CIARB APPLAUDS NEW ARBITRATION LAW, UNVEILS COST CALCULATOR

The Chartered Institute of Arbitrators (Ciarb) Nigeria Branch has said that the recent assent to the Arbitration and Mediation Bill by former President Muhammadu Buhari would facilitate Nigeria’s justice sector.

The institute stated that the new bill would lead to significant socio-economic developments and shape the future of arbitration in Nigeria. It is recalled that Buhari had on Friday, May 26, 2023 assented to the Bill which enactment process began in 2005.

Reacting to the development at a press conference held at Radisson Blu, Victoria Island, Lagos, the institute’s chairman, Chief Gbola Akinola (SAN, C.Arb) commended the former president for signing the bill into law.

He noted that assent to the bill signified a major milestone in the legal landscape, and commended all stakeholders and Ciarb members who assisted the process. Aside from Senator Opeyemi Bamidele, the Chairman of the Senate Committee on Judiciary, Human Rights and Legal Matters and NBA President, Mr. Yakubu Maikyau, SAN who facilitated the process, Akinola noted that “Our deepest gratitude goes to the Committee led by Mrs. Funmi Roberts, C.Arb who worked tirelessly to ensure the passage of the Bill. Other members of the Committee are Chief Bayo Ojo, SAN, C.Arb, Prof. Paul Idornigie, SAN, C.Arb, Mr. Mohammed Dele Belgore, SAN, C.Arb, Mr. Olatunde Busari, SAN, C.Arb, Mrs. Adedoyin Rhodes-Vivour SAN, C.Arb, Mrs. Miannaya Essien, SAN, C.Arb, Mr. Adeyemi Candide-Johnson, SAN, FCIArb, Mr. Olasupo Shasore, SAN, FCIArb, Mr. Babatunde Fagbohunlu, SAN, FCIArb, Mrs. Sola Adegbonmire, C.Arb, Mr. Richard Akintunde, SAN, C.Arb, Mrs. Oyinkansola Badejo-Okusanya, FCIArb, Mr. Seyilayo Ojo, C.Arb, Mr. Isaiah Bozimo, FCIArb, Mr. Henry Chibor, FCIArb, Mr. Adewale Jones, FCIArb, Mrs. Jean Chiazor-Anishere, SAN, ACIArb, Mr. Emmanuel Dike FCIArb, Mrs. Kemi Eweje, FCIArb, and Mrs. Caroline Etuk.”

The institute also used the occasion to introduce its new initiative on mediation and arbitration called the “CIArb Nigeria Cost Calculator,” a ground-breaking tool designed to help end users determine the cost of arbitration before engaging the process.

His words: “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 revolutionize 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.”

CIArb Nigeria is the leading arbitration institute in Nigeria. It is committed to promoting the highest standards of professionalism and integrity in alternative dispute resolution. With a strong focus on capacity building, Ciarb Nigeria provides training, education, and accreditation programs, while also acting as a hub for networking and knowledge-sharing among professionals in the arbitration community.