The Chartered Institute of Arbitrators of Nigeria has said assent to the Arbitration and Mediation Bill by former President Muhammadu Buhari will bring significant developments and shape the future of arbitration in Nigeria.
CIArb stated this on Tuesday during a press conference on the bill which began in 2005.
Speaking at the event held in Lagos, Chairman, CIArb, Akingbola Akinola, SAN, said the assent to the bill signified a major milestone in the legal landscape.
He said that he was also delighted to introduce the CIArb Nigeria Cost Calculator, a ground-breaking tool that revolutionises cost assessment in arbitration.
Akinola stated that the remarkable achievement was the culmination of a long and arduous process that began in 2005.
He said, “It all 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 Federal Republic of Nigeria, Chief Bayo Ojo, SAN, C. Arb. I would like to acknowledge the late Justice Olakunle Joseph Orojo, C. Arb, who chaired this 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.
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.
“Today, in conjunction with the assent to the Arbitration and Mediation Bill, we are thrilled to introduce the CIArb Nigeria Cost Calculator. This innovative tool is designed to revolutionise cost assessment in arbitration, addressing the need for transparency and efficiency.
“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.
“The cost calculator generates the estimated fees, offering parties an accurate estimate in a matter of minutes. This tool 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.’’
Akinola stated that he was proud to provide the arbitration community with the invaluable resource by further solidifying its commitment to professionalism and excellence in alternative dispute resolution.
