THE FINALITY OF ARBITRAL AWARDS IN NIGERIA ;PROSPECTS AND CHALLENGES VIS-A-VIS APPLICABLE RELEVANT LAWS

This research is focused on arbitral awards: finality and grounds for setting aside and the examination of relevant laws in Nigeria. Arbitration is highly useful as an alternative dispute resolution (ADR) mechanism in our society today and the world at large; it is a necessary tool for fostering a friendly and amiable inter-relationship between disputants. The findings of an arbitration tribunal is contained in its decision known as arbitral award. Arbitral award has been defined as a final determination of a particular issue of claim or controversy in the arbitration. The award is final, legal, and binding when it is legally constituted and in compliance with the procedural and substantive requirements. This research work particularly emphasized the Arbitration and Mediation Act, 2023. It took cognizance of recognition and enforcement of award as determinants of finality as provided for in the above named Act. This work is aimed at determining the extent, finality and enforceability of arbitral awards on the parties in an arbitration constituted tribunal, taking cue and guidance from the Act, relevant laws and available sources of law, and the ground for setting aside arbitral awards. This work employed the doctrinal research technique, combining both primary and secondary sources of law for a productive research work. This research isn’t one without the challenges of financial limitations, sourcing right materials, managing and evaluating huge amounts of information, understanding the nuances of academic and legislative ethics, while maintaining originality. This work extensively recommended inter alia, that there should be clear judicial intervention to delineate the sphere of the Court’s interference with awards and to give firm legal flooring to the principle of finality of awards in a manner that is both assuring to the arbitration stakeholder(s) and reflective of best, current arbitration trends, thereby, emphasizing its importance.