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Results: 4 Answers
International Arbitration
12.
Award
12.1
What procedural and substantive requirements must be met by an award?
 
Nigeria
Under Section 26 of the Arbitration and Conciliation Act (ACA) and Section 47 of the Lagos Arbitration Law, an award must be in writing and be signed by the arbitrators or by a majority thereof. The award must also contain:

  • the reasons upon which it was based (unless both parties have agreed that no reasons need be given);
  • the date on which it was made; and
  • the place of arbitration.

A copy of the award must further be delivered to each party.

For more information about this answer please contact: Babajide Ogundipe from Sofunde Osakwe Ogundipe & Belgore
12.2
Must the award be produced within a certain timeframe?
 
Nigeria
The legislation in Nigeria does not stipulate any timeframe for the issuance of awards. However, it is expected that the award must be made within a reasonable timeframe.

For more information about this answer please contact: Babajide Ogundipe from Sofunde Osakwe Ogundipe & Belgore