ON CONSENSUAL NATURE OF ARBITRAL PROCEEDINGS AND NEED FOR PARTIES TO ABIDE BY ARBITRAL AWARDS.
Arbitral awards are not the usual or ordinary decisions/judgments delivered by the ordinary or normal courts established by Law, but outcomes of proceedings and decisions by people or institutions freely and voluntarily chosen specifically by the parties in the course of their agreements/contracts that are fiduciary in nature, to, in the event of any dispute arising from such relationship in which, very often,time is of essence, expeditiously and with relative ease,settle it conclusively to bind them. The case involves an appeal against the judgement of the Court of Appeal delivered on 22nd July, 2020, refusing the appellants application for dismissing the judgement of the High Court on the contention that the arbitral tribunal lacks the to grant the awardand rightly recognised the arbitral award.The Supreme Court in an unanimous decision allowed the appeal and affirmed the decision of the two lower courts. NICON INSURANCE LIMITED V.BRIGHTHOUSE ESTATE LIMITED (2025)8 NWLR ...