By Adeyinka Adeniran
A legal luminary and Senior Advocate of Nigeria, Olatunde Busari has called for the strengthening of the court of arbitration in the country for an improved internally generated revenue.
He made the call during his keynote lecture at the ongoing 15th Annual General Conference of the Muslim Lawyers Association of Nigeria (MULAN) at the International Conference Centre, University of Ibadan on Friday.
Busari who is the immediate past President of the Chartered Institute of Arbitrators (UK) Nigerian branch, said the establishment of an arbitration-friendly environment in Nigeria will catalyze economic development.
According to him, the failure of arbitration in the country has added to further decline in the number of investors in the country, insisting that the country must give room for arbitration to thrive, which will help to decongest cases on commercial disputes pending in court to be addressed in no time.
He stressed that the measure will also repose confidence in the foreign and local investors in funding their businesses in the country
Busari emphasized the significance of fostering a conducive atmosphere for arbitration in Nigeria, highlighting its potential to bolster national progress.
“Arbitration can thrive in Nigeria if it is practiced the way it should be. You will find out that the same delay techniques that lawyers use in traditional courts are being brought into arbitration. That is what we are fighting against, ensuring that many lawyers and judges are trained in arbitration procedures. If a matter that should not be in court comes to court, the judge should refer it to arbitration,” Busari stated.
He further addressed the challenge of arbitration being perceived as a precursor to litigation, stating, “the bigger issue arises when you obtain your final award. Arbitration is now perceived as a precursor to litigation, undermining its time and cost effectiveness.
“As many lawyers as possible should be trained in arbitration. When an award is obtained, if anybody wants to initiate court action against it, they should know when to decline. If Nigeria becomes arbitration-friendly, more investment will flow in because investors will trust that the judicial system supports arbitration. This will lead to increased use of arbitration as an alternative to litigation, fostering trade and commerce.”
Attorney General of the Federation, Prince Lateef Fagbemi, SAN who was represented by a former Attorney-General of Oyo State, Mutalubi Ojo Adebayo (SAN), said, “It is imperative for Nigeria to embrace arbitration. By prioritizing arbitration and ensuring proper training for legal professionals, we can enhance our legal system and provide a more efficient mechanism for resolving disputes.”
Earlier in his welcome address, MULAN National President, Dr. Kazeem Olaniyan, echoed Busari’s sentiments, saying, “The integration of arbitration into our legal framework is essential for the advancement of our nation. By embracing arbitration, we can expedite dispute resolution processes and create a more conducive environment for the National development”
Present at the event were notable professionals, including the Chairman of the event, Professor Wahab Egbewole, the Vice Chancellor of the University of Ilorin.
