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133 J.L. Pol'y & Globalization 1 (2023)

handle is hein.journals/jawpglob133 and id is 1 raw text is: ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online) I Vol.133, 2023 lisE An Examination of the Effectiveness of Banking Arbitration in Nigeria PROFESSOR ABIODUN AMUDA-KANNIKE SAN, FCArb Dean, Faculty of Law, Kwara State University, Malete via Ilorin, Kwara State Tel:08033256756 Email: amudakannikeabiodun@gamail.com; abiodun.kannike@kwasu.edu.ng He is a fellow of the Nigerian Institute of Chartered Arbitrators (NICARB).He is also an associate Member of the Nigerian Institute of Taxation and at same time Fellow of the Chartered Institute of Economics; Fellow Chartered Institute of Arts, Management Professionals YUSUF AMUDA-KANNIKE, ESQ Legal Practitioner Tel:07067239215 Email: yusufamuda306@gmail.com GLORIA OLUCHI JUDE-AKARAONYE Gloria Oluchi Jude-Akaraonye (L.L.B) Hons. A Legal Scholar and graduate of National Open University of Nigeria, Port-Harcourt Study Center, Rivers State Tel: +234 706 251 7974, +234 912 2523 256 judegloriao@gmail.com ABSTRACT Banking is crucial sector in any economy and Nigeria is no exception. In Nigeria, the banking industry is regulated by the Central Bank of Nigeria (CBN), and disputes between banks and their customers are often settled through arbitration. This paper examines banking arbitration effectiveness in Nigeria. The paper provides an overview of the Nigerian banking industry and arbitration's role in resolving disputes. It then examines the effectiveness of banking arbitration in Nigeria by analyzing the procedures and processes involved in the arbitration process. It also analyzes the level of compliance by banks with arbitration decisions, and the perception of the public towards banking arbitration. The findings of the paper suggest that while banking arbitration in Nigeria has resolved disputes between banks and their customers, there are still some challenges to be addressed. Which includes the slow pace of arbitration proceedings, inadequate training and accreditation of arbitrators, and lack of transparency in the arbitration process. Overall, the paper concludes that banking arbitration in Nigeria is an effective means of resolving disputes between banks and their customers. However, there is room for improvement. Stakeholders in the banking industry need to work together to address the challenges and ensure the arbitration process is fair, transparent, and efficient. Keywords: Banking, Arbitration, Effectiveness, Nigeria, Examination, Dispute Resolution. DOI: 10.7176/JLPG/133-01 Publication date:June 30th 2023 1.0 INTRODUCTION Banking arbitration is an alternative dispute resolution (ADR) commonly used in the banking sector to resolve disputes between banks and their customers'. In Nigeria, banking arbitration effectiveness has been a topic of much discussion, with many stakeholders debating the benefits and drawbacks of this approach.2 This examination evaluates the effectiveness of banking arbitration in Nigeria. This examination will consider a range of factors, including the legal framework for banking arbitration.3 It will also consider the processes and procedures involved in arbitration,4 and the outcomes of arbitration cases. One of the primary goals of this study is to determine whether banking arbitration is an effective means of resolving disputes in Nigeria'. This examination will also consider the pros and cons of arbitration, such as its speed and efficiency.6 It ' Akintunde, J. O. (2018). Alternative Dispute Resolution in the Nigerian Banking Industry: Banking Arbitration as a Viable Option. Journal of Law, Policy and Globalization, 77, 96-105. 2 Ogbonda, M., & Eze, S. (2019). Assessing the Effectiveness of Arbitration as a Dispute Resolution Mechanism in the Nigerian Banking Industry. International Journal of Social Sciences and Humanities Reviews, 9(1), 74-83. 3Ibid 4 Sani, U. B., & Badmus, I. O. (2017). The Role of Arbitration in the Resolution of Banking Disputes in Nigeria. Journal of Law, Policy and Globalization, 65, 1-10. 5 Ogbonda, M., & Eze, S. (2019). Assessing the Effectiveness of Arbitration as a Dispute Resolution Mechanism in the Nigerian Banking Industry. International Journal of Social Sciences and Humanities Reviews, 9(1), 74-83.rrr 6 Akintunde, J. O. (2018). Alternative Dispute Resolution in the Nigerian Banking Industry: Banking Arbitration as a Viable Option. Journal 1 Journal of Law, Policy and Globalization www.nste.or,

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