Agbakoba advocates national arbitration policy

A Lagos-based lawyer and rights activist, Chief Olisa Agbakoba (SAN), has called on the government to institute a national arbitration policy and a mediation centre where business related issues can be arbitrated. In a statement issued by Agbakoba’s chamber, in Lagos, the prominent lawyer lamented that whereas there were many trade transactions taking place in […]

A Lagos-based lawyer and rights activist, Chief Olisa Agbakoba (SAN), has called on the government to institute a national arbitration policy and a mediation centre where business related issues can be arbitrated.
In a statement issued by Agbakoba’s chamber, in Lagos, the prominent lawyer lamented that whereas there were many trade transactions taking place in Lagos, disputes emanating from such transactions were often arbitrated in foreign countries.
The statement read in part: “Nigeria generates a significant volume of commercial transactions (both domestic and international with about 80 percent of these transactions originating or terminating in Lagos. Unfortunately, dispute arising from these transactions are ultimately arbitrated in foreign countries.
“The flow of ‘domestic’ (i.e. purely Nigerian) arbitration cases to arbitral venues outside Nigeria is unhelpful to Nigeria’s plan for economic empowerment, wealth creation and development. This means colossal loss of revenue to diverse experts and professionals and not just lawyers.”
It said there was an urgent need to promote and support a national initiative on arbitration in order to promote arbitral institutions, legislation and practice culture in Nigeria.
It stated the readiness of Olisa Agbakoba’s Arbitration and Mediation Center to work with relevant stakeholders to promote a national arbitration policy dialogue with focus on five objectives of reviewing the existing framework for arbitration with a recommendation for appropriate legal, institutional and regulatory frameworks, advocacy for the adoption of state uniform arbitration bills,  drafting a basket of bills promoting arbitration as an instrument of dispute
resolution, designing an annual national programme in form of conference or workshop on development of arbitration and promoting adoption by Nigeria of the policy of inserting domestic arbitration clauses in all federal government agreements.
The statement said: “There is no doubt that arbitration is the preferred dispute resolution mechanism for corporate and commercial disputes and an important tool for economic development. A national arbitration policy is desirable to position Nigeria as a hub of arbitration in sub-Saharan African and a choice of investment center.”