By Adedapo Adesanya
Nigerian business law firm, G. Elias, in collaboration with the London Court of International Arbitration (LCIA), has called for increased use of arbitration as an effective option in settling legal disputes in Africa.
In arbitration, disputing sides agree to give their disagreement to one or more judges, who then make a final decision that both sides must follow. In essence, when the parties choose arbitration instead of going to court, they choose a private way to settle their disagreement.
At the LCIA West Africa Road Show 2024, in Lagos, Nigeria, the firms provided an overview of the international arbitration, highlighting key developments and their potential impact on businesses operating in Africa.
The discussion centred on the recent trends, considerations, and challenges of arbitration in Africa.
The event, themed Arbitration in commercial disputes: Some Trends, Considerations and Challenges brought together arbitration practitioners in-house counsel, legal practitioners, academics, and members of the business community to engage in insightful discussions on the evolving landscape of international arbitration.
The panel session considered the key considerations for choosing arbitration in commercial disputes, and explored the advantages and disadvantages of arbitration compared to other forms of dispute resolution, offering practical guidance on when arbitration might be the most suitable option.
Also, insights on the common challenges encountered in international arbitration proceedings and best practices for overcoming them were elaborated on.
Speaking at the event, Mr Okechukwu Okoro, Deputy Managing Partner, G. Elias said, “We are delighted to have partnered with the LCIA to bring this important event to Lagos. Arbitration is an increasingly popular method for resolving commercial disputes in Africa, and it is crucial that businesses are aware of the latest trends, considerations, and challenges in this area.
“As Nigeria’s business landscape continues to grow, we believe that robust arbitration mechanisms are essential for fostering trust and confidence in cross-border transactions. This event is a valuable platform for knowledge sharing and collaboration among key stakeholders in the Nigerian legal community.”
Also speaking at the event, the representative of the LCIA, Director General, London Court of International Arbitration, Mr Jacomijn Van Haersolte-Van Hof, said, “Thank you G-Elias for hosting this event because what we want as an institution is an effective arbitration. Of course, we promote LCIA arbitration, our first goal is, however, to promote efficient and effective arbitration. To that effect, we have created the LCIA Organisation in London. I have learnt a lot during the Panel session, and I am sure that we all will stay committed to ensuring the effectiveness of arbitration.”
The Panel session was moderated by Mr Ayodeji Adeyanju; Senior Associate, G. Elias had the following panel members: Mr Jide Adesokan (Partner, Stephenson Harwood); Ms Noella Lubano (Partner, Oraro and Company Advocates); Mr Oluropo Okunmuyide (Head Litigation and Dispute Resolution, First Bank Nigeria Limited); and Mr Abubakar Anafi (Partner, G Elias).
The panellists charged arbitrators to be independent, impartial, and neutral while they also need to be firm and use modern clauses from recognized institutions such as the LCIA. They also charged arbitrators to leverage technology but should be cyber security conscious by being cautious of the potential risks of using technology such as hacking, technology illiteracy, virtual hearing, and data privacy breachers.
To improve arbitration in Nigeria, the panellists charged the government to provide regular training for arbitration judges, amend the constitution, implement the effectiveness of cost sanctions for parties and ensure that the court is very aware and savvy about arbitration in allowing enforcement.
Modupe Gbadeyanka