Y.C. Maikyau Lauds The Passage Of The Arbitration And Conciliation Bill; Urges The President To Assent
I received with a shared sense of fulfilment, the news of the passage by the Senate of the Federal Republic of Nigeria, of the Bill to Repeal and Re-Enact the Arbitration and Conciliation Act (the Arbitration Bill) on Tuesday 10th May 2022 in concurrence with the House of Representatives which had earlier passed the Bill.
The 9th Assembly has further elevated its status in the eyes of the Nigerian arbitration community with the recent passage of the Arbitration Bill which, when it enters into force, will repeal the 1988 legislation.
I am confident that the passage into law of the Arbitration and Conciliation Act 2022 will significantly contribute to the growth of the Nigerian economy by inter alia minimising investor dissatisfaction with the justice delivery system in Nigeria and thereby attract badly needed investment into Nigeria, with its attendant benefits; contributing to the continued growth and development of the practice of Arbitration in Nigeria; facilitating the ongoing efforts to actualise a regional arbitration hub in Nigeria; ensuring the emergence of more arbitration practitioners among the Nigerian legal community, to mention a few.
The journey to the passage of the Arbitration Bill has been a long and arduous one and the roles that some of us played in ensuring the eventual passage of the Bill are well documented. However, today is not about us. Today is to celebrate the leadership and membership of the 9th Assembly for this great feat.
The passage of the Bill has once again reinforced my long-held belief that the future of this country, and the enormous promise that Nigeria holds, can only be secured and harnessed by exploring a harmonious working relationship between the public and private sectors in the manner that the current NBA leadership has begun. Hopefully, there is more to come in that regard. For now, it is not yet uhuru and all hands must be on deck as we call on Mr President, HE, Muhammadu Buhari, GCFR to promptly assent to the Bill.
Y. C. Maikyau, SAN
Chairman, NBA Welfare Committee.
