Ayo Alonge
The Nigerian Institute of Chartered Arbitrators (NICArb) has charged the Federal Government and the private sector on effective practice in arbitration in the country.
The charge was the crux of the 2019 edition of the Annual Conference and Investiture Award Ceremony held in Lagos, recently.
Themed “Building a Culture of Arbitration and Sustainable Institutions in West Africa”, the event focused on the general legal and shared norms of culture affecting arbitration in building strong and enduring arbitral institutions in Nigeria and West Africa, especially in businesses and workplaces.
Participants comprised stakeholders drawn from both the public and private sectors. Governor Babajide Sanwo-Olu of Lagos State, represented by the Commissioner of Justice, Moyosore Onigbanjo, while declaring the conference open, commended NICArb for its work and leadership role in the arbitration community and encouraged the institute to keep up its good work.
There were also discussions on the need for Nigeria to prioritise itself as a seat of arbitration, when entering into contracts with foreign investors. According to the Chief Executive Officer/Registrar, NICArb, Shola Oshodi-John, ‘if investors and companies can do business in Nigeria, then they should arbitrate in Nigeria’.
Vice President of the institute, Olisa Agbakoba, however, called on the government to show respect for the rule of law, provide infrastructure, such as electricity and ensure good quality of life, as important factors to drive Nigeria’s arbitral position.
The investiture/Presidential dinner for the induction of new members was also held, as NICArb honoured several distinguished personalities who have pioneered and promoted arbitration in Nigeria and globally. More than 600 associates, members and fellows were inducted into the Institute from across different professions and businesses.