By KAZEEM BAKENNE
The Nigerian Institute of Chartered Arbitrators has called on the Federal Government to leverage 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.
NICArb stated this at a press conference held to address salient issues around its 40th Anniversary themed, “Building a Culture of Arbitration and Sustainable Institutions in West Africa.”
The 40th Anniversary Conference and Investiture will be held on November 14 to 15, 2019.
NICArb Registrar/Chief Executive Officer, Mrs. Shola Oshodi-John, advised the Federal Government to take proactive measures in ensuring AfCFTA’s arbitration arrangements were favourable to Nigeria’s interest, whilst making efforts at domesticating the Agreement in Nigeria.
The Institute 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 also offered to provide technical assistance through its crop of seasoned and experienced membership base in pioneering initiatives for corrective negotiations.
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 Nigerian government in Atlantic Energy Drilling Concepts Nigeria Limited, Atlantic Energy Brass Development Limited v Nigerian Petroleum Development Company matter, in the dispute on the Brass, Forcados assets.
It also called on the members of the Arbitration community and the general public, to take advantage of the forthcoming annual regional conference in November, and Register on events.nicarb.org.
NICArb urged 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 Nigerian positions to leverage AfCFTA.
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.
