P&ID Case: Create National Arbitration Policy, Agbakoba Tells Buhari

Following the recent enforcement order of $9.6billion judgment made against Nigeria by an English High Court, a former President of the Nigerian Bar Association, Mr. Olisa Agbakoba, (SAN), has advised President Muhammadu Buhari to issue an Executive Order for the establishment of a National Arbitration Policy.

Agbakoba in a letter titled ‘Need for an Executive Order on a National Arbitration Policy,’ and addressed to Buhari, said this was important in order to forestall P&ID-like situations in the future.

He said had the federal government heeded the advice to establish a National Arbitration Policy over the years, the P&ID imbroglio would not have arisen.

The senior lawyer argued that creating national arbitration policy in the country would ensure that Nigeria’s interests are protected in its commercial relationships with foreign investors.

He noted that the $9.6 billion judgment would have been avoidable if the advocacy for a National Arbitration Policy had been embraced over 20 years ago.

The learned silk noted that the policy when established would foster the growth and development of the economy so as to reduce expenses used to employ foreign arbitrators to resolve disputes within.

He lamented as situation where disputes arising from commercial transactions in Nigeria are taken outside the country where they are arbitrated.

He stressed that the national arbitration policy would promote national interest by ensuring that the resolution of disputes between Nigeria and foreign investors in relation to government contracts will be determined by institutional arbitration mechanisms, which will have the seat of arbitration in Nigeria.

Agbakoba added that some countries which enacted national arbitration policies, are already enjoying the policies.