By Lucy Ogalue
A Senior Advocate of Nigeria (SAN), Emeka Etiaba, has called for urgent reforms in the Nigeria’s arbitration and insolvency laws to strengthen dispute resolution and enhance business recovery processes in the country.
Etiaba, who is the Principal Counsel at Emeka Etiaba SAN, Etiaba & Co. (Etiaba Chambers), made the call on Tuesday in Abuja.
He said this when he received the President and members of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on a courtesy visit.
He said that arbitration, though designed to ease commercial dispute resolution, had lost its efficacy in Nigeria due to the tendency of parties to still resort to litigation after arbitral awards were given.
“Arbitration in Nigeria has not worked the way it should. Parties embark on arbitration and when they lose, they turn around to challenge the registration of arbitral awards in court.
“Such actions erode the purpose of arbitration, leading to long years of litigation from the High Court to the Supreme Court. So, we must revisit our laws and make them firmer,” he said.
The Senior Advocate said that a credible arbitration framework would strengthen investor confidence and reduce the burden on the judiciary, adding that arbitral awards should be final and enforceable once duly registered.
He further emphasised the need for a robust insolvency regime that focused on corporate rescue and restructuring rather than liquidation, saying the process should be beneficial both to creditors and debtors.
“We look forward to having a very functional insolvency regime in Nigeria that promotes businesses, rescue and protects companies and individuals facing financial distress,” he said.
Etiaba commended the leadership of BRIPAN for its efforts in expanding the frontiers of insolvency practice in Nigeria, saying the association had grown in visibility and impact under its current leadership.
He also urged BRIPAN to decentralise its training programmes to reduce travel costs and enable practitioners in other regions to participate more actively.
Earlier, the President of BRIPAN, Mr Chimezie Ihekweazu, said the visit was to appreciate Etiaba for his continuous support to the association and his contributions to the growth of insolvency practice in Nigeria.
He said that Etiaba hosted the first major BRIPAN event outside Lagos and had remained a strong supporter of the association’s programmes and objectives.
Ihekweazu reiterated BRIPAN’s commitment to promoting professional development, law reform, and international collaboration among Nigerian insolvency practitioners.
He added that the association now enjoyed observer status at the United Nations Commission on International Trade Law (UNCITRAL) and continued to participate in global insolvency discussions and training.
The BRIPAN president also presented volumes of the BRIPAN Law Review Journal to Etiaba during the visit, as part of efforts to encourage knowledge sharing and research within the profession. (NAN)