NICArb charges FG to leverage on AfCFTA to unlock economic benefits, others
Temitope Adebayo
The Nigerian Institute of Chartered Arbitrators (NICArb) has called on the Federal Government to leverage the regional economic and monetary integration through the signing and implementation of AfCFTA, and the African Union single currency initiative, in positioning Nigeria (and the West African sub-region) as a major hub for International Arbitration.
Speaking in Lagos on salient issues around its 40th Anniversary themed: “Building a Culture of Arbitration and Sustainable Institutions in West Africa”, the Registrar of the institute, Mrs. Shola Oshodi-John advised the Federal Government to take proactive measures in ensuring that AfCFTA’s arbitration arrangements are favourable to Nigeria’s interest, whilst making efforts at domesticating the Agreement in Nigeria.
The Institute, also, advised the Federal Government of Nigeria to revisit the Arbitration awards against it, in the case of the Federal Government of Nigeria v Process and Industrial Developments Limited (P & ID).
NICArb, however, offers to provide technical assistance through its crop of seasoned and experienced membership base in pioneering initiatives for corrective negotiations.
Further to this, NICArb called on the current National Assembly to revisit The Arbitration and Conciliation Act (Repeal and Re-enactment) Bill and ensure the passage of the original bill (proposed by arbitration practitioners) into law, as Nigeria positions to leverage AfCFTA.
The 40th Anniversary Conference and Investiture, which will be held on 14 – 15 November 2019, at the Eko Hotel and Suites, Victoria Island, Lagos, provides a forum for the intellectual discussion of key issues affecting Arbitration in West Africa.
It is focused on yielding practical solutions, necessary to encourage the adoption of Arbitration and Alternative Dispute Resolution (ADR) in the West African sub-region.
The conference promises a line-up of renowned regional and global speakers who are experts in the chosen subject areas, and will feature panels made-up of technical experts and breakout sessions for an intensive exploration of the chosen subject areas.
It further congratulated Professor Fabian Ajogwu, SAN, FCArb, a Vice President of NICArb for leading the team that secured the Arbitral award of $1.69BN in favour of the Nigeria Government in Atlantic Energy Drilling Concepts Nigeria Limited, Atlantic Energy Brass Development Limited v Nigerian Petroleum Development Company (NPDC) matter, in the dispute on the Brass, Forcados assets.
Present at the briefing were Governing Council Members including Dr Olisa Agbakooba SAN, FCArb; Professor Akin Ibidapo Obe, FCArb; Mrs Priscilla Ogwemoh FCArb; Mrs Clara Umeano FCArb; Mrs. Shola John-Oshodi, FCArb (Registrar/CEO, NICArb).
Also, in attendance were Management and members of NICArb’s 40th Anniversary and Annual Conference Planning Committee.
