Institute of Arbitrators Hails FG for Signing Arbitration and Mediation Act 2023
Wale Igbintade
The Nigerian Institute of Chartered Arbitrators (NICArb) has commended the Muhammadu Buhari –led federal government for signing into law, the Arbitration and Mediation Act 2023, stating that it would entrench the practice of arbitration and mediation in the nation’s judicial system.
A statement issued by NICArb Registrar/Chief Executive Officer, Shola Oshodi-John, described it as a landmark victory for NICArb, the arbitration community, and the citizens of Nigeria.
According to the statement, the new Act would provide a unified legal framework for the fair and efficient settlement of commercial disputes by arbitration and mediation.
The institute also expressed gratitude to the federal government, and the National Assembly for their roles in realising this dream.
The statement read: “The Nigerian Institute of Chartered Arbitrators (NICArb) received with elation the news of the Presidential Assent to the Arbitration and Mediation Bill by the Federal Government of Nigeria (FGN) in furtherance of the provisions of Sections 58 of the Constitution and pursuant to 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 Nigeria provides 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.”
