‘About 80% of commercial disputes in courts can be reduced through arbitration’

About 80 percent of commercial and civil cases at Federal High courts across the country, some of which have lasted several years with their at- tendant frustrations on busi- ness, will be reduced if the dispute parties embrace ar- bitration and media centres.

Arbitration, which is a global practice and has gained root in some foreign coun- tries, “is a powerful resolution tool that has not achieved the adequate recognition in Ni- geria,” Olisa Agbakoba, legal practitioner, told BusinessDay Tuesday in Lagos.

Unveiling his new ex- panded office for Arbitration and Mediation Centre at 10, Ilabere Avenue, Ikoyi, Lagos, the former Nigeria Bar Asso- ciation (NBA) president, said “there is nothing in com- mercial dispute that cannot be resolved by arbitration.”

Speaking on the back- ground that several litiga- tions have stayed in courts for years, a development
that have delayed business actions, Agbakoba believes that “arbitration should be seen as first choice in dis- pute resolution.

“As responsible commer- cial lawyers, Olisa Agbakoba Legal (OAL) understands that clients now try to avoid litigation as a first option in resolution of commercial dispute.

Companies and pri- vate individuals now require new ways to circumvent the slow judicial process and encourage accelerated and quick resolution of disputes.

The firm became one of the foremost law firms in Nigeria to introduce law firm annexed ADR Centre, a destination where disputes are amicably resolved out of court and to the satisfac- tion of clients’ commercial exigencies.”

Also speaking at the un- veiling of the expanded ADR, the centre director, Priscilla Ogwemoh said the objective was to satisfy its clientele and interested public, saying “the beautifully designed office and its new location depict taste for serenity, accessibility and exclusivity.”

DANIEL OBI