Alternative Dispute Resolution in Nigeria is practiced within Nigeria at the institutional and individual level with and without the involvement of the court system.
The list of institutions that practiced ADR in Nigeria, namely, The Chambers of Commerce, private enterprises, industry groups etc. In the case of individuals are judges, specially trained practitioners (i.e. arbitrators, mediators, accountants), elders, traditional rulers, chiefs, religious leaders.
The practitioners involved in ADR is industry-specific that have technical expertise in specific areas like environmental disputes, labour disputes, family law, etc.
Furthermore, the current Nigerian laws have sufficient provisions that have addressed Alternative Dispute Resolution in Nigeria and the methods in resolving disputes.
These provisions of the laws are discussed below.
(1) The 1999 Constitution
The Constitution is the supreme law of the land that endorses arbitration. Section 19(d) of the Constitution states that part of Nigeria’s foreign policy objective is respect for international law and treaty obligations. Nigeria also seeks for settlement of international disputes by negotiation, mediation, conciliation, arbitration and adjudication.
(2) Arbitration Laws
Nigeria, like other progressive countries, has subscribed to many international ADR Laws and Rules. The United Nations Commission on International Trade Law (UNCTRAL Model Law of 1985) and UNCITRAL Arbitration Rules domesticated in Nigeria under the Arbitration and Conciliation Act (ACA).
(3) Other Federal Acts
Nigerian body of laws is replete with several statutes that provide for arbitration or other ADR mechanisms. However, a fewer list is mentioned below of the law and the applicable sections:
Sections 11 and 30 (4) of the Matrimonial Causes Act (Cap. M7 LFN 2004). This section talks about reconciliation between the husband and wife or parties. As they can get the Marriage conciliator to take an oath of secrecy to settle out of court.
section 2, Consumer Protection Council Act, (Cap C25 LFN 2004),
sections 29 and 33, of the Environmental Impact Assessment (EIA) Act (Cap. E12 LFN 2004),
Sections 4, 8, 9, 20, 22 of the Trade Disputes Act (Cap. T8 LFN 2004),
section 11 of the Petroleum Act(Cap. PI0 LFN 2004),
section 26 of the Nigerian Investment Promotion Commission Act, (Cap. N17 LFN 2004);
section 27 of the Public Enterprises (Privatization and Commercialization) Act, (Cap. P38 LFN 2004),
section 22 of the Nigerian LNG (Fiscal Incentives, Guarantee and Assurance) Act (Cap. N87 LFN 2004),
Section 49 of the Nigerian Co-operative Societies Act (Cap. N98 LFN 2004);
section 5 of the National War College Act (Cap N82 LFN 2004);
sections 3 and 6 of the National Boundary Commission, Etc. Act; (Cap. N10 LFN 2004),
section 3 of the Advisory Council on Religious Affairs Act (Cap. A8 LFN 2004);
section 4 of the National Office for Technology Acquisition and Promotion Act( Cap. N62 LFN 2004),
section 4 of the Nigerian Communications Commission Act (Cap. N97 LFN 2004) etc.
(4) Court Laws and Rules
Lastly, Court laws and rules govern procedures and proceedings for the conduct of business in the court.
Description
Creating a winning resume can be daunting, especially when competing against other qualified candidates. A marketable resume is a powerful tool presenting a job seeker’s unique skills and abilities. Ojeaburu Friday, an experienced career coach and author, has spent years researching and perfecting the art of crafting marketable resumes. His book, “Marketable Resumes,” is a comprehensive guide that provides invaluable advice on creating a standout resume that will capture the attention of potential employers. Thanks to his extensive experience, Ojeaburu has helped over 500 job seekers and consulted with over 100 organizations on job interviews. A copy of this resume can be purchased from the books in Ohimai Consulting
Book Name: Ultimate Accountant Guide for Job Interview, Students and Beginners: Practical Questions and Answers in alphabetical order
Product Details
Author: Ojeaburu Friday
ASIN: B09H6CJD3Y
Publication Date: September 26. 2021
Language : English
File size : 2482 KB
Simultaneous device usage : Unlimited
Text-to-Speech : Enabled
Screen Reader : Supported
Enhanced typesetting : Enabled
X-Ray : Not Enabled
Word Wise : Enabled
Print length : 139 pages
Lending : Enabled
Description
This book Ultimate Accountant Guide for Job Interview, Students and Beginners: Practical Questions and Answers in alphabetical order will help your performance in the job interview, guide your teaching and keep you up to date with a practical approach to accounting issues.
Description
Growth resulting from market share is one of the vital firm’s objectives that may lead to economies of scale and consequently bring about value creation in the long term. Growth showcases corporate power, and leading management teams may track growth to maximize their positions. The author has helped several companies grow, expand and take over new business opportunities. Based on industry and consulting experience by the author of this book, three pillars were suggested to ensure business development and growth. Combining these pillars is necessary for an entrepreneur to grow their business and applying the best growth strategy will trigger business and personal development. These pillars have been tested and trusted even by the billionaires the world has ever produced. These billionaires leverage these pillars to establish their business and have branches all across the globe and grow their net worth. The author believed these pillars would also work for everyone who has deliberately applied them in their chosen business careers and become one of the future billionaires. This book established a model to explain the business and personal growth, gave more understanding of the component of the model, highlighted the business growth and strategies required for an entrepreneur to be successful in business and discussed some theoretical frameworks to support this concept.
Description
Nationals Without A Nation brings to the fore the realities of most governments of nations of the world; who for one reason or the other are unable to meet the expectations of the governed. The book makes attempt to explain why nationals exit their nations; the politics against round pegs in round holes; the case of fairness and equity in resource distribution; unmasking intentional agents of hardship behind the economy, amongst others.
Book Name: Co-operative Society Management and Accounting System
Product Details
Author: Ojeaburu, Friday
ASIN : B09FJ5D4CC
Publication date : September 5, 2021
Language : English
File size : 1459 KB
Simultaneous device usage : Unlimited
Text-to-Speech : Enabled
Screen Reader : Supported
Enhanced typesetting : Enabled
X-Ray : Not Enabled
Word Wise : Enabled
Print length : 63 pages
Lending : Enabled
Description
This book covers the operations, formations, accounting system, annual reporting format and how to determine the dividend sharing formula for every cooperative society. It revealed the step-by-step accounting books that is necessary for society. This book answers the questions of many who want to run a cooperative society. This book will also improve teaching skills for lecturers in higher institutions of learning.
Book Name: JOB INTERVIEW MADE EASY FOR PUBLIC SECTOR: Financial Regulations, Public Service Rules and General Paper
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Author: Ojeaburu, Friday
ASIN : B09FTKR82G
Publication date : September 8, 2021
Language : English
File size : 3090 KB
Simultaneous device usage : Unlimited
Text-to-Speech : Enabled
Enhanced typesetting : Enabled
X-Ray : Not Enabled
Word Wise : Enabled
Print length : 352 pages
Lending : Enabled
Description
The book covers treasury-single account, Government Integrated Financial Management Information System, financial regulation or accounting manual or written rules, financial memorandum, financial warrant, self-accounting unit, sub accounting unit, whistle-blower policy, Integrated Personnel and Payroll Information System, all the allowances in public services, accounting officer and lot more.
Book Name: MULTIPLE EARNINGS FROM EBOOK CREATION AND PUBLISHING
Product Details
Author: Ojeaburu, Friday
ASIN : B09FH7NVBT
Publication date : September 3, 2021
Language : English
File size : 819 KB
Simultaneous device usage : Unlimited
Text-to-Speech : Enabled
Enhanced typesetting : Enabled
X-Ray : Not Enabled
Word Wise : Enabled
Print length : 23 pages
Lending : Enabled
Description
This book contains multiple ways one can earn from eBook creation and publishing. This book is a step-by-step guide on how to earn massively from creating and publishing ebooks. The information from this book is so rich that when added to the basic training you require will make you become a millionaire and change the status of life within a short possible time.
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Cooperative accounting is the applications of financial accounting principles, concepts and policies to cooperatives in order to ascertain its financial position, promote accountability, efficient management and ensure viable operations of co-operative financial resources.
Furthermore, the cooperative law makes the keeping of proper sets of accounting records and the preparation of the final accounts compulsory for every registered cooperative society and sets of information that must be disclosed in the final account.
ACCOUNTS AND RECORDS.
1.MEMBER’S PASSBOOK
Member’s passbook is opened for every member which serves as a personal account on which all transactions between a member and the society are recorded. Moreover, below is the front- and back-page sample of members passbook.
2. ANALYSIS BOOK
Analysis book is use for recording members’ contributions, loan disbursed and repayment, membership withdrawal, fine and other incomes on monthly basis. Also, this book helps to analyse the transaction on a monthly basis. This book help cooperative to always spread open in front of members at any general meeting of the society.
3. PERSONAL LEDGER
Personal ledger helps to record member’s contributions of shares, savings, deposits, withdrawals, loan and refunds. In addition, the entries into this book are from the individual’s entries in the analysis book which is also entered in the passbook. With proper recording of transaction, individual cash balances can be seen at a glance.
4. LOAN REGISTER
Loan register is a source document containing information regarding all loans granted at any time. In addition, such information includes membership personal number; member identity number; committee meeting minute number; cheque number. Also, includes amount authorized and approved; amount applied for and granted; date of approval and refund; period of the loan.
5. CASH RECEIPT
Cash receipt helps to record all money received in cash or in cheque. Also, it is financial transactions used as supporting evidence that money have been received on behalf of the society. Moreover, all receipts must be serially numbered and used in that order.
5. INDIVIDUAL MEMBERS’ CONTRIBUTION
In co-operative management, recording all transactions and producing financial statements on time is important. These statements are the output based on each member’s contributions. By tabulating each member’s share and savings contributions in the individual contribution table, it’s easy to see the breakdown of each member’s contributions. Column A shows the fraction of each member’s share contribution, while column B shows their savings contribution.
CONCLUSION
The cooperative law all over the world made the keeping of proper books of accounting records compulsory. In the light of the above, seeking expert help from those with practical experience become crucial in cooperative accounting system. If you require the best way to manage a co-operative society is to buy co-operative book in Amazon.com.
