By; BAYO AKAMO, Ibadan
The Immediate past President of the Chartered Institute of Arbitrators (UK) Nigerian branch, Barrister Olatunde Busari (SAN) on Friday, advocated strengthening of Court of Arbitration in Nigeria for an improved Internally Generated Revenue (IGR).
The legal luminary made the call in Ibadan in his keynote lecture at the ongoing 15th Annual General Conference of the Muslim Lawyers Association of Nigeria (MULAN) holding at the International Conference Centre, University of Ibadan.
He disclosed that the establishment of an arbitration-friendly environment in Nigeria will catalyze economic development, adding that the failure of arbitration in the country has added to further decline in the number of investors in the country
The legal luminary stressed that the country must give room for arbitration to thrive, which will help to decongest cases on commercial disputes pending in court to be addressed in no time.
Emphasizing that the measure will also repose confidence in the foreign and local investors in funding their businesses in the country, he maintained that a conducive atmosphere for arbitration in Nigeria will improve national progress.
“Arbitration can thrive in Nigeria if it is practiced the way it should be. You will find out that the same delay techniques that lawyers use in traditional courts are being brought into arbitration. That is what we are fighting against, ensuring that many lawyers and judges are trained in arbitration procedures. If a matter that should not be in court comes to court, the judge should refer it to arbitration,” he said.
Barrister Busari (SAN) added, “the bigger issue arises when you obtain your final award. Arbitration is now perceived as a precursor to litigation, undermining its time and cost effectiveness.
“As many lawyers as possible should be trained in arbitration. When an award is obtained, if anybody wants to initiate court action against it, they should know when to decline. If Nigeria becomes arbitration-friendly, more investment will flow in because investors will trust that the judicial system supports arbitration. This will lead to increased use of arbitration as an alternative to litigation, fostering trade and commerce.”
The Attorney General of the Federation, Prince Lateef Fagbemi ,(SAN) while declaring open the AGM charged Nigerians to embrace arbitration in the nation’s legal system.
Prince Fagbemi represented by a former Attorney-General of Oyo State, Mutalubi Ojo Adebayo (SAN), emphasized the need to prioritize arbitration and ensuring proper training for legal professionals.
“It is imperative for Nigeria to embrace arbitration. By prioritizing arbitration and ensuring proper training for legal professionals, we can enhance our legal system and provide a more efficient mechanism for resolving disputes”, he said.
Speaking, the MULAN National President, Dr. Kazeem Olaniyan said the integration of arbitration into our legal framework is essential for the advancement of our nation.
“The integration of arbitration into our legal framework is essential for the advancement of our nation. By embracing arbitration, we can expedite dispute resolution processes and create a more conducive environment for the National development”.
Related
