The National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) today signed a formal Memorandum of Understanding with the Abuja Chamber of Commerce for the establishment of a National Centre for Commercial Dispute Resolution (NCCRS) through the adoption of the Abuja Chamber of Commerce Dispute Resolution Centre (ACCI DRC) as the national centre.
The first Deputy President ACCI who is also the Chairman, ACCI DRC governing council, Chief Emeka Obegolu signed on behalf of ACCI while the President, NACCIMA, Hajia Saratu Iya Aliyu signed for NACCIMA.
Going by this MoU, the ACCI DRC is to now serve as the National Centre for Commercial Dispute Resolution.
The Dispute Resolution Centre was established to resolve disputes arising from commercial activities, labour, employment, industrial relations, workplace disputes etc, between parties through Mediation, Arbitration and other ADR mechanisms. The idea is to help parties especially small and medium scale enterprises to resolve disputes amicably and avoid hazards attributed to involving law enforcement agents and law courts, with consequential aim of avoiding unnecessary expenses and maintaining pre-dispute business relations.
This unprecedented development will no doubt increase the efforts of the organized private sector in supporting economic development in the country.
(Cambridge University Press, January, 2021) By Professor Damilola S. Olawuyi, SAN, FCIArb, Professor of Law and Deputy Vice-Chancellor, Afe Babalola University, Ado Ekiti
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