Third-Party Funding In Arbitration: A Welcome Process?

Arbitration is a process wherein a disagreement is agreed upon by the parties and then submitted to one or more Arbitrators who render a legally enforceable judgment¹. By selecting arbitration, the parties forego going to court and instead choose a private dispute settlement process. By agreement of the parties, a disagreement is presented to one or more Arbitrators who render a legally binding decision on the dispute².

Arbitration is becoming a more popular alternative dispute settlement method in Nigeria. The main legislation that controls arbitration in Nigeria is the Arbitration and Mediation Act 2023 (AMA) which repealed the Laws of the Federation of Nigeria 2004's Arbitration and Conciliation Act (ACA) Cap A18³.