LCCI creates Alternative Dispute Resolution Centre

The Lagos Chamber of Commerce and Industry has created an Alternative Dispute Resolution centre to fast track commercial disputes resolution in the country.
Nike Akande, the President, LCCI, made the disclosure during the launch of the Lagos Chamber of Commerce International Arbitration Centre in Lagos on Monday.
Akande said the chamber acknowledged the adverse and disruptive impact of disputes on projects and transactions and the need for an efficient system to resolve commercial and regulatory disputes.
According to her, settling commercial disputes through the courts processes can be frustrating, tortuous and time consuming, necessitating the need for an effective mechanism for enforcing commercial obligations.
She said that the centre’s philosophy was that effective disputes management was best achieved through a holistic agenda; engaging commercial entities, legislators, lawyers, judges, regulators and arbitral institutions.
Babatunde Fagbohunlu (SAN), Chairman, LACIAC, said that the centre would focus on the provision of innovative dispute management solutions, while assisting businesses in resolution and management of disputes.
Fagbohunlu said that the centre would administer its role through the Commercial Disputes Management Network an initiative of the chamber.
Fagbohunlu said: “CDM-NET brings together law firms and in-house legal counsel with a shared vision of transforming commercial and regulatory dispute management and resolution in African countries.”
He said that LACIAC would offer a transparent, cost effective and reliable forum that alleviated unnecessary burdens in commercial disputes management and resolution.
According to him, the centre would also build capacity in dispute management and resolution through training and promoting reform of African constitutions, laws and institutions.
The Chief Judge of Lagos State, Justice Olufunmilayo Atilade, restated the use of ADR in the state for speedy dispensation of justice, adding that the state had fast tracked rules that expedite resolution of commercial disputes.
Atilade expressed her commitment to the vision of the centre and pledged her support for collaboration towards achieving an efficient, effective and sustainable commercial dispute resolution system in the state.