Third Party Funding Issues in the Arbitration and Mediation Act Against Commercial Prospects in Nigeria - Business Law Review View Third Party Funding Issues in the Arbitration and Mediation Act Against Commercial Prospects in Nigeria by - Business Law Review Third Party Funding Issues in the Arbitration and Mediation Act Against Commercial Prospects in Nigeria 46 2

The Arbitration and Mediation Act 2023 (The Act) was enacted to introduce an arbitration regime in Nigeria consistent with global best practices with a view to enhancing trade and commercial engagements within and across borders. An interesting innovation in the Act is the permission of Third-Party Funding (TPF) of arbitrations as well as the abolishing of the common law torts of champerty and maintenance. This paper examines the scope of TPF with the aim of establishing its implications for commercial practice and integration in Nigeria. With a doctrinal approach, it finds that the Act fails to address issues of control, conflict of interest, confidentiality, and disclosures all of which are identified in the paper to be possible challenges associated with TPF agreements. The paper therefore concludes that while the old Arbitration and Conciliation Act may have been improved on, more efforts are required to balance the interest of parties engaged in arbitration over a commercial dispute in the area of TPF. It recommends for a more detailed legislation that will specifically address the peculiar features of TPF in Nigeria for a wider commercial prospect.

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