NAN reports that the event was witnessed by Vice-President Yemi Osinbajo, some cabinet Ministers, other justices of the Supreme Court, the governors of Oyo and Ondo States, Seyi Makinde and Rotimi Akeredolu respectively.
Mr Ariwoola was appointed as acting CJN on 27 June, following the resignation of Justice Tanko Muhammad, on health grounds.
Mr Ariwoola was appointed a justice of the Supreme Court on 22 November, 2011 by President Goodluck Jonathan.
He is an indigene of Iseyin in Oyo State.
Speaking to State House correspondents after the swearing in, the CJN appealed to politicians in the country to allow the judiciary function properly as the 2023 elections approach while promising reforms at the apex court.
Mr Makinde, who also spoke to the correspondents, expressed gratitude on behalf of the people and government of Oyo state to the president.
Meanwhile, the council observed a minute silence in honour of a former Minister for Special Duties and Chairman of the Peoples Democratic Party (PDP), Vincent Ogbulafor, who died recently.
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