September 24, 2022

KAPEB.COM

my web blog

Maritime arbitrators urge stakeholders to address trade disputes

The Maritime Arbitrators Association of Nigeria has highlighted the importance of the Alternative Dispute Resolution in resolving trade disputes.

In a statement, the President of MAAN, Mr Bodunrin Adewole, said that adopting ADR would help in the promotion and sustainability of effective and efficient business relationships among stakeholders, port users, cargo owners and ship owners in the Nigerian maritime sector.

Adewole also restated the commitment of MAAN to the promotion and sustainability of international best practices in maritime arbitration and ADR through the creation and establishment of an International Maritime Arbitration and Dispute Resolution Centre in Lagos.

He also urged parastatals under the Federal Ministry of Transportation, especially Nigerian Shippers Council, Nigerian Maritime Administration and Safety Agency, and Nigerian Port Authority, to also apply ADR in their agreements, adding that ADR was a cheaper and faster way of dispute resolutions.

“The establishment of the International Arbitration Centre would further promote Nigeria as an attractive venue for settlement of maritime disputes through arbitration and ADR in West Africa. It is expected that when put in place, the International Arbitration Centre would actually benefit the Federal Ministry of Transportation with all its existing contacts especially as it concerns disputes arising from execution of contracts.”

Adewole further said that the group, through its collaboration with stakeholders, was committed to the promotion and sustainability of international best practices in maritime arbitration and ADR.

The statement also quoted the Vice President of the association, Mrs Jean Chiazor Anishere, a Senior Advocate of Nigeria, to have said that the association had led the drive to promote resolution of maritime disputes.

See also  Nigeria eyes OECD membership to boost seeds export

“Since its inception in 2005, MAAN in collaboration with various stakeholders in the maritime industry in Nigeria, has led the drive to promote the resolution of maritime disputes through arbitration, mediation and all other ADR mechanisms and the Association is set to undertake more programmes and initiatives in the coming years.

“MAAN, in collaboration with the major stakeholders in the maritime sector, is committed to the creation and establishment of a Maritime Arbitration and Dispute Resolution Centre in Nigeria,” the press statement read.