The Arbitration and Conciliation Act, 2004 (Repeal and Re-enactment) was in March 2017, introduced to the Senate by Senator Emmanuel Andy Uba, and was passed in February 2018 and is presently before the House of Representatives. Professor Amasike said early passage of the Bill, which he traced to the time of Prince Bola Ajiobola as Attorney General of the Federation, will help build confidence that Nigeria is conforming to international best practices in arbitration and ease of doing business, which will boost the country’s economy. “No investor would come if they are not sure of the type of arbitration and conciliation in the country,” he said. The former chief judge of the Federal Government Tax Appeal Court said when the Bill becomes an Act, it will help position Nigeria as a seat of arbitration, thereby saving huge costs incurred by contractual clauses, which fixes other jurisdictions as seats of arbitration. Professor Amadike, who is the Chairman of the International Dispute Resolution Institute (IDRI), said the world is moving away from litigation, which is only one way of resolving disputes to modern ways such as the Alternative Dispute Resolution (ADR). Explaining the benefits of arbitration, the professor of law and arbitration said apart from civil transactions, arbitration can also be applied in criminal matters through plea bargaining and compounding of offences to the benefit of the state and parties, among others. Speaking on the forthcoming 50th anniversary of the United Nations Commission on Trade Law (UNCITRAL) to be hosted by Nigeria between June 13 and 14, he said the event, to be declared open by Vice President Yemi Osinbajo, will boost Nigeria’s image in international trade and investment standards and will be attended by representatives from158 countries, which are signatories to the New York Convention on international trade. ]]>

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