The Nation Newspaper

Tag: PEBEC

  • Osinbajo calls for effective dispute resolution mechanism for economic growth

    Vice President Yemi Osinbajo on Monday called for a strong and effective dispute resolution mechanism for economic growth and investment in Africa.

    Osinbajo made the call in his opening remarks at the Third International Court of Arbitration Conference held in Lagos, organised by the International Chamber of Commerce (ICC).

    Theme of the conference is: “Viability of Arbitration in Africa, Thinking Globally, and Acting Locally.”

    He said: “The existence of a strong and effective dispute resolution mechanism is a crucial driver for economic growth and investment in Africa.

    “Investors, whether domestic or foreign, look beyond pure Economic fundamentals, to require assurance for effective legal frameworks for enforcement of awards and a credible judicial system, which gives them a reasonable level of comfort and confidence.’’

    The vice president was represented by Dr Jumoke Oduwole, a Senior Special Adviser to the President on Trade and Investment.

    Osinbajo said: “In the past few decades, there has been an incredible expansion in global trade and investment, resulting in significant increase in the volume of arbitration cases in the continent.

    “As a natural by-product, there has been an increase in the number of international arbitration proceedings resulting from investment disputes.

    “However, while these arbitrators involve African parties or interest, most of these arbitrators have their seats outside Africa and sometimes do not involve African institutions, law firms or legal practitioners.

    “The situation is not peculiar to the African region; as a result, emerging economies have expressed concern about the perceived domination of international arbitration structures by the northern hemisphere.

    “Therefore, ICC needs to do more to enhance its position as the foremost worldwide trade organisation, by championing issues of diversity and regional representation in the arbitration community.”

    The vice president also said that there was provision for the establishment of a Dispute Settlement Body (DSB) in the recently executed AFCFTA, which was adopted and signed by 44 African Union Countries in March.

    He said that the DSB provides a bespoke arbitration mechanism for dispute resolution, through agreed rules, between state parties to the agreement.

    Read Also: A leter to Prof. Yemi Osinbajo

    “I encourage all participants present at the conference to familiarise yourselves with the provisions of the Africa Continental Free Trade Agreement (AFCFTA) and invest your skills to register on the dispute settlement panel.

    “The aspiration is that the move will encourage the greater involvement of Africans in the settlement of inter-Africa trade dispute and thereby promote the deepening of intra-Africa trade, which Nigeria fully aligns with,” Osinbajo said

    He said that the ICC’s annual conference was a key forum for dialogue on international commercial arbitration in Africa, providing indispensable updates on developments in the region.

    “It is indeed becoming an important gathering for the African Arbitration Community.

    “Nigeria is fast becoming a leading seat of Arbitration and settlement of investment dispute between contractual parties.

    “The current administration has been focused on delivering on Economic growth in Nigeria; the Economic Recovery and Growth Plan (ERGP) was drawn to keep the economy on the path of sustainable economic growth and global competitiveness,” he said.

    The vice president also commended the Chief Judge of Lagos State for establishing the Small Claims Court for the state in April.

    He said that the Lagos State judiciary collaborated with the Presidential Enabling Business Environment Council (PEBEC), toward creating an enabling business environment for Nigeria.

    Osinbajo noted that if we have a strong legal framework for arbitration, including judicial reform which PEBEC could drive, there would be increased Foreign Direct Investment, as a country and as a region.

    He urged other members of the arbitration committee in various African Jurisdictions, to replicate same with similar governmental bodies in their home states or engage government directly like Nigerian Arbitration Community, by pushing hard for arbitration reforms.

    The Nation reports that the conference also had in attendance Mr Alexis Moore, the President of the International Court of Arbitration.

    Others were Mrs Funke Adekoya (SAN), the Partner, AELEX Nigeria; Mr Babatunde Savage, the Chairman, ICCN, as well as other senior lawyers in the legal profession.

    NAN

     

  • Nigerians always excel when focused – Osinbajo

    Nigerians always excel when focused – Osinbajo

    Reflecting on Nigeria’s impressive ranking in the latest World Bank Doing Business report, Vice President Yemi Osinbajo on Wednesday said that the country can do better if Nigerians faced its challenges headlong.

    Prof. Osinbajo said this when a team from the World Bank formally presented the 2018 Doing Business report to the Federal Government at the Presidential Villa, Abuja.

    In the latest World Bank Doing Business index, Nigeria climbed up 24 places and was placed on the list of 10 most reformed economies globally.

    According to the report, Nigeria made significant progress across several indicators comprising starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency.

    In a statement by the Senior Special Assistant on Media and publicity, Laolu Akande, Osinbajo said: “This shows that we can do better in whatever we commit ourselves to do in the country. There is nothing exceptional about Nigeria’s problems; it is just for us to find the best ways to resolve them,”

    Prof. Osinbajo further praised the Presidential Enabling Business Environment Council (PEBEC) for its commitment and efforts since its inception.

    “We are all excited about the latest ranking, it just shows we can do much better as a people,” the Vice President said.

    In his remark, the Country Director of the World Bank in Nigeria, Mr. Rachid Benmessaoud, praised the efforts of the Federal Government, stating that the improvement was proof of the leadership provided by the Buhari administration, and the impact of its Ease of Doing Business reforms.

    Benmessaoud said that Nigeria’s leap in the World Bank Doing Business rankings was “an important signal from Nigeria’s federal government’s effort, and also an important signal from Africa’s largest economy.”

    He said: “We come to congratulate Nigeria and the Federal Government of Nigeria under the leadership of His Excellency, Muhammadu Buhari, for the reforms that have been undertaken that provided for Nigeria to jump into the indicators for doing business in Nigeria.

    “This is a tribute to this council, which has been regularly meeting and focusing on the issues that influence doing business in Nigeria. And this council has done a great job under the leadership of His Excellency, the Vice President, Professor Yemi Osinbajo, SAN.”

    The World Bank also pledged its support for the Federal Government in its bid to further the improvement of Nigeria’s investment climate.

    PEBEC, which is chaired by the Vice President, was established by President Buhari in 2016, with a mandate to sustainably and progressively make Nigeria an easier place to do business. The members of the council include the Minister of Industry, Trade & Investment, who is Vice Chair; while other PEBEC members are 10 Honourable Ministers, the Head of the Civil Service of the Federation and the CBN Governor.

    It would be recalled that the Enabling Business Environment Secretariat (EBES), which became fully operational in October 2016, is coordinated by Dr. Jumoke Oduwole, the Senior Special Assistant to the President on Industry, Trade and Investment.

    The meeting was also attended by other ministers, including the Honourable Minister of Finance, Kemi Adeosun; Minister of Power, Works and Housing, Mr. Babatunde Fashola; and the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele.

  • FG reduces number of days for businesses registration

    FG reduces number of days for businesses registration

    …Also company registration to be done within 24 hours

     

    Towards ease of doing business in Nigeria, the government has reduced the number of days required for registration of new businesses in Nigeria from 10 to 2.

    It also okayed a 24-hour timeline for company registration from when application form is completed and all required documents made available.

    Prospective business owners can also search on Corporate Affairs Commission (CAC) portal   (www.cac.gov.ng) to avoid duplication of names and prevent selection of prohibited names.

    Company registration also no longer requires lawyers as it is now optional for SMEs to hire lawyers to prepare registration documents.

    These were among the highlights of a report presented at a Presidential Enabling Business Environment Council, PEBEC, meeting held at the Presidential Villa, Abuja on Monday.

    The meeting, according to a statement by the Senior Special Assistant on media and publicity, Laolu Akande, marked the end of the 60-day Action Plan on Ease of Doing Business in Nigeria reforms.

    The Council established by President Muhammadu Buhari is chaired by Vice President Yemi Osinbajo.

    But Monday’s meeting was chaired by Transportation Minister Rotimi Amaechi, as the Vice President was busy with the work of the Presidential Investigative Panel.

    According to the report, CAC has introduced single incorporation form (CAC1.1) to save time and reduce costs while the agency has introduced document upload interface on its website to enable e-submission of registration documents.

    Other aspects of the reforms now actualized in the last 60 days include the Integrated FIRS e-payment solution into CAC portal to enable e-stamping while the reform empowers CAC internal lawyers to certify company incorporation forms and conduct statutory declaration of compliance for a fixed fee of N500.

    According to the report, the PEBEC listed “Dealing with construction permits, Getting electricity, Registering Property, Getting Credit and Paying Taxes,” as some of the areas where the council has recorded progress in the past 60 days.

    The report also highlighted the completed reforms on the “Entry and Exit of People,” indicator which includes Simplified Visa-on-Arrival process, Infrastructural improvements at the Abuja airport, and the new Immigration Regulation 2017.

    It also indicated that the completed reforms are being closely monitored to ensure diligent implementation with minimal disruption while pending reforms are being escalated to ensure completion in the coming weeks.

    On Trading across Borders, some of the completed reforms include palletisation of imports, advanced cargo manifests, reduction in documentation requirements and scheduling of Joint Physical Examination by the Customs Service.

    The National Action Plan contained initiatives and actions implemented by responsible Ministries, Departments and Agencies (MDAs), the National Assembly, a number of State Governments, as well as some private sector stakeholders.

    The Council emphasised that with the conclusion of implementation of the Action Plan, the next phase would involve “deepening existing reforms; completing and implementing pending initiatives; engaging with the public; validating completed reforms and kicking-off medium-term reforms.”

    The Council would also kick-start “sub-national reforms across Nigeria’s 36 states; trading within Nigeria; kick-off of initiatives and reforms improving business processes and regulations within Nigeria; and ease of movement of goods within and across regions in Nigeria.”

    Other Ministers at the meeting included Foreign Affairs Ministers Geoffrey Onyeama, Minister of State for Industry Trade & Investment Aisha Abubakar, and her counterpart in Budget & National Planning Zainab Ahmed.

    Other government dignitaries at the meeting included the Head of Service, Mrs Winifred Oyo-Ita, and several heads of MDAs.

    The report was presented by Dr. Jumoke Oduwole, Senior Special Assistant to the President on Trade & Investment.