By Bartholomew Madukwe

Former President, Nigerian Bar Association, NBA, Dr. Olisa Agbakoba SAN, has raised alarm over the increasing outflow of  Nigerian cases outside the country, saying  it is a threat to the nation’s economy. He called on stakeholders in the judiciary to immediately address the matter.

Agbakoba, in a statement by Mrs. Priscilla Ogwemoh, Director, Arbitration and Mediation Centre, Olisa Agbakoba Legal, lamented that the outflow of domestic arbitration cases to outside Nigeria was unhelpful to Nigeria’s plan for economic empowerment, wealth creation and development.

According to him, Arbitration and Alternative Dispute Resolution were crucial factors to investment development and economic growth and had become international best practices  in resolving corporate disputes of various magnitudes.

He said Nigeria generated a significant volume of commercial transactions, both domestic and international, with about 80 percent originating or terminating in Lagos, saying “this means colossal loss of revenue to diverse experts and professionals and not just lawyers. There is now an urgent need to promote and support a national initiative on Arbitration. The aim will be the promotion of Arbitral Institutions, Legislation and Practice Culture in Nigeria.”