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Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber - Politics - Nairaland

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Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by agwom(m): 5:34am On Mar 01, 2019
Nigeria has lost over N1.81 trillion ($5 billion) over the years resolving contract disputes that could have been resolved at less cost using alternative dispute resolution (ADR) mechanism.

This was revealed by the President of Abuja Chamber of Commerce and Industry (ACCI), Prince Adetokunbo Kayode, yesterday, while inaugurating the planning committee for an upcoming government contract dispute resolution workshop in Abuja.

Prince Kayode said most of the contract disputes were related to contract cancellations, cost adjustments and delays.

He said there was need for contractors and government agencies to explore alternative means of dispute resolution such as that being provided by the ACCI’s Dispute Resolution Centre (DRC) to save cost and time.

He said contract disputes dragged for about five to eight years in court and cost huge amount of money for parties involved.

The ACCI boss said the DRC, which has been approved by the Attorney General of the Federation and Minister of Justice, has adopted the latest guidelines on global alternative dispute resolution to, not only resolve disputes on time but on reduced cost to all parties.

He decried situations were parties in a dispute sought alternative resolution means abroad at high cost.

He said the ACCI DRC has the capacity to dispense all contract disputes using alternative dispute resolution mechanism without the parties seeking such solutions abroad.


https://www.dailytrust.com.ng/nigeria-loses-over-n1-81trn-to-contract-dispute-cases-abuja-chamber.html

1 Like

Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by simplyhonest(m): 5:41am On Mar 01, 2019
that's huge....

1 Like

Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by IMASTEX: 7:37am On Mar 01, 2019
simplyhonest:
that's huge....
That money could have been used for more productive things.

2 Likes

Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by Balet: 7:37am On Mar 01, 2019
That is my prince from Ikaram Akoko

1 Like

Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by ayodaisi: 7:38am On Mar 01, 2019
Wow
Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by Jestin: 7:38am On Mar 01, 2019
Always at losing point

1 Like

Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by Muyiwaipere(m): 7:39am On Mar 01, 2019
oluwa o.....please only this money would have given the whole Nigeria a stable 24/7 electricity............Nigeria is in trouble ....I need to move to Somalia or Afghanistan

2 Likes

Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by BOLDSTEP00(m): 7:39am On Mar 01, 2019
Everytime lose lose everywhere, they will never gain

3 Likes

Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by Obidikejr(m): 7:41am On Mar 01, 2019
.
Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by IamProdigy: 7:41am On Mar 01, 2019
undecided

The way we mention money in this country eh..

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Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by Biingoo: 7:42am On Mar 01, 2019
Buhari effect

1 Like

Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by Nobody: 7:43am On Mar 01, 2019
Na wa o. All these idiots posting bets and useless services day and night are nothing but diehard devils and scammers. 'Common, seun why can't you encrypt a code that can detect i.ps and totally ban them because it will be difficult to keep registering new sim cards rather than new monikers that they do every single minute. They no dey tire and they won't get tired. Their nonsense scamming methods are degrading your site., seun, you hear.
Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by WIDETHOUGHT: 7:45am On Mar 01, 2019
ALL THESE MONEY ALL GET LOST IN THE POCKET OF THE MICROSCOPIC FEW PILOTING OUR GOVERNMENT THEN PUBLICLY BEEN DECLARED LOST TO SOME GHOST CIRCUMSTANCES. THIS COUNTRY HAS GONE BEYOND REPAIRS.
Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by helinues: 7:45am On Mar 01, 2019
Imagine

Pdp never again in Nigeria

Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by rxmusa(m): 7:45am On Mar 01, 2019
Eyyah
Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by NoBetterNigeria: 7:45am On Mar 01, 2019
Mod, what are you guys doing about this bet people advertising their even and odds game here?
Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by AllenSpencer: 7:45am On Mar 01, 2019
His Excellence President Mohammadu Buhari GCFR will take this up.
Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by MCFRESH(m): 7:46am On Mar 01, 2019
And dangote gained the same exact amount within a day! there is more to this story.
Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by Seetto: 7:47am On Mar 01, 2019
pdp do not have time for this shit,,,, when they are thinking how to be sharing money.....
Re: Nigeria Loses Over N1.81trn To Contract Dispute Cases – Abuja Chamber by courage411: 7:49am On Mar 01, 2019
Moderator, it is Nigerians not Nigeria because the money the spend still contributes to the gdp, only this time it is the legal sector.
Nevertheless, a reduction of the cost incurred by Nigerians will most likely channel resources to other productive use wish should increase productivity. As such it is a welcome development

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