Nigeria Should Be Seat Of Arbitration -Malami

–AGF Charges Ex-NBA President, Others On Policy Formulation

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, has charged the newly inaugurated members of the National Arbitration Policy Committee, which include a former President of the Nigerian Bar Association, on the need to “come out with a comprehensive policy that will, among other things, ensure that domestic transactions originating and terminating in Nigeria are arbitrated in the country.”

Malami made the call during the virtual inauguration of the committee, as contained in a statement on Tuesday, issued by the AGF’s spokesperson, Dr Umar Jibrilu Gwandu.

Malami stressed that the development of a National Policy on Arbitration in Nigeria would also provide the appropriate sanctions for public officials who worked against national interest.

“The P&ID case has raised concerns on the impact of arbitral cases and awards against the country leading to calls for the development of a National Policy on Arbitration to guide the arbitral process and agreements in Nigeria.

“Our goal is to create an arbitration hub in Africa and to ensure that Nigeria remains the venue of arbitration for transactions arising from Nigeria.

“It is expected that the National Arbitration policy will be applied in
respect of government contracts, such that arbitration agreements in respect of all disputes arising from governmental contracts, especially with foreign entities will have Nigeria as the seat of arbitration.

“It is also expected that the federal and state government agencies will adopt this policy to be applied to all agencies, which will encourage domestic arbitration and curtail the flight of arbitration to other countries,” he said.

Malami also held that the proposed policy would protect the economy of the country while opening a window of opportunity for legal practitioners.

“Other objectives were having the seats/venues of arbitrations in Nigeria thereby creating jobs for and maximally harnessing the talents of Nigerian lawyers who are specialized in Arbitration as well as
saving the country billions of dollars,” the statement partly read.

Furthermore, he urged the commitee to look at the existing arbitration laws and inject new ideas into them, thereby making the country a seat of arbitration.

The statement reads further:

“The Committee was mandated to review the current laws and policies on Arbitration in Nigeria, proffer advice on a new national Arbitration Policy, draft an Executive Order to support the application of the new Arbitration Policy across government agencies, develop an implementation plan; and advise on the required infrastructure for setting up a world standard Arbitration Center in Lagos and Abuja.

“Members of the Committee included, Dr OLISA AGBAKOBA, SAN, Abubakar B. Mahmoud, SAN, Prof C.J Amasike, of the International Dispute Resolution Institute (IDRI), Mr. Akin Sowemimo, Mr Lawal Hassan from the Federal Ministry of Power, Mrs. Halima L. Halilu from the Bureau of Public Enterprises.

“Other Members of the Committee included Wilfred Ikatari, The Director Regional Centre for International Commercial Arbitration, Mr G. Umar Andumar, Head of Legal, Nigerian Ports Authority, Chike Okoye Rep. of the Nigerian National Petroleum Corporation, the Minister of Budget and National Planning.

“The Committee also comprises representatives from Federal Ministry of Finance, Budget and National Planning, Nigerian National Petroleum Cooperation (NNPC), Central Bank of Nigeria (CBN), Nigeria Ports Authority (NPA), Ministry of Power, Ministry of Transport, Ministry of Works and Housing, Bureau for Private Enterprises, and representatives of the Federal Ministry of Justice Regional Center for Arbitration.”