ARBITRATION IN NIGERIA: AN EFFECTIVE CHANNEL FOR DISPUTE RESOLUTION OR ANOTHER STEP IN THE LITIGATION LADDER?

Abstract

When commercial disputes arise, parties may opt to settle these disputes through litigation or by Alternative Dispute Resolution methods, one of which is Arbitration. Arbitration as a mode of dispute resolution is designed to be an alternative to the traditional means of resolving disputes (litigation) and became globally accepted due to its array of benefits. In recent times, however, some of the key features that set arbitration apart from litigation have gradually waned. Specifically, it appears that after arbitration, as a matter of practice, parties now resort to traditional courts, to challenge arbitral awards, thereby leading to protracted legal tussles on issues already resolved in arbitration. Accordingly, this work examines recent trends in arbitration and how parties, Counsel, and the legal framework may have somehow inserted arbitration into the litigation ladder in Nigeria. The article evaluates the impact of the above on the desired finality of arbitral proceedings, whilst also proffering solutions.

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UNILAG Law Review, (2023) Volume 6 Edition 1.