ICC Nigeria Promotes Arbitration As Vital Mechanism For Business Dispute Resolution

*Encourages Increased Participation in International Arbitration

Members of the International Chamber of Commerce Nigeria (ICCN) Commission on Arbitration and ADR have emphasized the critical role of arbitration in business dispute resolution at a recent meeting in Lagos.

The event held on July 18, was hosted by Candide-Johnson Law Practice, formerly known as Strachan Partners in Victoria Island, Lagos.

Chairman Arbitration and the ADR Commission of ICC Nigeria, Mrs Dorothy Ufot (SAN) stated that the ICC, present in 170 countries, is committed to promoting international arbitration as a vital mechanism for resolving business disputes.

She further stated that today, Nigeria boasts several highly qualified arbitrators who handle complex disputes in oil and gas, construction, and telecommunications.

“We meet from time to time to look at what we are doing to update our members have the opportunities that you know are available for them. We are not just a talking shop. We want our members to benefit from their membership.

“We are an international organization, It is the International Chamber of Commerce that is present in 170 countries, Nigeria being one of them.

“Arbitration is one of the biggest, most important aspects of the ICC. After the Second World War, the founders of the ICC refer to themselves as merchants of peace, they say that if there is peace in the world, business will function, there will be peace and prosperity for everybody. So ICC is a number one organization in the world.

“We have a representative who sits in the United Nations. International arbitration or even domestic arbitration is one of the preferred mechanisms for the resolution of business disputes.

“Before now, Africans were considered not to have what it takes, like the intellectual capacity to resolve big time disputes, such as disputes between nations, between investors and host countries. We were not regarded. But today, I am proud to tell you that the story has changed.

“Nigeria boasts several highly qualified arbitrators who have also been appointed to very serious complex disputes in oil and gas, construction and telecommunications, so we are ready. And that is part of what we do here.

“We gather our members regularly, like four times quarterly, to let them know what is going on internationally and encourage them. Some of our members have been appointed to positions internationally so that our faces will be seen and our voices will be heard, because arbitration is big business.

“We don’t want investors coming to Nigeria, to take our oil and gas, do our businesses, take our natural resources, then when a dispute arises they say we don’t have the competence. We are kicking against that.

“We want Nigerians, Africans to be appointed as arbitrators, to resolve African disputes, including international disputes and we are getting the recognition.

Speaking about the Nigerian member strengths she said, “In the ICC Nigeria, all the banks in Nigeria are members including the central bank, so we encourage more people to show interest.

Senior Partner, Candide-Johnson Law Practice, Mr Yemi Candide-Johnson (SAN) who hosted the event highlighted the natural and essential role of arbitration in resolving disputes efficiently.

He emphasized the importance of arbitration in alleviating court pressures and fostering a trustworthy system for business dispute resolution in Nigeria.

He said, “There is nothing more natural than arbitration. Arbitration is a natural means by which even indigenous communities resolve the disputes. Even in the village, before you go to court, you go to the village elder, that is arbitration.

“But what you’re talking about right now is arbitration supervised by law, and made to have the same effects as an order of the court. So basically it has been strengthened by the law because it has been recognized that it’s a useful means of defusing tensions and disputes in business.

“If you don’t resolve the disputes effectively and efficiently, it’s going to create an impediment to the progress of the economy. We are creating awareness so a greater number of people can take pressure off the courts and allow them to resolve disputes in a manner that is simpler, more open and more effective.

“When choosing an arbitrator traditionally, and historically, you chose an arbitrator who is an expert in your field. So if you have a cocoa dispute, you bring a cocoa dealer because he knows if the cocoa is bad or not. So the simplicity of it was the origin of arbitration.

“Business requires disputes resolved quickly, effectively, and in an efficient manner which is a task of arbitration. So for Nigeria and Nigeria, like every other country, for the necessity of its economy, is expanding arbitration infrastructure.

“We have to realize that as our business grows, and we have to test the effectiveness as well. I spoke about the integrity of the system, If people don’t trust it, they’re not going to use it. It’s a business tool.

“It’s a business for those who do arbitration, but it’s also a tool for facilitating the increasing expansion of efficient business methods in our country.

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