By Lukman Olabiyi
The Chartered Institute of Arbitrators of Nigeria (CIArb)
has said that the recent assent to the Arbitration and Mediation Bill by the former president of Nigeria, Muhammadu Buhari would be great relief to judiciary on dispute resolution.
The institute stated that the new bill would bring significant developments and shape the future of arbitration in Nigeria.
Recall that on Friday, May 26, 2023, assented to the Arbitration and Mediation Bill, which the process began in 2005.
Reacting to the development at a press conference held in Lagos, the institute’s chairman , Gbola Akinola (SAN), commended the former president for his action. Noted that assent to the bill signified a major milestone in the legal landscape.
The institute also introduced its new initiative on mediation and arbitration, called, ‘Cost Calculator’, a ground-breaking tool that help end users to know what it will cost to assess mediation.
“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”, he said.