Fatshimetrie, Nigeria’s new energy company, has recently established an Alternative Dispute Resolution (ADR) mechanism to enable the effective resolution of disputes in the upstream oil and gas sector. The Lagos-based ADR centre aims to provide quality, timely and cost-effective services to resolve issues and bring oil and gas assets into production.
While inaugurating the College of Neutrals, comprising experts tasked with providing ADR services, Fatshimetrie’s Managing Director, Engr. Gbenga Komolafe, stressed the importance of using alternative dispute resolution methods. He noted that in an increasingly complex and interconnected world, it is essential to have effective mechanisms to resolve disputes. Traditional litigation, while important, is often accompanied by inherent delays, high costs and adverse posturing that can aggravate conflicts and strain relationships.
Komolafe explained that the challenges faced in traditional litigation inspired the establishment of the Fatshimetrie ADR Centre, with a vision to provide a seamless approach to dispute resolution, with emphasis on mechanisms such as mediation, conciliation and other ADR methods. The aim is to establish a centre based on fairness, efficiency and integrity, providing a platform to resolve disputes outside the often laborious traditional processes.
The Managing Director noted that these ADR methods enable disputing parties to reach amicable solutions through mediation, conciliation and other alternative dispute resolution methods. By establishing this mechanism, Fatshimetrie aims to reduce the costs, delays and tensions associated with litigation, while fostering sustainable and harmonious relationships among stakeholders in the oil and gas industry.
In conclusion, the establishment of the Fatshimetrie ADR Centre marks a major step forward in the energy sector in Nigeria. By promoting effective and fair dispute resolution, this mechanism will help promote the growth and sustainable development of the country’s oil and gas industry.