Arbitration in Lagos
The Arbitration in Lagos Project is a joint project between LACIAC and the LCA. It follows the 3Es mantra. The Project looks to ensure that international and domestic arbitrations conducted in Lagos will be done so:
- In an EFFICIENT manner
- In an EXPEDITIOUS manner, and
- With EQUITABLE procedures and outcomes
Efficient Arbitration Stakeholder engagement is going to be one of the major aspects of our strategy. LACIAC has worked hard to draft institutional rules, which provide the necessary structure for the efficient conduct of arbitral proceedings and mediation. Looking at the bigger picture and moving forward we will be looking to engage with corporate bodies and counsel to ascertain what concerns and improvements can be tackled on a wider scale in order to make arbitration more effective. It is hoped that lessons learnt from such engagement will be implemented in the form of practical rules, which, with the right support and backing, would in time lead to a change in the landscape and capacity growth.
Expeditious Arbitration In order to ensure arbitrations are processed in an expeditious manner, in circumstances where a court referral is necessary, there is need for engagement with both the legislature and the judiciary. This is one of the objects of the Arbitration in Lagos Project.
Equitable Procedures and Outcomes LACIAC’s Rules of Arbitration 2015 establish a structure adapted to ensure as far as the equity of both the procedures and outcomes of disputes resolved with LACIAC. Nigeria became a signatory to the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (New York Convention). As such, Nigeria enforces foreign arbitral awards of a commercial nature made within the territory of another contracting state. On the basis of reciprocity, local awards are likely to be recognised in other signatory states to the New York Convention. The Arbitration in Lagos Project looks to, amongst other things, address the ease and time in which it takes to enforce arbitral awards domestically, and ensure the sanctity of the award.
To find out more about the Arbitration in Lagos Project please email email@example.com