Arbitration: Third Party Funding New Frontiers In Dispute Resolution In Nigeria
Introduction
The cost of arbitration proceedings has remained one of the major deterrents for parties seeking to resolve commercial disputes. While this cost can vary significantly depending on various factors such as complexity of the dispute, the jurisdiction, and the arbitral institution, it comprises of legal fees, expert fees, cost of procuring witnesses, arbitrator fees and administrative expenses. This has been a challenge for certain parties who may be deterred by the burgeoning cost of the arbitration process. The Arbitration and Mediation Act 2023 (AMA) has introduced the practice of third-party funding (‘TPF’) to Nigeria’s arbitration landscape, as a modern means of managing the cost of, thereby increasing the access to arbitral remedies.
This article discusses the current position of third-par ty funding in Nigeria, the practicality of TPF in Nigeria, the concerns that may arise with the adoption of third party funding and how to address these concerns.
Investor–State Arbitration and The ‘Next Generation’ Of Investment Treaties 7th Edition
Introduction
Investor–state arbitration has grown over the years to become one of the most dynamic and controversial features of international investment law. Across the world, most states have entered into at least one International Investment Agreement (IIA) to promote and protect investments within their territories. From its days of humble beginnings, when the first Bilateral Investment Treaty (BIT) was executed between West Germany and Pakistan in 1959, to the present day, which is characterised by a multi-layered and multifaceted IIA regime featuring more than 3,300 known IIAs, investor–state arbitration has come a long way.
The chapter analyses the current framework regulating investor–state arbitration. It begins with a consideration of the areas of key stakeholders’ concerns with the ISDS regime by highlighting select ISDS decisions around topical areas in need of reform. Next, the chapter undertakes an overview of select BIT programmes.
Thereafter, we highlight recent reform measures aimed enhancing confidence in the stability of the investment environment – from procedural matters such as exhaustion of local dispute resolution framework as a prerequisite to investor–state arbitration to substantive matters such as the host state’s rights to legislate freely around FET requirements, etc. The chapter concludes with policy recommendations for policymakers in future IIAs.