Stakeholders in the International Criminal Court (ICC) Nigeria have reiterated the need to create awareness about arbitration and encourage more people to participate in the process.
They said that arbitration not only serves as a business tool but also facilitates the expansion of efficient business methods in the country. Speaking at an ICC Nigeria meeting hosted by Mr Adeyemi Candide-Johnson (SAN), the stakeholders noted the significance of arbitration in resolving disputes and fostering business growth.
The chairman of the Arbitration and Alternative Dispute Resolution (ADR) Committee of the International Criminal Court (ICC) Nigeria, Mrs Dorothy Udeme-Ufot (SAN) advocated increased interest and participation in the activities of ICC Nigeria through Alternative Dispute Resolution (ADR).
Udeme-Ufot also noted that international and domestic arbitration are preferred mechanisms for resolving business disputes, adding that arbitration is big business.
She explained that the ICC is an international organisation present in 170 countries, including Nigeria, stressing the importance of arbitration in the ICC’s operations.
Udeme-Ufot also noted that international and domestic arbitrations are preferred mechanisms for resolving business disputes. She also pointed out that Nigeria now boasts of highly qualified arbitrators who handle complex disputes in various sectors such as oil and gas, construction, and telecommunications.
In his remarks, Adeyemi Candide-Johnson, noted the significance of arbitration in resolving disputes and fostering business growth. He noted the historical significance of arbitration as a natural means of dispute resolution, even in indigenous communities.
“Trust in the system is crucial. Without trust, arbitration will not be utilised, and the progress of our businesses will be hindered,” he said. The meeting was attended by Dr Olisa Agbakoba (SAN), Josephine Akinwunmi, Nairu Tijani, Yejide Osinkeye, Isaiah Bosimo (SAN) and Mainnaya Essien (SAN) and other dignitaries.
They called for the continuous expansion of arbitration infrastructure in Nigeria to support the country’s economic growth.
