The Maritime Arbitrators Association of Nigeria (MAAN) has said that vibrant national maritime arbitration system will attract quality investors to the industry and fast-track its development.
The President of the association, Dr Omogbai Omo-Eboh, said this in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos.
Omo-Eboh said that the association adopted the strategy, as arbitration offered desired solutions and confidentiality in maritime disputes for parties in dispute.
According to him, maritime regulators and operators need a lot of enlightenment and advocacy to encourage people to tap into the arbitration dispute mechanism.
“There is still a lot of information dissemination we need to do to encourage people and to let them know that these are the things we do and how they can benefit from it in the maritime industry. So, towards that advocacy and enlightenment campaign, we usually organise an annual seminar called the ‘Practical Maritime Dispute Resolution’ Seminar.
“In addition to that, every year as well, we always organise a maritime arbitration workshop as part of objectives to enlighten the public and to demonstrate the practical aspect of how maritime arbitration works. One of the major attractions of arbitration and what is central and cardinal to arbitration is that it is confidential.
“When you go to the court, you bring your disputes into the public domain, into public glare. Whereas with arbitration, it is very confidential, it is between the parties, their counsel or representatives, and the arbitrator or the arbitrators,” he said.
Omo-Eboh said a workable dispute settlement mechanism will increase the confidence level in the industry.
He said that numerous investors consider industrial dispute resolution seriously, as it engendered confidence and protection of investments. Omo-Eboh stated that the association was working to ensure that more people utilise the facilities available for arbitration.
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.