The Chartered Institute of Arbitration (CIArb) Nigeria branch has said assent to the Arbitration and Mediation bill will bring significant development to the country.
The bill, which was recognised by former President Muhammadu Buhari will also enhance the future of Arbitration in Nigeria.
Speaking at a press conference in Lagos, Chairman, CIArb, Nigeria branch, Akingbola Akinolu (SAN), said the bill signifies a major milestone in the legal landscape of the nation.
He added that the achievement of the bill went through a long and arduous process which began in 2005.
Akinolu recalled that the process started with the establishment of the National Committee on the Reform and Harmonisation of Arbitration and Alternative Dispute Resolution Laws, under the leadership of the Attorney General of the Federation, Chief Bayo Ojo (SAN), acknowledging the late Justice Olakunle Joseph Orojo, who chaired the committee.
According to him, in 2006, after extensive deliberations, the committee produced two bills: the Federal Arbitration and Conciliation Bill and the Model Uniform Arbitration Bill for the states.
He noted that till date, only Lagos, Rivers and Delta states have passed the Model Uniform Arbitration bill into law.
“However, after a long wait, the 2006 bill finally received assent on May 26, 2023,” Akinolu said.
Similarly, the Institute, he stated, introduced the CIArb Cost Calculator. The Cost Calculator, he explained, is designed to revolutionise cost assessment in arbitration, making arbitration cost transparent and efficient.
Akinolu said: “With arbitration proceedings often associated with substantial costs, it is essential for parties to have a comprehensive understanding of the financial implications involved. The CIArb Nigeria Cost Calculator provides the arbitration community with a user-friendly interface that simplifies the process of calculating arbitration fees.”
He explained that the cost calculator generates the estimated fees, offering parties an accurate estimate in a matter of minutes.
This tool, he said, empowers parties to make informed decisions, promoting transparency and enhancing cost-effective dispute resolution for businesses.
“The CIArb Nigeria cost calculator represents a significant advancement in promoting transparency and cost efficiency in arbitration. By leveraging this cutting-edge tool, parties gain valuable insights into the financial aspects of their case, enabling them to make informed decisions that align with their resources and objectives,” Akinolu explained.
