On account of our colonial experience, the courts have been the main forum for the resolution of disputes in Nigeria. However, due to the exigencies of commercial transactions and the challenges of litigation including but not limited to cost, unnecessary technicalities, delays in court proceedings and court congestion, parties to disputes are increasingly resorting to…
Arbitral Awards As Sovereign Debt Risks: Impact of P&ID and EURAFIC Cases Background Deriving from the sovereignty principle, sovereign debt literary refers to how much a country’s government owes. Often times the primary source is through outside borrowing hence it can be defined as national or government debt because the word “sovereign” connotes national government.…
Debt Recovery Strategies in Nigeria: A Guide for Banks and Other Business Entities It is not unusual for banks and other financial institutions in the business of advancing loans for interest to have non-performing loans and debts owed by customers. Debt obligations also arise from day to day commercial transactions entered into by other business…
A National Policy on Arbitration in Nigeria – A publication of the Arbitration and Dispute Resolution Practice Group of Olisa Agbakoba Legal I. INTRODUCTION Nigeria generates a significant volume of commercial transactions, both domestic and international with about 80 percent of these transactions originating and or terminating in Nigeria especially Lagos, Port Harcourt, Kano, etc.…
The need for a National Arbitration Policy comes on the back of the recent enforcement order relating to the sum of US$9, 000, 000, 000 (Nine Billion US Dollars) made against Nigeria by an English High Court, which was based upon an arbitration award secured by a company, Process and Industrial Developments Limited (P&ID), has…
Alternative Dispute Resolution in Nigeria is not a new field. Without doubt, disputes are invariable and recurring decimal in human and commercial interactions. Thus, the need for effective dispute resolution mechanisms to be adequately put in place arises. Traditionally, Litigation and Alternative dispute resolution mechanisms have been identified as the major means of resolving disputes. …
There is currently a bill before the National Assembly for the amendment of the Arbitration and Conciliation Act (ACA) 1988. The Arbitration and Conciliation Act (Repeal and Re-enactment) Bill (The Bill) has successfully passed through the Senate and awaits the concurrence of the House of Representatives and the assent of the President to become law.…
Arbitration in Nigeria continues to experience an upward spiral as an effective dispute resolution mechanism adopted by parties engaged in contemporary commerce. Presently, there is a widespread practice of embedding arbitration agreements in the commercial transactions flowing from various areas of the economy, particularly the energy and maritime sectors. Interestingly, there also appears to be…
By – Ridwan Bello* Commerce, the live wire of every nation, thrives on globalization. In our today’s interconnected world, cross boarder transactions are the norm and cannot be avoided. International business contracts as well as Bilateral Investment Treaties (BITs) are signed daily to protect international commerce, cross border transactions and investments. Human nature dictates that…
Posted on: Feb 10 2014 By OLUSHOLA ABILOYE The Author is an Associate in the Law Firm of Messers Olisa Agbakoba & Associates and acted as Respondent’s Counsel in the arbitration between First City Properties v. Huawei at the Lagos Multi-door Court House INTRODUCTION: Valuation analysis is a frequent element of commercial disputes and arbitration.Valuation…