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Nigeria Institute of Chartered Arbitrators has inaugurated university students into its membership.
Moderator of the institute’s 2018 annual conference in Lagos, Mr. Mike Igbokwe (SAN) installed the students yesterday.
He said the idea is to create opportunity for young persons at the student and young professionals cadre to engage and embrace arbitration as alternative dispute resolution (ADR).
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He added that the gesture was to catch them young, since arbitration practice recognises members from the ages of 25 to 45.
Igbokwe said: “Arbitration has advantages over litigation in terms of speed, cost, privacy, uniformity and encouraging business. In litigation people do not come back as friends anymore, while in arbitration the two parties should go home as friends.
“Some of these students might become judges tomorrow. We therefore want them to understand that arbitration does not compete with litigation, but rather, it is another means of dispute resolution.”
The Registrar and Chief Executive Officer (CEO) of the institute, Shola Osodi-John, explained that arbitration is a viable and potent option for growing the economy, as well as for settlement of commercial and investment disputes.
“It appears to stand in the balance, since most arbitral awards end up creating new causes of action and potential litigation under the normal constitutional court system.
“This trend places arbitration and other alternative dispute resolution (ADR), mechanism on a balance as most awards become subject of litigation in court,” Oshodi-John said.
