NIArb admits new fellows

The Nigerian Institute of Chartered Arbitrators (NIArb), has admitted new fellows, associates and arbitrators comprising 32 judges and four Senior Advocates of Nigeria.

In all, NIArb admitted a total of 63 fellows, 124 associates and 34 qualified mediators during its 2015/2016 annual investiture and award ceremony held on Friday at Oriental Hotel, Victoria Island, Lagos.

Vice-President of NIArb, Prof. Fabian Ajogwu (SAN), in his welcome address noted that the divisiveness of litigation and the increased cost implication of settling disputes in the court had created an opportunity for the growth of the Alternative Dispute Resolution mechanisms.

According to him, it has opened opportunities for professionals from diverse fields and retired judges to practise as arbitrators and benefit from ADR.

Ajogwu expressed worry that despite having competent arbitrators in Nigeria, a lot of home-generated disputes were still being taken outside the country to settle.

The President of the Lagos Chamber of Commerce and Industry, Dr. Nike Akande, who gave the keynote address at the investiture, said current economic situation in Nigeria called for the taking of urgent steps to boost investor’s confidence in the country. She added, however, that this could not be done without a strong dispute resolution mechanism in place.

She explained that it was in view of this that the LCCI established the Lagos Chamber of Commerce and Industry Arbitration Centre and recently launched its Commercial Dispute Management Network.