13 October 2020 by Victoria ABAH
The Attorney-General of the Federation and Minister of Justice, Abubakar
Malami, has charged the newly inaugurated members of the National Arbitration Policy Committee to come up with a comprehensive policy
that will, among other things, ensure that domestic transactions
originating and terminating in Nigeria are arbitrated in the country.
This is contained in a statement issued by Dr. Umar Jibrilu Gwandu,
Special Assistant on Media to the AGF and made available to newsmen in Abuja.
According to the statement the Minister spoke at the virtual inaugural meeting of the Committee for the Development of a National Policy on Arbitration in Nigeria.
Malami said the proposed National Policy would also provide for
sanctions against public officers who do not act in the national
interest in the conduct of their official assignments.
He said the P&ID case has raised concerns on the impact of arbitral
cases and awards against the country leading to calls for the
development of a National Policy on Arbitration to guide the arbitral
process and agreements in Nigeria.
According to the Minister, the objectives of the proposed policy
include protecting Nigeria’s economy, ensuring that transactions
originating and terminating in Nigeria are arbitrated in Nigeria.
The Committee was mandated to review the current laws and policies on Arbitration in Nigeria, proffer advice on a new national Arbitration
Policy, draft an Executive Order to support the application of the new
Arbitration Policy across government agencies, develop an
implementation plan; and advise on the required infrastructure for
setting up a world standard Arbitration Center in Lagos and Abuja.
Members of the Committee comprises of representatives from Federal Ministry of
Finance, Budget and National Planning, Nigerian National Petroleum Cooperation (NNPC), Central Bank of Nigeria (CBN), and representatives
of the Federal Ministry of Justice Regional Center for Arbitration, amongst others.