbing the menace of dud cheques issuance.