Litigation Funding In Commercial Disputes: Risks, Opportunities And Emerging Considerations

Introduction

While third-party litigation funding (or litigation financing as it is sometimes referred to) (“Litigation Funding”) has emerged in its modern commercial form within the last three decades, the practice is not entirely new. Developing first in Australia in the 1990s and subsequently gaining prominence in the United Kingdom, the United States, Canada and other common law jurisdictions, Litigation Funding has evolved into a sophisticated financial mechanism designed to facilitate access to justice for claimants with meritorious claims but limited financial resources to pursue them in court.

In this article, we examine the nature of Litigation Funding, its models, challenges, regulatory trajectory, ethical implications and prospects within the Nigerian legal system.