• Wednesday, May 22, 2024
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BusinessDay

Stakeholders say ADR bill will trigger capital flight

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Stakeholders in arbitration have objected to the proposed National Alternative Dispute Resolution Regulatory Commission Bill 2011, saying it would cause capital flight.

Other negative impacts of the bill, according to them, include needless and monumental charge of billions of naira on the public revenue, invasion of private citizen’s autonomous rights, negative impact on the international image of Alternative Dispute Resolution (ADR), restriction by accreditation of the ability to practice ADR, disregard for the nature of ADR, among others.

They also objected to the bill for the establishment, composition, functions and powers of the office of the Nigerian Financial Ombudsman.

Addressing journalists in Lagos, Olasupo Shasore, chairman NBA-SBL Committee on Arbitration and ADR, said, “We as a cross section of stakeholders, users, consumers, practitioners, members of the public and citizens of the Federal Republic of Nigeria object to the attempted incursion into private rights and reported attempt to deplete the resources of the public treasury in a needless and unconstitutional bill named National Alternative Dispute Resolution Regulatory Commission Bill 2011”. 

HOPE MOSES-ASHIKE