The Chairman, Chartered Institute of Arbitration (CIArb), Nigeria branch, Mr. Olatunde Busari, SAN, has appealed to micro, small and medium scale enterprises to take advantage of the accelerated dispute resolution service offered by the CIArb.
He said this is because of the delay experienced in the resolution of cases in the regular courts.
Busari spoke in Lagos at the launch of the CIArb Nigeria Branch/LCA Joint Expedited ADR-MSME Scheme and the signing of a Memorandum of Understanding (MoU) between both organizations.
He said the scheme was intended to provide simple, cost-effective and timely resolution of disputes within stipulated strict timelines (within 15-60 days) and was applicable to resolution of disputes with monetary value from N250,000:00 (two hundred and fifty thousand Naira) to N10,000,000 (ten million Naira), using either mediation or arbitration for a final enforceable decision on their matters.
The President of Lagos Court of Arbitration, Dr. Wale Olawoyin, SAN, expressing joy at the signing of the MOU, said the ceremony signified the beginning of a collaboration between LCA/CIArb, which would lead to more experience.