• Friday, March 29, 2024
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Abuja Chamber Arbitration Centre to address concerns of over $5bn loss on commercial case

Abuja Chamber Arbitration Centre

The Abuja Chamber of Commerce Dispute Resolution Centre, on Thursday said it is poised to address concerns of lingering commercial litigation which hinder businesses in the country, with losses due to litigation currently put at over $5bn.

The Dispute Resolution Centre said it is willing to address commercial disputes as a way to support government’s effort on ease of doing business.

Adetokunbo Kayode, the ‎President of the Abuja Chamber of Commerce and Industry (ACCI) who is also a former Attorney-General of the Federation and the Minister of Justice, said the chamber is poised to ensure commercial litigation issues are quickly resolved.

Speaking at the sensitisation workshop for members of the centre, Kayode said, “What we are doing is in line with the International Chamber of Commerce (ICC) rules which encourage arbitration in commercial dispute settlements. I hope you know that even our own federal high courts here also encourage out of court settlements and arbitration.”

He further said,”It is time saving and cost saving and it is enforcable. The Attorney-General of the Federation and the Minister of Justice-has approved our centre in writing. Also the Chief Justice of the Federation was represented by the National Industrial Court.”

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‎He added, “We have set a target of 90 days to dispense with arbitration issues, which is in line with the government’s ease of doing business drive.”

‎He pointed out that commercial disputes could be presented to the arbitration ,adding that, “Under our process, we are looking at a maximum of 90 days in settling a dispute. ‎”

“I’m worried because I have seen several of arbitration between local firms and international firms being settled in London. I believe we are on the right course and we have gotten all the approvals to sensitise all the government ‎agencies to key into our programme and vision,” he said.

 

HARRISON EDEH, ABUJA