By Titaro Irmiya/Lucy Ogalue
Stakeholders say effective implementation is key to the success of Nigeria’s Arbitration Law.
The stakeholders spoke during a Seminar organised by the Abuja Chamber of Commerce and Industry (ACCI), through its National Chamber of Commerce Dispute Resolution Centre (NCC-DRC) on Thursday in Abuja.
The theme of the event is, “ Empowering Arbitration: Assessing the Impact of the Arbitration and Mediation Act (AMA) 2023 on Judicial Support for Arbitration in Nigeria.’’
The News Agency of Nigeria (NAN) reports that arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute.
In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
The Chairman NCC-DRC, Prince Adetokunbo Kayode, SAN, commended the recent enactment of the Arbitration and Mediation Act 2023.
He said: “this landmark legislation is poised to revolutionise the landscape of arbitration in Nigeria”.
“And your participation underscores the importance of this topic to all related professionals, Arbitrators, legal practitioners, academics, and other stakeholders.
“Arbitration has long been a cornerstone of alternative dispute resolution, offering a viable, efficient, and often more amicable path to resolving conflicts”.
” The recent enactment of the Arbitration and Mediation Act 2023 marks a pivotal moment, aiming to enhance the effectiveness and appeal of arbitration and mediation within the legal Alternative Disputes Resolution framework.”
The President of ACCI, Chief Emeka Obegolu
Also, Chief Emeka Obegolu SAN, PhD, President of ACCI while speaking during an interview session, underscored the significance of the AMA 2023.
Obegolu emphasised its role in fostering a supportive environment for arbitration in Nigeria, advocating for greater awareness and engagement in arbitration practices.
In his keynote speech, Mr Isaiah Bozimo, SAN and former Delta Attorney-General, said that the strength of any jurisdiction in international commercial arbitration relied heavily on the quality of its courts.
He said,”Empirical data supports the view that arbitration relies on the courts to be effective.
“The 2018 America’s National Arbitration Survey shows that preferences for a given arbitral seat are primarily determined by the neutrality and impartiality of its legal system.
“Its national arbitration law, and its track record in enforcing arbitration agreements and awards.”
According to Bozimo, the number of arbitrations in Africa has remained low, fluctuating between 1.4 per cent and two per cent.
He said this was in spite of a rise in the number of disputes involving African parties, as evidenced by data from the London Court of International Arbitration (LCIA) and the International Chamber of Commerce (ICC).
Bozimo said that this discrepancy highlighted the need for Nigeria to ensure its legal system was seen as reliable and consistent.
“There is no significant upward trend in arbitrations seated in Africa in spite of the increase in disputes involving African parties.
“This is a question of implementation. Effective implementation of the new Act will determine whether Nigeria is considered arbitration-friendly or arbitration-adverse.
“The Arbitration and Mediation Act 2023 replaces the Arbitration and Conciliation Act of 1988, which served Nigeria well for many years.
“The new Act is designed to modernise and strengthen Nigeria’s arbitration framework, but its success will ultimately depend on how well it is implemented by the country’s courts and legal institutions,” he said.
Also speaking, Dr Chikwendu Madumere, practising arbitrator, said the new AMA has improved turnaround times with innovative provisions for interim measures, including enforceable tribunal orders.
“Matters on aggregation must be listed within six months of filing.
“Previously, misconduct was a catch-all provision. Now, the AMA provides a detailed outline of challenge grounds.
“The AMA has made interim tribunal orders enforceable as awards, which is a very innovative provision,” he said.
Similarly, Dr Agada Elachi, SAN, emphasised the critical role of courts in supporting arbitration.
“Courts must proactively address challenges to arbitration agreements and ensure efficient resolution of disputes.
“The courts must also handle challenge procedures urgently to maintain arbitration’s time-efficient and cost-efficient nature,” Elachi said.
Also, Mrs Joy Adeshina, a legal practitioner, echoed the importance of timeliness in arbitration.
“The AMA mandates a 30-day limit for courts to appoint arbitrators, ensuring no extensions and swift proceedings.
“There is a need to establish a commercial court in the Federal Capital Territory.
“Also, proper implementation of laws is key to addressing recognition and enforcement of arbitration matters,” she said.
NAN