Expert lists benefits of arbitration in Nigeria

A professor Law and Arbitration, Professor Chukwudi Amasike, has identified quicker dispensation of justice and privacy in dealings as some of the benefits of arbitration and Alternative Dispute Resolution (ADR) to Nigeria.

In an emailed message to Daily Trust’s inquiries, Professor Amasike said arbitration also affords parties flexibility in choosing the panel and location for dispute resolution, adding that it ensured preservation of good relations between parties.

He however lists costs, judges presiding over disputes with arbitration clauses in the agreement, among others as some of the challenges facing arbitration in the country.

Professor Amasike, who is the Chairman of the International Dispute Resolution Institute of (IDRI), traced arbitration in Nigeria to 1889 through the English Arbitration Act, which he said was a statute of general application.

“The first local act was the Arbitration and Conciliation Act 1988 which was modelled after the UNCITRAL Rules of 1985,” he said, adding “Bola Ajibola was the seating HAGF at the time.”

He said the National Assembly is currently amending the 1988 Act to mirror that of UNCITRAL Model Laws and Arbitration Rules of 2006.

Speaking on the forthcoming 50th anniversary of the United Nations Commission on Trade Law (UNCITRAL) to be hosted by Nigeria from June 13, he said the event will boost Nigeria’s image in international trade and investment standards as it will be attended by representatives from across the world.