Commercial dispute resolution crucial to economic growth, says Onnoghen

The Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, has said that existence of an effective system for the resolution of commercial disputes, such as arbitration, is crucial for investment drive and economic growth in any economy.

Speaking at the Nigerian Institute of Chartered Arbitrators (NICArb) 2018 Annual Investiture and Awards ceremony, with the theme, ‘Rising cost of arbitration fees: A potential threat to arbitration practice,’ held at Eko Hotel and Suites in Victoria Island, Lagos, Onnoghen explained that over the last few decades, there has been considerable expansion in global trade and investments, which has resulted in a significant increase in the volume of cases processed through the courts each year.

The event featured conferment of fellowships, memberships, associate memberships and qualified mediator’s status on notable members of the academia and other distinguished professionals who have attended and successfully completed NICArb mandatory programmes.

Vice President of the Institute, Prof. Fabian Ajogwu (SAN), in a key session, involving intellectual and practical discourse by invited guests from the academia, judiciary, private and public sectors to share insights and discuss the theme and discuss way forward, noted that increased attention to arbitration and other alternative dispute resolution mechanisms would help to build a strong arbitration system in Nigeria.

He, therefore, urged the arbitration community to re-examine the ethos and principles on which the profession is built, which would help to reaffirm, uphold and entrench high standards of accountability and integrity amongst arbitrators in the private and public sectors.