By Ifeoma Ikem
The Nigerian Institute of Chartered Arbitrators (NICArb) urged the Federal Government and the private sector on effective practice in arbitration in the country.
The position was made during the 2019 Annual Conference and Investiture Award Ceremony held in Lagos,with the theme“Building a Culture of Arbitration and Sustainable Institutions in West Africa”, the event was basically on the general legal and shared norms of culture affecting arbitration in building strong and enduring arbitral institutions in Nigeria and West Africa, especially in businesses and workplaces.
The keynote speaker at event senator Michael Opeyemi Bamidele, who is also the chairman, senate committee on judiciary, human rights and legal matters advocate the need of arbitration within the system.
This he noted should be base on a choice of individuals who would prefer arbitration as means of resolving their dispute.
According to the senator, “basically there is a renew version and a great commitment to our collective drive to strength the culture of arbitration within dispute systems world wide not only in Nigeria, our nation should not be left alone as far as we understand everything which it will done by all stakeholders includes government to encourage the growth and strengthen Nigerian justice..”
He added, that Nigeria need to do alot as part to achieve this in various artibratary institutions right to ensure all infrastructure are in place and prepare a forum that will make it interesting for people who chose to dissolve their dispute within Nigeria as avenue.
Also speaking at the event former Edo state governor prof. Osunbor Osaremen said arbitration is an alternative means of settling dispute between parties instead of going to court.
According to him one of the major advantage of using arbitration is because it less expensive
Other participants comprise stakeholders drawn from both the public and private sectors. Governor Babajide Sanwo-Olu of Lagos State, represented by the Commissioner of Justice, Moyosore Onigbanjo, while declaring the conference open, commended association for its work and leadership role in the arbitration community and encouraged the institute to keep up its good work
There were also discussions on the need for Nigeria to prioritise itself as a seat of arbitration, when entering into contracts with foreign investors. According to the Chief Executive Officer/Registrar, NICArb, Shola Oshodi-John, ‘if investors and companies can do business in Nigeria, then they should arbitrate in Nigeria’.
Vice President of the institute, Olisa Agbakoba, however, called on the government to show respect for the rule of law, provide infrastructure, such as electricity and ensure good quality of life, as important factors to drive Nigeria’s arbitral position.
The investiture/Presidential dinner for the induction of new members was also held, as NICArb honoured several distinguished personalities who have pioneered and promoted arbitration in Nigeria and globally. More than 600 associates, members and fellows were inducted into the Institute from across different professions and business.