NICArb lauds FG’s assent to Arbitration and Mediation Bill
The Nigerian Institute of Chartered Arbitrators, NICArb, has lauded the Presidential Assent to the Arbitration and Mediation Bill by the Federal Government even as it said the Bill will entrench practice in Judicial system.
In a press statement made available to Vanguard in Lagos, the Registrar/Chief Executive Officer of NICArb, Shola Oshodi-John described it as a landmark victory for NICArb, the arbitration community, and Nigerians at large.
The statement reads: “The Nigerian Institute of Chartered Arbitrators received with elation the news of the Presidential Assent to the Arbitration and Mediation Bill by the Federal Government of Nigeria in furtherance of the provisions of Sections 58 of the Constitution and under the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria 2004.
“The Arbitration and Mediation Act also repeals the hitherto extant Cap. A18 Laws of the Federation of Nigeriprovidees a unified legal framework for the fair and efficient settlement of commercial disputes by arbitration and mediation.
“The signing of this Bill has added impetus to our efforts to entrench the practice of arbitration and mediation in our judicial system.
“As an Institute that has consistently championed the development and domestication of arbitration and ADR practice for over four decades, we cannot be more grateful to the Federal Government for this great feat.
“We greatly appreciate the National Assembly’s role in realising this dream. Also, we wish to extend our gratitude to the Nigerian Judiciary, the Media and all Alternative Dispute Resolution actors who supported this journey tremendously.
“This is a landmark victory for NICArb, the arbitration community, and the citizens of the Federal Republic of Nigeria.”