The chartered Institute of Arbitrators, (CIArb), Nigeria Branch has said that arbitration, which is an out-of-court alternative dispute resolution method, is instrumental to economic development in Nigeria.
This affirmation is coming at a time when the courts in Nigeria is said to be congested as a result of unresolved issues that have lingered for many years because both parties involved have often failed to reach a compromise.
It is hoped that the period of recession, would see more disputants looking towards arbitration and other Alternative Dispute Resolution (ADR) mechanisms for prompt resolution of disputes.
Adedoyin Rhodes-Vivour, Chair, Chartered Institute of Arbitrators Nigeria (UK) branch made this known during a press conference to announce the 2016, (CIArb) Annual Conference & Gala Nite on 10th and 11th November, 2016.
The theme of the conference, which is ‘Exploring new frontiers in Arbitration’, focuses on the desire of Nigerian banks to break new grounds in arbitration.
Rhodes-Vivour said that the conference is a significant part of the calendar of the Nigeria Branch and Institutes calendar which offers opportunity to train its members and those who have successfully scaled the various training programs are inducted into the Nigeria Branch of Associates, Members and Fellow.
According to her, “The annual conference is being moved to Port Harcourt in acknowledgement of the strategic position the city plays in the oil and gas sector of the Nigerian economy and the significant role arbitration could play in the oil and gas sector.
“There is a need to prepare our members for the potential opportunities that may arise from disputes which may naturally flow between entities in the oil and gas investment related disputes.”
Olatunde Busari, First Vice Chairman, CIArb(UK) Nigeria Branch, said Nigeria’s economic situation is at an interesting state, with arbitrators having strong roles to play to resolve economic disputes rising on a daily basis.
Busari said 2016 conference is coming at a time when Nigeria needs good dispute management to resolve some of its economic challenges.
Branch Secretary, Folashade Alli, said some of the confirmed speakers for the conference are Sola Adegbonmire, Chartered Arbitrator, Richard Mofe-Damijo, former Commissioner for Culture & Tourism, Delta State and the Governor of Rivers State, Nyesom Wike, who will give the keynote address.
