IMPEACHMENT OF ARBITRAL AWARD IN NIGERIA: THE FUNCTIONALITY OF AWARD REVIEW TRIBUNAL IN THE ARBITRATION AND MEDIATION ACT 2023

The Arbitration and Mediation Act 2023 made provisions for the impeachment and setting aside of arbitral award under the Act in section 55. The section made it that a party to the arbitration agreement who is dissatisfied with the arbitral award as rendered by the arbitral tribunal has a right to file his application for the impeachment of the award in the court. Section 55(3) of the Act established the grounds for the impeachment of arbitral awards in Nigeria. Arbitration and Mediation Act 2023 made a new provision for Award Review Tribunal (ART). Award Review Tribunal is a voluntary and optional appellate mechanism newly introduced in the Act. The question that arises is, what is the hardship in section 55 of the Act which section 56 is to cure or address? Is Award Review Tribunal (ART) an appellate tribunal sitting on appeal on the arbitral award rendered by the First Instance Arbitral Tribunal? Is the decision of the Award Review Tribunal on any matter decided by its final or is it still subject to the jurisdiction of the High Court pursuant to section 55 of the Act? What is the law on this matter with respect to the practice in other developed countries? Is Award Review Tribunal not a waste of time with intent to introduce delay, second level of arbitral cost, and hardship? Is it devoid of additional cost and hardship? It is to address these issues and questions that we have embarked on this mission. It must be mentioned that the essence of this research work and its emphasis are not on impeachment of arbitral award in Nigeria but on the Award Review Tribunal (ART) which is a new innovation in the Arbitration and Mediation Act 2023. In order to do justice to this topic, efforts must be made to summarize meaning and grounds for impeachment of arbitral award as both issues are related. Award Review Tribunal is an offshoot of impeachment process in arbitration practice.