Lagos Court of Arbitration holds first annual “LCA day” for members
The Lagos Court of Arbitration (LCA) held first annual “LCA Day” at the Metropolitan Club, 15 Kofo Abayomi Street, Victoria Island Lagos. This event was attended by the LCA board of directors, esteemed members, invited guests and was proudly sponsored by Ajumogobia & Okeke, KIA Motors and Epe Resorts & Spa.
The agenda for the day included the LCA Annual General Meeting (AGM), a lecture by Charles Adeyemi Candide-Johnson titled “Contracts are forever” and lunch.
To kick off the event, Megha Joshi (Executive Secretary/ CEO of the LCA), in her opening remarks, highlighted the purpose of the gathering, which included fulfilling statutory requirements to members in accordance to the LCA Law 2009, and to provide an interactive platform where the LCA and ADR can be discussed effectively.
The President of the LCA, Mr Olasupo Shasore SAN who was unavoidably absent, was ably represented by the immediate past president of the LCA, also known as the “Pioneer President”, Mr. Babajide Ogundipe FCIArb, who chaired the AGM. In addressing participants of the LCA Day, Mr Ogundipe provided an overview report of LCA’s activities from 2012 and 2013. This was preceded by a presentation and an independent assessment of the financial accounts of the LCA for 2012 and 2013. There were inputs and reactions from the general meeting, many of which centred on the needful steps that need to be taken in guiding the LCA along the right path in pursuit and fulfilment of its vision of becoming the preferred natural and neutral arbitral /ADR institution in Africa. Mr Ogundipe stated that “the LCA had made great strides in pursuing the objective to become a leading international centre of excellence for ADR services”.
The second part of the day was an ADR lecture presented by Mr. Adeyemi Charles Candide-Johnson, SAN titled “Contracts are forever”. He started off his discourse by highlighting the growing local and international business appeal of Nigeria, Lagos in particular to investment. Mr Candide-Johnson stated that businesses needed to be adequately prepared to fill the gap for commercial disputes that would arise as a result. This would entail having the requisite individuals and institutions (like LCA), knowledgeable about the business environment and the ADR clauses best suited to ensure fast and efficient resolution of disputes, while preserving business relationships is advisable. This in turn will create value for the Nigerian Private and public sectors.
He went on to point out that there was a seemingly lack of adherence to contracts especially business oriented ones. This is a sharp contrast to the primitive cultural orientations and backgrounds, where the fulfilment of promises was commonplace and indeed, the first law of nature. In conclusion, Mr. Candide-Johnson SAN stated that for ‘contracts to last forever’, cultural applications to contracts was crucial.
The talk was followed by an interactive session during which some participants offered contributions while others sought clarifications on the subject matter. Ms Joshi made a summation about the points highlighted by the speaker; while also citing the example of the endorsement of international oil and gas major companies who are using the LCA for all its contract disputes up to a certain value. MS Joshi stated: “The future is very bright for the LCA; next year we will be opening the doors of our purpose built headquarters in Lekki and we will be rolling out ‘industry specific’ dispute resolution schemes. There will be much more synergy between the different ADR organisations operating in Lagos”.
The maiden edition of the LCA Dispute Resolution Journal (DRJ) was officially launched at the LCA Day. DRJ is devoted to topical issues promoting the effective practice of dispute resolution within and outside Nigeria. It seeks to expressly solicit a diversity of opinions on the subject matter of dispute resolution, with a view to framing and encouraging public debate and awareness. The journal is complimentary for all LCA Members.
Though formed as a public sector initiative through the Lagos Court of Arbitration Law 2009, the LCA is, in fact, a private sector driven institution, independent of regulation, direction or control by any branch of government. This unique structure and positioning allows the LCA to be a viable hub for arbitration and mediation services, and vanguard for alternative dispute resolution (ADR) for the region.
The LCA currently has 150 members comprised of lawyers, arbitrators, mediators, experts, academics, entrepreneurs, law firms, and commercial and trading organisations – and is steadily growing!
“LCA Day” is an opportunity for the members to network, share knowledge and experiences, and absorb ADR-relevant information.