Arbitration Reform Key to Business Growth, Says Etiaba
Folalumi Alaran in Abuja
Senior Advocate of Nigeria, Emeka Etiaba, has called for urgent reforms in Nigeria’s arbitration system to restore confidence in alternative dispute resolution and enhance the country’s business recovery and insolvency framework.
He made the remarks in Abuja when the President of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Mr. Chimezie Ihekweazu, led a delegation of the association on a courtesy visit to his firm yesterday in Abuja.
Etiaba expressed concern over the way arbitral awards are frequently subjected to prolonged litigation, describing arbitration in Nigeria as not what it should be.
He noted the process often becomes a waste of time when losing parties challenge the registration of properly rendered arbitral awards in court.
“When people embark on arbitration and they lose, they suddenly realize they can commence legal action challenging the registration of arbitral awards.
You find some courts refusing to register awards that were properly arrived at, and then litigation begins again from the High Court to the Supreme Court. You ask yourself, is it worth it?” Etiaba lamented.
He however acknowledged that arbitration remains a vital mechanism for resolving commercial disputes efficiently, adding that it offers a faster, less technical, and more affordable alternative to traditional court processes.
“If one really thinks deep, one should know that arbitration is the way forward because parties choose their jurisdiction and agree to avoid the rigors of litigation. It allows for a smoother and more seamless process,” he said.
Etiaba urged policymakers and the judiciary to strengthen the enforcement of arbitral awards and consider legislative reforms that would limit appeals or challenges to such awards.
“We can take a cue from the proposal to stop some cases at the Court of Appeal. The same approach can apply to arbitration. Once an arbitral award is given, it should be registered and executed without unnecessary delay,” he added.
Earlier, BRIPAN President Chimezie Ihekweazu commended Etiaba for his longstanding support to the association and the development of insolvency practice in Nigeria.
He recalled that Etiaba was instrumental in hosting BRIPAN’s first major event outside Lagos and has continued to contribute to its initiatives and programs.
Ihekweazu also emphasized the link between arbitration and insolvency practice, noting that both fields require reform and professionalism to ensure efficient resolution of business disputes and promote corporate rescue and restructuring.
“We are fostering collaboration with key practitioners like Mr. Etiaba to strengthen Nigeria’s insolvency and arbitration regimes, ensuring they serve not only creditors but also support the survival and recovery of distressed businesses,” he stated.
