Grandmasters of data, Globacom, have declared that arbitration remains the best means of resolving disputes among business parties.
Oraekwuotu said the company was committed to promoting arbitration in Africa because of its inherent benefits. He added that the company was also promoting the use of local arbitrators as a way of building local capacity in the field.
“In all the countries where we have operations on the West African coast, whenever any dispute arises between us and our broad spectrum of partners, as is it is wont to happen in a business environment, it is our policy to engage local arbitrators in the respective countries to help achieve a resolution agreeable to all parties,” he said.
The panel discussion was centered on the need to institute arbitration processes and judicial policies to encourage investors to choose arbitration instead of litigations.
The president of the International Court of Arbitration, Mr. Alexis Mourre, described the First Africa Regional Arbitration Conference of the International Chamber of Commerce as the most successful of all such conferences on five continents, especially considering the level of participation.
Mr. Mourre called for more diversity in the global community of arbitrators, adding that over 70 percent of all arbitrators were of Western Europe or North American origins.
The President of Nigerian Bar Association (NBA) Mr. Augustine Alegeh (SAN), who also spoke at the conference, said arbitration could help Nigeria to decongest the courts as many cases ought not to go to litigation if arbitration was given its due recognition. He expressed confidence that the conference would help expand the frontiers of knowledge on arbitration in Africa.
The Chairperson of the Planning Committee of the conference, Mrs. Dorothy Udeme Ufot (SAN), expressed gratitude to Globacom and other sponsors of the event, saying their support would help boost the profile of Nigeria in the global community of arbitrators.
Addressing delegates at the Gala Night held later, Executive Director, Legal Services, Globacom, Mrs. Gladys Talabi, said the company was delighted to sponsor the conference as part of its contribution to growing expertise in arbitration on the African continent.
She restated the company’s commitment to promoting local capacity in all aspects of the economy.