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across al ternat ive dispute resolut ion BayO OjO & CO.
Established twenty six years ago, Bayo Ojo & Co. is a well-reputed Nigerian-based law firm offering a wide spectrum of services across the litigation, commercial law, intellectual property and arbitration sectors. Recognised both locally and internationally, Bayo Ojo & Co. can boast a considerable level of skill and experience in offering expert advice and guidance on the issue of alternative dispute resolution, and so here, Finance Monthly talks to the firm’s Principal Partner and former Attorney General of the Federation and Minister of Justice, Bayo Ojo, about this diverse and interesting legal issue.
being the most common source of dispute among businesses.
Q
Is there a typical method of dealing with dispute resolution for all businesses or do you
have to employ a specific tactic for foreign companies compared to local companies?
The legal environment in Nigeria provides a level playing field for all businesses, local and foreign. The choice of the dispute resolution method depends upon the nature of the dispute and not necessarily on the nationality of the parties. Most commercial disputes are now amenable to the alternative dispute resolution systems of arbitration and mediation. It is our experience that both local and foreign businesses prefer direct negotiations and mediations, and, failing those, arbitration, in place of recourse to litigation in Court. The only peculiarity in the case of foreign businesses is that we try to seek mediators and arbitrators who have diverse and international backgrounds.
Q Bayo Ojo Q
What are the common causes of disputes between businesses locally?
The common causes of disputes between businesses in Nigeria are no different from the general causes of business disputes elsewhere. Areas of dispute range from interpretation of contracts, to breach of contract cases, with the latter arguably
fi MONTHLY MARCH 2011
Do laws and regulations differ for domestic companies as opposed to foreign companies?
Generally, laws and regulations do not differ for domestic and foreign companies. However, foreign companies are expected to incorporate local affiliates in order to do business in Nigeria by virtue of the provisions of the Companies And Allied Matters Act. There may also be certain tax and other financial concessions made to new businesses which may not be available to older ones. A significant law in the area of oil and gas is the Nigerian Local Content Act, which requires every contract in the oil and gas sector to have a certain local content.
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