Arbitrators seek adoption of ADR in resolution of commercial disputes
The arbitrators, who converged at the 4th International Chamber of Commerce (ICC) Conference on International Arbitration held by ICC Nigeria, in Lagos, noted the importance of more reliable and faster means of resolving commercial dispute in opening Nigeria and Africa for business.
According to them, the recent ICC report on Financial Institutions and International Arbitration has challenged the historical perception that arbitration is unsuitable for disputes involving financial institutions
Chairman of the Arbitration & ADR Committee ICC, Nigeria, Prof. Gabriel Olawoyin SAN stressed the need for quicker resolution of commerce disputes and the importance of ICCN in maintaining a sustainable commercial and trade tranquility.
According to him, there is a need for the practical application of Calvo Doctrine in Dispute Resolution under African Continental Free Trade Area (AfCTA), stressing that the operation of the principle may make it easier to utilize Africa as the seat of arbitration in international arbitration matters.
The Agreement, he said, may also help to provide a rule-based dispute settlement mechanism for the resolution of any disputes that may arise between State parties in the application of the Agreement.
The learned silk also noted that in the past years, banks and financial institutions have been reluctant to accept arbitration and ADR as a dispute settlement mechanism, saying it may be because financial institutions doubt the efficiency of arbitration, especially for disputes that may arise from loan facility agreements.
On the argument that the exclusive jurisdiction of the courts in our respective countries on Banking and Financial disputes may be a hindering factor, he said the ICC Report on Financial Institutions and International Arbitration has provided a different angle to the issue.
Chairman ICC Nigeria & Regional Coordinator, Sub Saharan Africa, Mr. Babatunde Savage expressed delight that the conference , which coalesced with the ICC Centenary Celebration resolved around topics that are germane to Arbitration.
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