ASSESSING THE DANGERS OF UNREGULATED PRACTICE OF ARBITRATION AND OTHER ALTERNATIVE DISPUTE RESOLUTION MECHANISMS IN NIGERIA

Abstract

This Paper examines the state of practice of arbitration and other alternative dispute resolution (ADR) mechanisms in Nigeria. It states the advantages and disadvantages of arbitration and other ADR processes over litigation as a dispute settlement mechanism. It discusses the dangers of unregulated practice of arbitration and other forms of ADR in Nigeria. The Paper concludes that though arbitration and other ADR methods are effective in resolving commercial disputes, the absence of ADR-specific law and central regulatory body in Nigeria impedes the full realisation of the benefits of arbitration and other ADR mechanisms in Nigeria. It, therefore, recommends, inter alia, that the National Assembly of the Federal Republic of Nigeria enact an Act to regulate the practice and practitioners of arbitration and other ADR mechanisms in Nigeria. For comparative analysis, the Paper examines the position in Ghana. Doctrinal and empirical methods of research are used in gathering and scientifically analysing relevant statutes, judicial authorities, learned articles and textbooks, and interviews. Personal experiences, also, play a role in the research.