*Commends Leadership of National Assembly For Passing Landmark Bill
*Harps On The Importance of Continued Partnership Between Public and Private Sectors For Economic Development of Country
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Yakubu Chonoko Maikyau SAN has expressed delight and fulfillment at the recent passage of the Bill to Repeal and Re-Enact the Arbitration and Conciliation Act (the Arbitration Bill, 2022, by the Senate after earlier passage by the House of Representatives.
In a statement sighted by TheNigeriaLawyer, the Learned Silk who is the Chairman of the Nigerian Bar Association Welfare Committee and a Presidential Aspirant in this year’s NBA General election said the passage of Bill has improved the rating of the 9th National Assembly within the country’s Arbitration community as the Bill will replace the worn out 1988 extant legislation governing arbitration in the country.
He noted: “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.”
Maikyau equally expressed confidence that the passage of the Bill will contribute to the growth of Nigeria’s economy by improving justice delivery and attracting investment.
“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.”
According to him, the journey to the passage of the Arbitration Bill has been a long and arduous one and the roles that some of stakeholders played in ensuring the eventual passage of the Bill are well documented.
He however noted that this is not the time to celebrate members of the Bar who pushed for the Bill, but to celebrate the members of the National Assembly who saw to its passage.
“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.”
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