Experts: Desire to Boost Investors’ Confidence Giving Rise to Arbitration in Major Economies

finance & economy - November 25, 2021

Considering the cost implications to businesses, experts and practitioners in the Alternative Dispute Resolution System (ADRs) have advocated arbitration as a prominent method of dispute resolution. They have also pointed out that the appetite for such resolutions has given rise to arbitration in major economies.

According to the Chairman, 2021 Annual Conference Planning Committee of the Nigerian Institute of Chartered Arbitrators (NICArb), Oladipo Opeseyi, SAN the right ethical conduct is becoming even more important than ever in ensuring fair and effective outcome.
Opeseyi who declared the conference open in Lagos, said recourse to arbitration is on the rise as a prominent method of dispute resolution.

This, he added, will maintain the integrity of the system as well as confidence of the public in the process.
Speaking at the event, the Lagos State Government said it has intensified efforts to make the state a hub for arbitration processes both internationally and domestically.

According to the state government, this will guarantee investors that their investments are safe and guided by the rule of law and by doing so, boost investment and investor’s confidence.

“Unlike litigation, arbitration presents a new frontier in today’s evolving world and this represents the future which Lagos State said it has embraced and as theme of the Conference shows, we are in the new normal which shows that potential technology is not destructive to the rule of law but an enabler to increase access to justice, “the state government stated.

The conference, which was held for the first time in the history of the institute, as a hybrid conference, was themed: Disruption and The New Normal in Arbitration/ADR- A Way Forward.

The conference focused on providing a forum for users, experts and practitioners in arbitration and other ADRs across sectors in the African Continent and beyond, to discuss, share knowledge and proffer solutions from the aftermath of COVID 19 disruptions.
While the impact of COVID-19 is felt differently among nations, the experts submitted that the consequential effect on arbitration and other forms of ADR remains a thing of great concern.

The presentations therefore showed that practitioners must continue to evolve ways of surmounting them and move the arbitration practice forward, despite the limitations.

Also speaking at the conference, the incoming President and Chairman of Governing Council of the institute, Professor Fabian Ajogwu, SAN, admitted that while the Covid 19 social distancing world has brought virtual meetings to the fore for many businesses and government organs including courts, the arbitration community and the ADR community in general is better equipped to take the stage and lead in the resolution of issues between disputing parties who are confined to their rooms because of the ban on international travels.

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