• FG plans funding ombudsman as Nigeria attracts $23bn in capital
Wale Igbintade
The Lagos Multi-Door Courthouse has facilitated the settlement or restoration of N86.8bn over 5 years, highlighting the financial significance of different dispute decision (ADR) in unlocking funds tied up in business disputes and strengthening investor confidence.
The Chief Judge of Lagos State, Justice Kazeem Alogba, disclosed this yesterday on the third annual Multi-Door Courthouses and Alternative Dispute Resolution Stakeholders’ Summit on the MUSON Centre, Lagos.
The disclosure got here because the federal authorities revealed that Nigeria attracted $23bn in capital importation in 2025, whereas its overseas trade reserves exceeded $50bn.
The authorities additionally plans to introduce an funding ombudsman mechanism to deal with buyers’ grievances earlier than they escalate into formal disputes.
Justice Alogba mentioned the funds recovered via the Lagos Multi-Door Courthouse demonstrated how ADR may return cash to productive financial actions that may in any other case be delayed by extended litigation.
“Those are funds that have been released back into the economy for salaries, suppliers, expansions, and lending. That is what investor confidence looks like in practice,” he mentioned.
The chief choose, nevertheless, referred to as for quicker enforcement of mediated settlements and arbitral awards, warning that the advantages of ADR can be undermined if events couldn’t depend on agreements being carried out.
He urged stakeholders to develop a harmonised follow protocol for multi-door courthouses, strengthen enforcement mechanisms, make investments in expertise {and professional} coaching, and improve public consciousness of ADR.
He additionally advocated measurable targets to cut back the time and value of resolving business disputes, noting that the effectiveness of the justice system was crucial to constructing confidence amongst companies and buyers.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, mentioned Nigeria’s bettering financial indicators wanted to be supported by a predictable enterprise surroundings the place business disputes might be resolved pretty, effectively and reliably.
She disclosed that capital importation grew by 83 per cent year-on-year, rising from $5.5bn in the primary quarter of 2025 to greater than $10bn in the primary quarter of 2026.
According to her, the economic system grew by greater than 4 per cent in 2025 and sustained development above that stage in the primary half of 2026.
She added that inflation declined from 33.2 per cent in 2024 to 14.63 per cent in September 2026, whereas non-oil exports exceeded $6bn.
The artistic and digital sector, she mentioned, accounted for roughly 18 per cent of Nigeria’s Gross Domestic Product.
Despite the optimistic indicators, Oduwole confused that sustained funding trusted institutional reliability, regulatory readability, enforceable contracts and efficient mechanisms for resolving business disagreements.
“Investor confidence is not built by opportunity alone. Investors also consider the reliability and responsiveness of our institutions, the clarity of our regulations, the enforceability of contracts, and their ability to resolve commercial and investment disputes fairly and efficiently,” she mentioned.
The minister mentioned the federal authorities needed to draw capital into productive sectors, together with manufacturing, infrastructure, processing and different enterprises able to producing employment and increasing financial exercise.
“A predictable business environment attracts investment; it’s really that simple. Credible institutions sustain it, and effective dispute resolution helps to protect it,” she added.
Oduwole mentioned the proposed funding ombudsman mechanism would supply an avenue for addressing buyers’ complaints earlier than they developed into formal disputes.
She mentioned the initiative aligned with the funding framework underneath the African Continental Free Trade Area.
The minister additionally highlighted the institution of small claims courts in 35 jurisdictions throughout her tenure as Special Adviser on Ease of Doing Business underneath the Presidential Enabling Business Environment Council, describing accessible dispute decision as an necessary part of a business-friendly surroundings.
In his speech, the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), mentioned arbitration and mediation have been important to constructing belief, decreasing funding dangers and selling sustainable financial development.
He disclosed the federal authorities was pursuing reforms to strengthen Nigeria’s arbitration and ADR framework and place the nation as a number one arbitration hub in Africa.
The initiatives embrace a evaluation of the arbitration framework, the inauguration of a National Committee on the Review of the Arbitration and Mediation Act 2023, and the event of a National Policy on Arbitration.
Fagbemi counseled the Lagos Multi-Door Courthouse, describing it as Africa’s first court-connected different dispute decision centre.
Citing former United Nations Secretary-General Kofi Annan, he mentioned, “Litigation may win cases, but mediation wins peace.”
He urged stakeholders to strengthen dispute decision mechanisms to advertise financial development and enhance Nigeria’s standing in worldwide business dispute decision.
In a associated improvement, Governor Babajide Sanwo-Olu mentioned Lagos State had resolved 3,000 petitions via ADR throughout the interval underneath evaluation, decreasing a possible legal responsibility of greater than N1.2bn to a settlement of N3m.
The governor disclosed this via the state Attorney-General and Commissioner for Justice, Lawal Pedro (SAN), who represented him on the summit.
Sanwo-Olu mentioned the achievement demonstrated how ADR may scale back the monetary burden of disputes on authorities and companies whereas preserving business relationships.
“Capital stays where the rule of law is dependable and commercial disputes are settled fairly and promptly. Prolonged litigation does the opposite,” he mentioned.
He added, “A settlement at the LMDC is more than a justice statistic; it is capital released back into trade, payroll and production that litigation would have locked up for years.”
The governor mentioned Lagos remained dedicated to strengthening its justice establishments to help enterprise, innovation and funding, noting that the state accounted for greater than one-fifth of Nigeria’s GDP.
He recognized the High Courts, Lagos Multi-Door Courthouse, Citizens Mediation Bureau and Lagos Court of Arbitration as parts of a linked justice system designed to make sure that disputes have been dealt with by establishments suited to their nature.
Sanwo-Olu additionally cited new court docket amenities in Amuwo-Odofin and Epe, saying the federal government was working to carry justice nearer to residents and companies.
He reaffirmed the state’s dedication to sustaining Lagos as an arbitration-friendly jurisdiction the place arbitral awards have been recognised and enforced.
Addressing buyers, the governor mentioned, “To our investors, domestic and international, let me say this plainly: Lagos is open for business, and Lagos is ready with justice.”
He urged attorneys to make ADR their first resort in appropriate business disputes and inspired them to review the newly introduced follow course on ADR to make sure its correct utility.
“Let us make Lagos not only the centre of commerce in Nigeria, but the centre of commercial justice in Africa,” he mentioned.
The President of the Nigerian Bar Association, Oyinkansola Badejo-Okunsanya (SAN), referred to as for higher participation by attorneys in arbitration, mediation and different types of different dispute decision.
She mentioned authorized practitioners wanted wider entry to coaching and clear alternatives to function counsel, mediators, arbitrators and impartial evaluators.
Badejo-Okunsanya mentioned the Lagos Multi-Door Courthouse, established on June 11, 2002, had pioneered a court-connected ADR mannequin that impressed related establishments in Abuja and several other states, together with Ogun, Oyo, Kaduna, Kano, Enugu, Edo and Rivers.
She counseled the courthouse’s Settlement Week initiative, which supplies free mediation for appropriate court-referred and walk-in disputes, and referred to as for an evaluation of its influence.
The NBA president additionally famous that extended litigation may delay attorneys’ charges and make their earnings unsure, including {that a} stronger ADR system may broaden skilled alternatives for authorized practitioners.
The Central Bank of Nigeria additionally highlighted ADR’s position in strengthening business certainty and returning recovered funds to the economic system.
The CBN Governor, Olayemi Cardoso, acknowledged this in a goodwill message delivered by the Acting Director of the financial institution’s Legal Services Department, Ofure Alika.
Cardoso counseled the Lagos State Judiciary and the Lagos Multi-Door Courthouse for selling dialogue, collaboration and environment friendly dispute decision.
He mentioned the funds recovered and launched again into the economic system demonstrated the sensible advantages of ADR.
“This is evident from the amount of funds we just heard here today having been recovered and released back to the economy,” she mentioned.
The CBN governor mentioned credible dispute decision mechanisms have been crucial to financial stability and sustainable nationwide improvement, expressing confidence that the summit’s suggestions would strengthen justice, business certainty and Nigeria’s financial prospects.
The Chair of the Governing Council of the Lagos Multi-Door Courthouse, Justice Jumoke Pedro, urged stakeholders to maneuver past common help for ADR and make sensible commitments to strengthening business justice.
In her welcome tackle, Pedro mentioned funding coverage, business justice and dispute decision wanted to work collectively to cut back enterprise dangers, shield investments and strengthen investor confidence.
She referred to as for a coordinated strategy to make sure that dispute decision mechanisms responded to the sensible wants of buyers and companies.
