The Nigerian Institute of Chartered Arbitrators (NICArb) has called for a shift toward data-driven institutional arbitration in Nigeria. It said that the lack of proper records on disputes had undermined the nation’s credibility in international arbitration and discouraged investors.
Registrar and Chief Executive Officer (CEO) of the Institute, Shola John-Oshodi, who gave the charge yesterday, when she led a team, including Prof. Foluke Dada-Lawanson, Williams Idaho, Folashade Omotayo Awomolo-Enujiugha, Taiwo Ogbara, Any Omoloju and Stanley Chukwu, on a courtesy visit to Rutam House Head Office of The Guardian in Lagos, said that arbitration in Nigeria is conducted on an ad-hoc basis, leaving little or no data to analyse.
John-Oshodi said this prevents Nigeria from showcasing its progress in dispute resolution or measuring the scale of commercial conflicts resolved within its borders.
