‘Arbitration is best way to settle disputes, grow economy’
Nigerians have been urged to embrace Arbitration, Mediation and other forms of Alternative Dispute Resolution (ADR) mechanisms, as veritable means for dispute resolution.
The Registrar, Nigerian Institute of Chartered Arbitrators, Shola Oshodi–John, who disclosed this at a press conference in Lekki, Lagos, said the embrace of the ADR will also build the critical mass, fundamental to the practice in the internal revenue sector generation and Nigeria in general. The briefing was primarily to announce the institute’s 40th anniversary and 4th annual conference slated for November.
She described law of arbitration as the best way, faster and cheaper alternative to litigation, for settling corporate disputes, and grow economy of the country, especially at this time of border closure.
Oshodi–John said the institute is the premier professional body dedicated to the administration and development of Arbitration, Mediation, Conciliation and other forms of ADR mechanisms.
She explained that in its 39 years of existence, the institute has been in the forefront of promoting the domestication, knowledge and practice of arbitration in Nigeria, and gained reputation as the preferred appointing authority and arbitration handling institution for a broad spectrum of commercial disputants.
The registrar noted that the conference would provide a forum for intellectual discussions of key issues affecting arbitration in West Africa, and yield practical solutions, necessary to encourage the adoption of arbitration and ADR in the West African sub-region.