The Nigerian Institute of Chartered Arbitrators (NICArb) has said it resolved disputes valued at $105,000,000.00 and N3,720,900,000 through Alternative Dispute Resolution (ADR) in 2023, growing its revenues by 23 per cent.
The Institute disclosed this on Wednesday in a statement by its Registrar/Chief Executive Officer, Mrs. Shola Oshodi-John.
Oshodi-John explained that the data followed NICArb’s 2023 Annual General Meeting (AGM) held on August 7, 2024, at Raddison Blu Hotel, Victoria Island, Lagos State.
The AGM featured the election and re-election of 17 distinguished NICArb members into its Governing Council.
The nine re-elected members of the Governing Council are Prof. Fabian Ajogwu (SAN) as President and Chairman of Council, Mr. Damian Dodo (SAN), Prof. Taiwo Osipitan, (SAN), Mr. Jude Nnodum (SAN), Mr. Mike Igbokwe (SAN), Mr. Omoruyi Omonuwa (SAN), Mrs. Priscilla Ogwemoh, Mr. Adebayo Adenipekun SAN, and Mrs. Oshodi-John as Registrar/CEO.
The new members of the Governing Council are Mr. Rafiu A. Lawal-Rabana (SAN), Mr. Uche Val Obi, SAN, Prof. Damilola Olawuyi (SAN), Justice Rita Pemu (Rtd), Dr. Francis Ohiwere Oleghe as General Secretary, Mr. Sebastine Hon (SAN), Mrs. Rosecana Ankama and Engr Kashim Abdul Alli.
Oshodi-John noted that at the AGM, NICArb’s President, Prof. Ajogwu reported that “in 2023, the institute had a robust increase of 23 per cent over 2022 revenue and the ADR Centre handled arbitration matters claims totalling N3,720,900,000 and $105,000,000.”
“As part of its strategy for 2023, NICArb broadened its reach and deepened its roots across Nigeria by establishing the Abuja liaison office, creating a full-fledged branch in Kano State. Furthermore, it expanded its training programmes and enhanced its service options. These enabled the Institute to invest strategically in key areas to be impactful in the industry.”
“He urged the Council members to be committed to the cause of the institute and do their best to maintain and surpass the current admirable growth of the Institute.”
NICArb is the Premier Arbitration and ADR institute in Sub-Saharan Africa with over 44 years of existence and operations.
