The Senate of the National Assembly on Thursday, 1 February, 2018, passed the Bill for an Act to repeal the Arbitration and Conciliation Act 1988 and enact a new Arbitration and Conciliation Act.
The Bill is expected to pass through the House of Representatives and obtain presidential approval before it becomes law.
The proposed legislation will introduce significant reform in the practice of arbitration in Nigeria, and make Nigeria an attractive center for international and domestic arbitrations. The Bill contains innovative provisions on:
- Jurisdiction and composition of the arbitral tribunal
- Interim measures of protection
- Recourse against awards
More information on the new Bill will follow.