Senior lawyers task FG to strengthen court of arbitration to woo more investors

A Senior Advocate of Nigeria, Olatunde Busari, on Friday, called for the strengthening of the court of arbitration in the country for an improved internally generated revenue.

He made the call during his keynote lecture at the 15th Annual General Conference of the Muslim Lawyers Association of Nigeria (MULAN) at the International Conference Centre, University of Ibadan.

Busari who is the immediate past President of the Chartered Institute of Arbitrators (UK) Nigerian branch, said the establishment of an arbitration-friendly environment in Nigeria will catalyze economic development.

He said the failure of arbitration in the country has added to further decline in the number of investors in the country, insisting 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.

He noted that the measure will also repose confidence in the foreign and local investors in funding their businesses in the country, emphasizing the significance of fostering a conducive atmosphere for arbitration in Nigeria with its potential to bolster national progress.

He said, “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.”

Busari further addressed the challenge of arbitration being perceived as a precursor to litigation, stating, “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.”

According to him, “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 who was represented by a former Attorney-General of Oyo State, Adebayo Ojo, SAN, in his remarks, said it is imperative for Nigeria to embrace arbitration as well as ensuring proper training for legal professionals, stating that the country can enhance its legal system and provide a more efficient mechanism for resolving disputes.

The National President of MULAN, Dr. Kazeem Olaniyan, in his welcome address, maintained that the integration of arbitration into the country’s legal framework is essential for the advancement of Nigeria, insisting that by embracing arbitration the country can expedite dispute resolution processes and create a more conducive environment for national development.

Present at the ceremony were notable professionals that include the Chairman of the event and Vice Chancellor, University of Ilorin, Prof. Wahab Egbewole.