•From Left Dr. Michael Ajogwu SAN, FCArb, the Governor, of Enugu state Dr. Ifeanyi Ugwuanyi, and the Registrar, and Chief Executive Officer, of the Nigerian Institute of Chartered Arbitrators, Mrs. Shola Oshodi-John FCArb, during a meeting and discussion with the Governor, on the development of Arbitration (and Alternative Dispute Resolution [ADR]) as a sustainable medium for Dispute Resolution in Enugu State and across the Eastern region, over the weekend.

By Onozuere Dania

The Nigerian Institute of Chartered Arbitrators, NICArb,  has appealed to the Federal Government to formulate a national arbitration policy.

NICArb said that the policy will increase Nigeria’s quest to become an arbitration hub, adding that it will also save jobs and foreign exchange.

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Registrar and Chief Executive Officer, CEO, of NICArb, Mrs Shola Oshodi-John said a national arbitration policy will also help prevent judgment debts such as the type racked up in the PI& D scandal.

She spoke in Lagos during the unveiling of NICArb’s 40th anniversary Conference and Investiture.

The conference entitled “Building a Culture of Arbitration and Sustainable Institutions in West Africa,” will take place on November 14 and 15, 2019, in Lagos.

She added that it will feature “notable speakers from around the world.”

According to Oshodi-John, “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.”

She further stated 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.

The Registrar said it will consider “what parameters need to be looked out for so that matters such as  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.”

Oshodi-John added 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 in the country. 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 such as the African Continental Free Trade Agreement, AfCFTA, that Nigeria has signed and the need to ask ourselves, if we  are 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?

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“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.”

Vanguard