‘Imperative of arbitration for cross-border transactions’
STAKEHOLDERS in the arbitration sector have called for robust arbitral mechanisms that would enhance cross border transactions.
They spoke at the London Court of International Arbitration (LCIA) West Africa Road show 2024, organised by LCIA in collaboration with G. Elias, themed, “Arbitration in commercial disputes: Some Trends, Considerations and Challenges”, in Lagos.
The Deputy Managing Partner, G-elias, Okechukwu Okoro, emphasised the need for robust arbitration mechanisms considering the evolving Nigeria business landscape.
This, he said, is to foster confidence and trust in cross border transactions.
According to him, arbitration is an increasingly popular method for resolving commercial disputes in Africa, and it is crucial that businesses are aware of the latest trends, considerations, and challenges in this area.
Contributing, the Director General, LCIA, Jacomijn Van Haersolte-van Hof, said LCIA as an institution wants an effective arbitration system. “Of course, we promote LCIA arbitration, our first goal is, however, to promote efficient and effective arbitration. To that effect, we have created the LCIA organisation in London.
“I have learnt a lot during the panel session, and I am sure that we all will stay committed to ensuring the effectiveness of arbitration,” he said.
The event brought together arbitration practitioners, inhouse counsel, legal practitioners, academics, and members of the business community to engage in insightful discussions on the evolving landscape of international arbitration. It provided an overview of the international arbitration, highlighting key developments and their potential impact on businesses operating in Africa. The discussion centred on the recent trends, considerations, and challenges of arbitration in Africa.
The panel session focused on the key considerations for choosing arbitration in commercial disputes, explored the advantages and disadvantages of arbitration compared to other forms of dispute resolution, and offered guidance on when arbitration might be the most suitable option.
It also provided insights on the common challenges encountered in international arbitration proceedings and best practices for overcoming them.
The panel session, moderated by Senior Associate, G. Elias, Ayodeji Adeyanju, had Partner, Stephenson Harwood, Jide Adesokan; Partner, Oraro and Company Advocates, Noella Lubano; Head Litigation and Dispute Resolution, First Bank Nigeria Limited, Oluropo Okunmuyide and Partner, G Elias, Abubakar Anafi.
The panelists charged arbitrators to be independent, impartial, and neutral while they also need to be firm and use modern clauses from the recognised institutions such as the LCIA. They also charged arbitrators to leverage technology but should be cyber security conscious by being cautious of the potential risks of using technology such as hacking, technology illiteracy, virtual hearing, data privacy breaches.