On 23 May 2023, Nigeria introduced the 2023 Arbitration and Mediation Act (the “New Act”), repealing its 35-year-old arbitration act (the 1988 Nigerian Arbitration and Conciliation Act, Cap A18). The New Act aims to “provide a unified legal framework for the fair and efficient settlement of commercial disputes by arbitration and mediation”. It also “make[s] […]
Arbitration in Nigeria
Arbitration in Nigeria is governed by the Arbitration and Conciliation Act (Chapter 18, Laws of the Federation of Nigeria 2004) (the “ACA”), which incorporates the 1985 UNCITRAL Model Law on International Commercial Arbitration (“UNCITRAL Model Law”). Nigeria, in addition to being the African country with the largest economy in terms of nominal GDP, was the […]
Senegal Wins Arbitration Reflecting Rising Resource Nationalism In Africa
In a partial award, the arbitrators Elie Kleiman, Pierre Mayer, and Nicolas Molfessis ruled that a USD 2.2 billion deal it signed with ArcelorMittal could be terminated on the ground of a material breach by ArcelorMittal. ArcelorMittal’s counterclaim for the renegotiation of the contracts also failed. Senegal is now seeking USD 750 million in damages from […]