Chairman of International Chambers of Commerce Nigeria, (ICCN), Arbitration Commission and a Senior Advocate of Nigeria, Mrs. Dorothy Ufot, has asserted that Nigeria and other African countries are losing over $300 billion annually through resolution of trade and business disputes abroad.
Mrs. Ufot spoke while addressing reporters in Lagos on the forthcoming 6th International Chamber of Commerce (ICC) Regional Arbitration Conference slated for June.
She claimed that with African countries being attractive to foreign investors, resolution of disputes arising from business transactions abroad is denying the continent huge sums that could be earned in foreign exchange.
According to her, Nigeria has enough chartered arbitrators and judges who could handle such cases.
She said: “Africa is a huge continent and very attractive destination to investors. Investors come with the mindset of not wanting to subject themselves to local courts but international arbitration if dispute arises. We want the resolution of business disputes to be done in Africa. Before such matters are taken to Paris, New York or London.
“The benefits of resolving such disputes here are many. It will boost business for hotels, local lawyers among others. In Nigeria, we have many qualified hands who can arbitrate in such disputes, people who are eminently qualified.
“Nigeria has been hosting this Africa Regional Arbitration Conference for the past six years. The huge success recorded during the maiden meeting made the leadership of the ICC Court of Arbitration to say we should continue to hold the event here in Nigeria.”
The theme of the conference is: “African Arbitration: Consolidation and Transformation.”
Mrs. Ufot said the forthcoming conference would have no fewer than 60 speakers, including the President of the ICC Court of Arbitration; the Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala and the Senate President Ahmed Lawan.
On the enforcement of decision by an Arbitration Panel, Ufot said international convention signed by nations globally has taken care of that.
“We know some people can be recalcitrant and may be reluctant to obey the decisions of an Arbitration Panel, but the good thing is that a decision arrived at in Nigeria can be enforced anywhere in the world. However, we are calling for the setting up of special courts for arbitration in Nigeria to make things go faster,” she noted.
Also speaking, the Chairman of the Planning Committee, Prof. Gbolahan Elias, SAN, said the three-day event would also involve training young arbitrators and that experts from within and outside Africa would attend the event.
Elias said: “We want to build on the level of expertise we have already on the continent regarding arbitration and also prepare for the next decade. We also want to remind ourselves of the gains so far recorded.”
