Business
ICC Nigeria Launches Arbitration Rules
The International Chamber of Commerce (ICC) Nigeria last Wednesday in Lagos launched the revised ICC Rules of Arbitration in Lagos.
The launching, which was in line with the global practice was expected to enlighten stakeholders in arbitration on the new provisions of the rules.
The Chairman of ICC in Nigeria, Mr Babatunde Savage told participants at the event that the revision of the arbitration rules would help in resolving international business related conflicts.
“The revision of these arbitration rules was concluded after a period of four years by a special task force. The new rules will meet practical needs of those involved in international trade,’’ Savage said.
Mr Simon Greenberg, an International Arbitration Lawyer, said that the ICC was currently handling around 1500 cases around the world.
He said that parties involved in these cases were often from different countries and diverse cultures, hence, the need to address issues of culture peculiarities in the ICC rules.
“New aspects that cater for the cross cultural and legal considerations of people who get involved in international trade are entrenched in the revised rules,’’ he said.
Mr Sami Houerbi, the Director, ICC Dispute Resolution Service said that the new rules address the issues of cost and time control in arbitration processes.
“Time management has been a major challenge in resolving trade related conflicts. Arbitration processes can be very slow, with either of the parties involved intentionally frustrating the processes.
“The new rule will ensure that arbitration procedures do not last longer than necessary,’’ he said.
Mrs Doyin Rhodes-Vivour, a member of the ICC Commission on Arbitration, said that emergency issues could now be addressed by the commission as provided in the revised rules.
“Section 29 of the Arbitration Rules will give succour to parties who need urgent, interim or conservatory measures that cannot await the constitution of an arbitral tribunal by the ICC,’’ she said.
She noted that sanctions made by the emergency arbitrators could be amended, accepted or totally annulled by the constituted arbitrary tribunal.
The Chairman, ICC Nigeria Commission on Arbitration, Prof. Gabriel Olawoyin implored international businessmen to take advantage of the new ICC rules of arbitration in their resolution of business disputes.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
Business
NIS Ends Decentralised Passport Production After 62 Years
Business
FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year
-
Sports4 days ago
CAFCL : Rivers United Arrives DR Congo
-
Sports4 days ago
FIFA rankings: S’Eagles drop Position, remain sixth in Africa
-
Sports4 days ago
NPFL club name Iorfa new GM
-
Sports4 days ago
NNL abolishes playoffs for NPFL promotion
-
Sports4 days ago
Kwara Hopeful To Host Confed Cup in Ilorin
-
Sports4 days ago
NSF: Early preparations begin for 2026 National Sports Festival
-
Sports4 days ago
RSG Award Renovation Work At Yakubu Gowon Stadium
-
Politics3 days ago
Rivers Assembly Resumes Sitting After Six-Month Suspension