Senator Opeyemi Bamidele has called on Nigerians to imbibe the culture of using arbitration to settle all their business dispute resolutions.The lawmaker, who is a lawyer, said it is necessary because arbitration is usually faster, simpler, more efficient and more flexible than litigation.He said arbitration would give opportunity for commercial men and women to renew their friendship where their differences are settled in a friendly way, congenial and business-like atmosphere.
“Recently, the practice of arbitration as a means of settlement is gaining grounds not only among the lawyers, but among other professionals such as accountants, insurance practitioners, architects, quantity surveyors, engineers, among others,” he said during the 40th anniversary and annual conference of Nigeria Institute of Chartered Arbitrators held in Lagos with the title: “Building a Culture of Arbitration and Sustainable Institutions in West Africa.
The Attorney General of the Federation, and Minister of Justice, Mr. Abubakar Malami , represented by Mr. Enoch Simon, felicitated with the Nigerian Institute of Chartered Arbitrators and implored the Institute to continue to be at the vanguard of arbitration training and development in the country. The registrar of the institute, Mrs.
The problem is not with arbitration which is being used, it is with enforcement. What is the point of going through arbitration if one party will run to court to challenge the arbitral award? and then the whole litigation process begins which was what the parties hoped to avoid