10th ICC Africa: Arbitration stakeholders push for reforms to attract investment

By Uchenna Eletuo

Stakeholders in the legal profession have called for reforms that would fast-track commercial dispute resolution and ease business operations for investors in Nigeria.

The stakeholders made the call at the 10th International Chamber of Commerce (ICC) Africa Conference on International Arbitration held in Lagos on Thursday.

The theme of the conference is “A Decade of Excellence: Shaping the Future for International Arbitration”.

The News Agency of Nigeria (NAN) reports that the session, which focused on advancing reforms in the system, examined delays in commercial dispute resolution.

The stakeholders noted that such delays could discourage investors and possibly deny the country the benefit of robust investments.

Delivering his address at the event, Attorney General of the Federation (AGF),  Mr Lateef Fagbemi (SAN), said dispute resolution drives development.

He described arbitration, an Alternative Dispute Resolution (ADR) mechanism, as the modern approach to responsive justice.

Fagbemi, who was represented by the immediate past President of the Nigerian Bar Association (NBA), Mr Yakubu Maikyau (SAN), pledged to use his office to ensure that recommendations of the conference were implemented.

According to him, Nigeria should be positioned as the preferred seat for dispute resolution to attract investment.

“It is my vision for Nigeria to emerge as a preferred seat of conflict resolution arising from contracts.

“Africa is the choice global market and Nigeria as a player should lead in this direction by making dispute resolution and ADR seamless,” he said.

According to him, the office of the AGF has set up a committee to review operations of the National Policy on Arbitration and ADR to find ways of advancing it to suit contemporary demand.

In her remarks, Chairman ICC and ADR Nigeria, Prof. Dorothy Ufot (SAN),  said that the conference was an innovation to prune the system.

“It invites us to celebrate a remarkable journey, and also to look forward with ambition and purpose.

“Arbitration and ADR have strengthened the professional network. It has grown into one of the most influential platforms for advancing leadership.

“It has remained a milestone in the international dispute resolution and has remained responsive to commerce,” she said.

On his part, a former president of the NBA, Mr Olisa Agbakoba (SAN), noted that investors shun countries lacking a strong legal framework to back their economies.

He consequently emphasised the need for reforms, especially those that would encourage investment in the country.

NAN reports that the 10th ICC Africa Conference will hold in Lagos from June 3 to June 5. (NAN) (www.nannews.ng)

 

Edited by Sandra Umeh