G. Elias, LCIA Want More Adoption of Arbitration in Legal Disputes

Image

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.

Share
Related Stories
Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
05-March-2024

Nigerian Air Force Airstrikes Hit Two Illegal Refineries in Rivers

By Adedapo Adesanya The Nigerian Air Force component of Operation Delta Safe, through airstrikes destroyed two illegal oil refining sites in Krakama and Temakiri, Degema Local Government Area of Rivers State, in continuation of efforts to stamp out the activities of crude oil thieves and oil pipeline vandals in the country. This was disclosed by the Director of Public Relations and Information, Nigerian Air Force, Mr Edward Gabkwet, an Air Vice Marshal, saying the illegal oil refining sites were observed actively operating with Cotonou boats sighted nearby with the probable intent to illegally siphon crude oil from the sites. Mr

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
27-February-2024

FG Insists Power Sector Remains Key Priority

By Adedapo Adesanya The Vice President of Nigeria, Mr Kashim Shettima, has reiterated that the Light Up Nigeria Project, remains a part of the priorities set by President Bola Tinubu to revamp the nation’s economy and ensure rapid industrialization. Mr Shettima said the Project heralds renewed hope for industrialists, investors and Nigerians who had to bear the brunt of the country’s power challenges for so long. The Vice President spoke as he officially launched the Light Up Nigeria, Southeast Initiative in Enugu, describing it as the much-expected solution to the power supply deficit that has undermined the nation’s economy and

More Stories
Image
13-December-2018

P+ Measurement, Global Communications Agency Renew Partnership

Media monitoring and evaluation agency, P+ Measurement Services has announced an extension of its media monitoring and evaluation partnership with global communications firm, Burness Communications for 2019. The extension will enable P+ to continue providing print, online, TV and radio monitoring and evaluation services to Burness in the Ghana market. In a bid to continue the successful rollout of the partnership signed in 2017, P+ will continue to handle Burness Communications client public relations monitoring and evaluation activity while supporting their organizations objectives. Burness Communications specializes in advocacy campaigns, media relations, public policy engagement and event planning and P+ will

Image
19-October-2022

US Fines Lafarge $777.8m for Financing Terrorism

By Adedapo Adesanya French cement maker, Lafarge, has pleaded guilty in the United States to supporting the Islamic State and other terror groups and agreed to a $777.8 million penalty for payments it made to keep a factory running in Syria after war broke out in 2011. The cement manufacturer, bought by Switzerland’s Holcim in 2015, said its behaviour had been in “flagrant violation” of Lafarge’s code of conduct. Lafarge also said it “deeply regretted” the events and “accepted responsibility for the individual executives involved”. The firm opened its plant in Jalabiya near the Turkish border in 2010 following a

Image
22-June-2019

Kudimoney Gets CBN’s MFB Licence, Rebrands

By Dipo Olowookere A local financial technology (fintech) company, Kudimoney, has obtained a microfinance digital banking licence from the Central Bank of Nigeria (CBN). In preparation to the launch of its full digital no-fee bank, the company has changed its name to Kuda Microfinance Bank. With this, the fintech firm can offer current accounts as well as debit cards – something it is already doing with a small group of alpha users. Founders of the company, Babs Ogundeyi and Musty Omotosho, explained that Kuda will offer frustrated consumers a more mobile, modern approach to traditional banking. Unlike traditional banks, Kuda

Image
02-March-2023

Makinde Invites Wike to Commission, Flag Off Projects in Ibadan

By Modupe Gbadeyanka Governor Nyesom Wike of Rivers State will on Friday commission and flag off some projects in Ibadan, Oyo State. A statement issued by the Oyo State Commissioner for Information, Culture and Tourism, Mr Wasiu Olatubosun, disclosed that Mr Wike was invited to the state by Governor Seyi Makinde. According to Mr Olatubosun, the projects were designed to boost economic activities in the state and create access roads in the state. He said the Rivers governor would commission and flag off three strategic projects, which are Dr Omololu Olunloyo Airport Road, the Aviation Fuel Tank Depot, and Dr

Image
14-January-2020

Stocks You Can Buy, Sell, Retain This Week

By Dipo Olowookere A new trading week kicked off on Monday, January 13, 2020 and as expected, some investors started taking profit, especially in the banking space, consumer goods sector and the industrial goods industry. Since the beginning of this year, the Nigerian Stock Exchange (NSE), as at the close of business yesterday, has gained 10.40 percent. This calls for profit taking for re-entering into the market when prices are down again. With events unfolding both at the local and global fronts, the market is expected to react and shape the decisions taken by investors. For instance, news last week

Image
28-March-2020

Naira Falls to N410/$ at Black Market Friday

By Adedapo Adesanya The Naira/US Dollar rate depreciated to N410/$1 at the parallel market on Friday, March 27, 2020 at the foreign exchange market. This was against N400/$1 it was exchanged on Thursday. At the same segment, the local currency depreciated by N5 against the British pound yesterday, trading at N490/£1 compared with N485/£1 of the previous session and against the Euro, the local currency fell by N1 to N417/€1 from N416/€1. At the Bureau De Change (BDC) segment of the market, the local currency depreciated against the Dollar by N2 at the Lagos BDC market to sell at N402/$1

Image
01-December-2017

FGN Bond Prices Drop on Profit Taking

By Cowry Asset In the just concluded week, local OTC bond prices declined (and yields increased) across most maturities followed renewed profit taking activity. Specifically, the 20-year, 10.00 percent FGN July 2030 bond, the 10-year, 16.39 percent FGN JAN 2022 paper, the 7-year, 16.00 percent FGN JUN 2019 paper and the 5-year, 14.50 percent FGN JUL 2021 paper depreciated by N0.20, N0.06, N0.76 and N0.78 respectively while their corresponding yields increased to 14.66 percent (from 14.62 percent), 14.52 percent (from 14.51 percent), 15.05 percent (from 14.51 percent) and 15.05 percent (from 14.76 percent). Elsewhere, FGN Eurobonds prices tanked across the

Image
25-April-2020

NASD OTC Exchange Closes Flat at Friday Session

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the flat territory on Friday, April 24, as the major market barometers retained their previous figures. At the close of business yesterday, the market capitalisation of the bourse remained at N514.74 billion, while the NASD Unlisted Security Index (NSI) ended the day at 700.73 points. However, the total volume of trades at the final session of the week rose by 435 percent as 5,348 units of shares exchanged hands compared with the 1,000 units of securities transacted at the preceding session. The trading volume came from two deals executed

Ad
Ad
Recent Stories
Image
05-March-2024

Nigerian Air Force Airstrikes Hit Two Illegal Refineries in Rivers

By Adedapo Adesanya The Nigerian Air Force component of Operation Delta Safe, through airstrikes destroyed two illegal oil refining sites in Krakama and Temakiri, Degema Local Government Area of Rivers State, in continuation of efforts to stamp out the activities of crude oil thieves and oil pipeline vandals in the country. This was disclosed by the Director of Public Relations and Information, Nigerian Air Force, Mr Edward Gabkwet, an Air Vice Marshal, saying the illegal oil refining sites were observed actively operating with Cotonou boats sighted nearby with the probable intent to illegally siphon crude oil from the sites. Mr

Image
05-March-2024

NGX Remains Catalyst for Economic Growth—Chiemeka

By Aduragbemi Omiyale The acting chief executive of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, has described the bourse as a catalyst for economic growth and development. He said this at the listing of 7.5 billion ordinary shares of Transcorp Power Plc at N240 per unit at the exchange on Monday. The energy firm raised the market capitalisation of the trading platform by N1.8 trillion yesterday. According to him, the inclusion of Transcorp Power into the NGX, the first listing of the year, underscored the pivotal role the bourse plays in shaping Nigeria’s economic landscape. He added that NGX

Image
05-March-2024

Dangote Renames Lagos Refinery Road After Herbert Wigwe

By Modupe Gbadeyanka The road to the Dangote Refinery in the Lekki area of Lagos State has been renamed after the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. This development was announced on Monday night by the owner of the oil facility, Mr Aliko Dangote, during the Celebrating Herbert Wigwe’s Professional Legacy, who said this gesture was to immortalise his friend. The Nigerian billionaire businessman and the richest black man on earth, in an emotional tribute to the late banker, who died in a helicopter crash in the United States on February 9, 2024, along with

Image
05-March-2024

Investors of Unlisted Securities Lose N43bn

By Adedapo Adesanya It was a bad day for investors of unlisted securities in Nigeria as the NASD Over-the-Counter (OTC) Securities Exchange ended the first trading session of the week on a negative note with a 3.11 per cent loss triggered by four stocks on the platform. The culprits were UBN Property Plc, Aradel Holdings Plc, Central Securities Clearing System Plc, and Resourcery Plc. They were under selling pressure during the trading session. This resultantly trimmed N43 billion from the market capitalisation of the bourse to N1.449 trillion from N1.542 trillion, as the NASD Unlisted Security Index (NSI) dropped 35.53

Image
05-March-2024

Naira Value Improves at Official Market, Deflates at Parallel Market

By Adedapo Adesanya The Naira appreciated further against the greenback in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the FX market on Monday, March 5 by N14.06 or 0.9 per cent to trade at N1,534.19/$1 compared with last Friday’s value of N1,548.25/$1. The improvement in the value of the domestic currency happened as the forex market attempts to find stability after months of turbulence due to a shortfall in the supply of Dollars into the system. Yesterday, the value of forex trades depreciated by 39.7 per cent or $117.37 million to $178.63 million from the $296.00 million recorded

Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the