Oyedele Proposes Commercial Tribunal to Fast-Track Business Disputes

BY NKECHI BAECHE-ESEZOBOR-Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has advocated the creation of a specialised Commercial Dispute Resolution Tribunal to accelerate the settlement of business-related disputes, describing an efficient justice system as essential to attracting long-term investment and strengthening the country’s capital market.

Speaking during his inaugural lecture as a Fellow of the Capital Market Academics of Nigeria at the association’s Second Biennial Conference in Abuja, Oyedele said the lengthy resolution of commercial cases continues to undermine investor confidence and weaken Nigeria’s business environment.

He noted that commercial disputes currently spend an average of 15 years moving through the High Court, Court of Appeal and Supreme Court, creating uncertainty for investors and increasing the cost of doing business.

To address the challenge, the minister proposed a dedicated tribunal staffed by judges and arbitrators with expertise in commercial, financial and capital market matters. He said the tribunal should adopt digital case management systems and operate within clearly defined timelines to ensure prompt resolution of disputes.

According to Oyedele, the proposed body would complement existing investment protection mechanisms by providing businesses, suppliers, investors and joint venture partners with a faster and more reliable avenue for resolving commercial disagreements.

He stressed that virtually every financial instrument—including bonds, syndicated loans, private placements and structured notes—is built on enforceable contracts, making speedy dispute resolution critical to the growth and stability of the capital market.

The minister also challenged prevailing public attitudes towards government borrowing, arguing that debt should be assessed based on how borrowed funds are utilised rather than on the volume of borrowing itself. He maintained that borrowing for productive investments capable of generating returns above their financing costs supports economic development.

Oyedele further encouraged Nigerian entrepreneurs to embrace external investment, noting that retaining full ownership of a small business may deliver less value than holding a significant stake in a larger, better-capitalised enterprise.

He identified policy consistency, institutional credibility, effective contract enforcement and the rule of law as the key drivers of long-term investment, insisting that investors place greater value on certainty than generous tax incentives.

The minister also urged policymakers, professionals and the media to improve communication around economic reforms, saying stronger institutions, predictable policies and efficient justice delivery remain fundamental to positioning Nigeria as an attractive destination for sustainable investment.