Nigerian Arbitration & Mediation Act, 2023
A lot has been written about the new Nigerian Arbitration & Mediation Act, 2023. Why are we excited? We are excited about the following novel provisions:
- A more progressive definition of writing is given to include a record of the arbitration agreement in any form – Electronic communication can now form an arbitration agreement if the information contained therein is accessible so as to be useable for subsequent reference.
- The default number of arbitrators where unspecified is now one (1) arbitrator.
- More clarity as the definition of seat/venue of the arbitration
- Emergency arbitration is permissible where a party seeks urgent relief.
- Provisions on the issuance of interim measures of protection by Courts expressly included as well as recognition and enforcement of interim orders made by a Tribunal.