The chairman of the Chartered Institute of Arbitrators (CIArb) Nigeria Branch, Akingbola Akinola (SAN), has commended the National Assembly for passing the Arbitration and Mediation Bill into law.

The bill, which now awaits the assent of President Muhammadu Buhari, will provide a unified legal framework for the settlement of commercial disputes.

The statement signed by Akinola and Branch Secretary, Mrs. Josephine Akinwunmi, also applauded the Institute’s committee led by Mrs. Funmi Roberts (CArb), which worked tirelessly to ensure the passage of the bill.

It said: “We are pleased to announce that on Tuesday, May 10, 2022, the Senate passed the Bill to Repeal the Arbitration and Conciliation Act and enact the Arbitration and Mediation Act.

“The process began in 2005 with the inauguration of the National Committee on the Reform and Harmonisation of Arbitration and ADR Laws by the former Attorney General of the Federation, Bayo Ojo (SAN).”

“The Committee was chaired by the late Justice Olakunle Joseph Orojo, CArb. At the end of its deliberations in 2006, the Committee produced two bills, the Federal Arbitration and Conciliation bill and the Model Uniform Arbitration Law for the States, which were unfortunately not passed.

“In 2017, the Arbitration Community, led by the Chartered Institute of Arbitrators, Nigeria Branch also set up a Committee for the Reform of the Arbitration and Conciliation Act 1988. The efforts of the Committee have culminated in the passage of the Arbitration and Mediation Act.”