The Abuja Chambers of Commerce and Industry (ACCI) says Alternative Dispute Resolution (ADR) offers faster and cheaper options for settling business disputes, thereby, helping companies avoid lengthy litigation and financial losses.
Mrs Hauwa Usman, Registrar General, Nigerian Chamber of Commerce Dispute Resolution Centre (ACCI, NCC-DRC), disclosed this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.
Usman said dispute resolution was critical for businesses because time directly affected profitability, noting that conventional litigation could take between three and five years before disputes were resolved in court, depending on the case.
She said that such delay often affected business operations and reduce productivity.
She said that the chamber’s main mandate was to promote economic and commercial development within and outside the country.
“With the development of the chamber movement in the country, it was discovered that one of the major challenges faced by businesses was the inability to resolve commercial disputes and restore pre-dispute relationships
“It was in this regard that the chamber established a Dispute Resolution Centre in 2017, so that parties can have access to alternative mechanisms for resolution of commercial disputes,” she said.
Usman said the DRC was a specialised dispute resolution institution.
She said that it was mandated to provide efficient, neutral, and business-oriented dispute resolution mechanisms for resolution of commercial disputes in Nigeria and across borders.
“The NCC-DRC is mandated to promote the use of alternative dispute resolution mechanisms, including arbitration, mediation, and conciliation, provide timely and cost-effective dispute resolution services for businesses and investors.
“The centre supports dispute prevention and risk management through training and advisory services, enhance access to justice for businesses, particularly small and medium-sized enterprises.
“It also contributes to the development of a credible and investor-friendly business environment.
“It also provides quicker options for settling disputes, and allows parties to sit together, identify their interests and seek mutually acceptable solutions.”
Usman said that disputes could be resolved through mediation within six weeks or two months in many cases, adding that some disputes could even be settled within one or two sittings depending on circumstances.
He said that in some instances, disputes could be settled before the time it takes to complete court filing processes, emphasising that the ADR was an effective mechanism for resolving commercial disputes.
The registrar-general also highlighted the cost efficiency of the process for businesses, adding that the NCC-DRC was established to provide affordable dispute resolution services.
She advised businesses, especially women entrepreneurs, to explore amicable settlement of disputes, while noting that many commercial disagreements could be resolved through dialogue.
She said that ADR remained efficient, less time-consuming and more satisfactory for parties involved, adding that the centre would continue to sensitise businesses and the public on the importance of the ADR.
She said that continuous awareness was
necessary to encourage wider adoption among businesses.
