Leading arbitration practitioners in Nigeria have called for a significant change in attitude towards accountability and integrity within the practice of arbitration.
This was disclosed at the 2023 yearly dinner of the Arbitration Committee of the International Law Association (ILA) Nigeria, held in Lagos State. The event themed, ‘International Arbitration: Putting Our House in Order’, brought together leading experts to reflect on the current state of arbitration in Nigeria.
The event was attended by a former Justice of the Supreme Court of Nigeria, Justice Olabode Rhodes-Vivour; the Attorney General of Lagos State, Mr. Lawal Pedro (SAN); the Attorney General of Oyo State, Mr. Biodun Aikomo; immediate past Chairperson of the Arbitration Committee of the ILA, Mrs. Doyin Rhodes-Vivour (SAN); Folashade Alli (SAN); Mr. Musa Sanusi (SAN) and Mrs. Jean Chiazor Anichere (SAN) amongst other eminent speakers.
In his opening remark, the President of the ILA, Nigerian Branch, Prof Damilola Olawuyi (SAN), commended the efforts of the Arbitration Committee in spearheading change within the Nigerian arbitration landscape.
The frontline international law expert stressed the importance of aligning arbitration practices in Nigeria with international standards and best practices, as it serves as a crucial platform for resolving international commercial disputes.
The chairman of the Arbitration Committee, Mr. Tolulope Aderemi, lamented the decline in the reputation of arbitration practitioners and emphasised the need for a universal code of ethics.
Aderemi proposed the idea of practitioners having accountability partners to ensure adherence to ethical standards. He dispelled the notion that Nigerian arbitrators are incompetent, highlighting the presence of experienced and diligent professionals with impeccable character.
He admonished stakeholders to hold themselves to high standards and be accountable to one another. Aderemi expressed concerns about the increasing number of arbitration-related appeals reaching the Supreme Court, noting that a reconsideration of such appeals on weak grounds hinder Nigeria’s potential as a preferred foreign investment destination.
He, therefore, called for the imposition of strict penalties on those who violate the industry’s ethics. Mr. Babatunde Fagbohunlu (SAN), while delivering keynote address focused on the challenges faced by African arbitrators in accessing the global arbitration market and the significant arbitral awards against the Nigerian government. He emphasised the need for Nigerian arbitrators to equip themselves for global opportunities.
The eminent arbitrator further explained the importance of supporting the judiciary in enforcing arbitration agreements and awards by acting as amicus curiae in related cases.
