The slow pace of Nigeria’s judicial process is a major problem discouraging foreign investors and hindering the country’s much-needed economic growth, according to Oluronke Adeyemi, a Senior Advocate of Nigeria (SAN) and President of the Kwara Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA).
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Speaking to journalists in Ilorin over the weekend, Adeyemi said the sluggish court system is causing big businesses from other parts of the world to be “very resistant” to investing in Nigeria.
“When they know that your judicial process is very slow, big businesses from other parts of the world will be very resistant to come, because they know that if there is any breach of contract and then you go to court, they’ll be there for several years, so they wouldn’t want to come,” she explained.
Adeyemi commended the efforts of Chief Justice Kudirat Motonmori Olatokunbo Kekere-Ekun to reform the judiciary and expedite the legal process. However, she urged businesses to consider arbitration as an alternative dispute resolution mechanism to avoid lengthy court battles.
“We have developed arbitration in Nigeria process so that you don’t need to take matters to court when you are entering into a business agreement with somebody,” Adeyemi said. “You can insert an arbitration clause whereby if any party is aggrieved or displeased with the other, we will not go to court until we have done arbitration.”
She noted that some states, including Kwara, have established special commercial courts to handle business disputes more efficiently. Kwara recently launched a small claims court for cases involving less than 10 million Naira, with plans for a high court to deal with larger commercial matters.
Adeyemi also advocated for transferring the responsibility for administering mining and natural resource exploration from the federal government’s Exclusive Legislative list to the states.
“I firmly believe that it would have been easier and better for states to be in control of their mineral resources,” she said. “Not only for financial reasons but also for safety reasons, people can’t just go to Abuja to get a permit and come into the states to mine without the state having little or no say in such situations.”
She cited the environmental impact of oil spills on Niger Delta communities as an example of the need for greater state involvement and oversight.
Adeyemi, KWACCIMA’s first female president, announced that the organization is preparing to hold its 11th trade fair in Ilorin from December 6-16. She assured that security and logistics are being coordinated with relevant agencies and authorities to ensure a successful event.
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