Overview
The Arbitration and Mediation Act 2023 represents a decisive shift in Nigeria's arbitration landscape by expressly recognising third-party funding arrangements and providing that the torts of maintenance and champerty do not apply to third-party funded arbitrations seated in Nigeria. This reform removes a longstanding legal impediment and enhances access to justice, particularly for claimants with meritorious claims who lack sufficient financial resources to pursue them.
However, statutory recognition alone does not constitute a comprehensive regulatory framework. Drawing on lessons from jurisdictions such as Singapore and Hong Kong, this article examines the emerging legal framework for TPF in Nigeria, identifies key gaps, and draws comparative lessons from more developed TPF frameworks as a guide to improving the Nigerian TPF legal framework.
