By Robert Egbe
The Nigerian Institute of Chartered Arbitrators (NICArb) has urged the Federal Government to consider formulating a national arbitration policy.
It said the policy will boost Nigeria’s quest to be an arbitration hub, save jobs and foreign exchange.
NICArb Registrar and Chief Executive Officer (CEO) Mrs Shola Oshodi-John said a national arbitration policy will also help to prevent judgment debts such as the type racked up in the PI& D scandal.
She spoke in Lagos at the weekend at an event to unveil NICArb’s 40th Anniversary Conference and Investiture.
The conference themed “Building a culture of arbitration and sustainable institutions in West Africa” will hold on November 14 and 15, at the Eko Hotels and Suites, Victoria Island, Lagos.
It will feature “notable speakers from around the world”.
Mrs Oshodi-John said: “The institute has come of age, as the adage says, a fool at 40 is a fool forever, but at 40, the institute is no longer a baby. It will continue to drive the process in ensuring that arbitration practice in Nigeria finds its foothold.”
The Registrar disclosed that the conference will, among others, examine how a national arbitration policy can be developed so that it can govern and state in clear terms how the practice of arbitration should be done in the country.
She said it will consider “what parameters need to be looked out for so that matters like the PI&D does not occur again and through that, Nigeria will save foreign exchange, create jobs for Nigerians and ensure that Nigeria becomes a hub.
“We cannot sign multi-billion naira contracts and end up having such agreements shipped out of Nigeria when it is time to resolve the dispute.”
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Oshodi-John observed that a lot of arbitration matters are taken outside the country “but we want to make sure that we have the right legal frame work to handle matters like that. Starting from the pre-contract stage to conclusion and if a dispute thus arises, there will be a way to resolve these disputes not at the detriment of Nigeria but ensuring that the interest of Nigeria and Nigerians are protected.
“We are also going to talk about various sections like the African Continental Free Trade Agreement (AfCFTA) that Nigeria has signed and the need to ask ourselves, if we ready for it or not Do we have the right mechanism in place to drive it or are we going to be spectators or try to catch the train, when the train had already left?
“We will also look at how we will begin to change the face of arbitration in Nigeria in terms of ensuring that for us as lawyers before our code of ethics, we know how to take up a case in court but we need to try alternative dispute resolution to ensure that the parties can resolve the dispute amicably outside the court system before you approach the court.”
Also present at the session were members of NICArb’s 40th Anniversary and Annual Conference Planning Committee, including NICArb Deputy Registrar Mrs. Chinyere Onuorah, Mrs. Funmi Obisan, Mrs. Clara Umeano, and Mr. Timi Olagunju.
NICArb is the first indigenous body of professional Arbitrators founded in 1979 under the leadership of Judge Bola Ajibola (SAN).
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