AN APPRAISAL OF RECOGNITION AND ENFORCEMENT OF ARBITRAL AWARDS BY THE INTERNATIONAL CENTER FOR SETTLEMENT OF INVESTMENT DISPUTES (ICSID) IN NIGERIA
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: FOOTNOTE / ENDNOTE
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
Nigeria is in a continuous quest to attract foreign direct investment (FDI) in order to support and sustain a decent economic growth. These foreign investors being invited are as much interested in the methods available for dispute resolution as they are in every available guarantee on their investments. This dissertation appraises the recognition and enforcement of the International Centre for the Settlement of Investment Disputes (ICSID) Arbitral Awards in Nigeria. The dissertation has the ultimate aim of proposing ways through which Nigeria can re-affirm its commitment to ICSID, as well as foreign investors. The research adopts doctrinal methodology depending on both local and foreign literature on ICSID jurisprudence. The importance of recognition and enforcement comes from the fact that arbitration is considered to be of no value if its award is not enforceable. Bearing this in mind, the work argues that the more recognition and enforcement of arbitral awards are observed with minimal procedural delay, the more the confidence of parties‘ increases. The dissertation examines the Centre from inception, to Nigeria‘s accession to the ICSID Convention, and the extent of commitment demonstrated so far. The research observed that arbitration under the ICSID is bedevilled by certain controversies resulting from conflicts of interest between the developed and the developing states as evidenced by the denunciation of the ICSID Convention by Bolivia, Ecuador and Venezuela. The analysis revealed the little consequences this has on the commitments of other states to the Convention. Disregarding these issues may be ultimately fatal to the future of the Centre and the commitment of other members, particularly from developing countries. Therefore, the need to embark on specific structural, procedural and functional reforms to give the developing nations more roles to play in running the centre is in emphasis. The dissertation revealed that the review mechanism of the Centre is inadequate, as annulment does not amount to appeal, thereby making it impossible to correct functional errors made by the tribunals. Leading to discontent and leaving the aggrieved parties with limited options; in the end lead to denunciation. Hence, there is the need to develop a system of appeal in order for parties to have recourse to a review mechanism in the light of the inconsistent decisions rendered by ICSID Tribunal. As the work further examines, arbitration under the ICSID is very expensive and complex. Parties are burdened with tribunal costs, professional and counsel fees, transportation, and so many other unforeseen costs. This is why the ICSID Schedule of Fees has to be reviewed to make tribunal charges proportionate to the amount involved in the claim. ICSID tribunals can also take advantage of the virtual world in filing of cases and exchange of pleadings. The work also bares a fundamental problem, that is, the inability of Nigeria to make rules of enforcement as prescribed by section 2 of ICSID (Enforcement of Awards) in order to give effect to the provisions of the Act. Nigeria must re-affirm its commitment to ICSID and the international investor-community, Nigeria must therefore, endeavour to make rules for the enforcement of ICSID award pursuant to section 2 of ICSID (Enforcement of Awards) Act.
Related Project Materials
EMPLOYERS’ ASSESSMENT OF ADEQUACY OF OFFICE TECHNOLOGY AND MANAGEMENT CURRICULUM FOR GRADUATES' EMPLOYABILITY SKILLS ACQUISITION IN NORTH-WEST NIGERIA
Abstract
The study on employers‟ assessment of adequacy of office technology and management curriculum for graduates‟ employability skill...
RISING TREND IN THE USE OF SOCIAL MEDIA NETWORKS BY STUDENTS IN SEEKING INFORMATION
Abstract
In this era of Information and communication technology, social media especially facebook, whatsApp, twitter,...
EVALUATION OF HEAVY METALS, SOME ORGANIC AND MICROBIAL CONTAMINANTS IN THE EFFLUENTS FROM SOME FOOD INDUSTRIES IN ANAMBRA STATE, NIGERIA
ABSTRACT
This study was carried out to evaluate the concentrations of heavy metals and other contaminants in the effluents from some food...
ETHNICITY AND ELECTIONS IN KOGI STATE: AN EXAMINATION OF 2008 AND 2011 GUBERNATORIAL ELECTIONS
ABSTRACT
The objective of this study is to determine the relationship between ethnicity and voting behavior and the extent to which the f...
ASSESSMENT OF JUNIOR SECONDARY SCHOOL BUSINESS STUDIES CURRICULUM IMPLEMENTATION IN NIGERIA
ABSTRACT
This study assessed the Assessment of Junior Secondary Business Studies Curriculum Implementation in Plateau State, Nigeria. The...
IMPACT OF BUDGET AND BUDGETARY CONTROL IN AN ORGANIZATION
BACKGROUND OF THE STUDY
Budgeting control has been widely accepted as management techn...
THE IMPACT OF TAX EVASION AND TAX AVOIDANCE IN NIGERIA ECONOMIC DEVELOPMENT
ABSTRACT
Tax evasion and avoidance have bedeviled the Nigerian tax system right from the colonial times...
PARENTS EDUCATIONAL BACKGROUND AND ITS INFLUENCE ON THE ACADEMIC ACHIEVEMENT OF PRIMARY SCHOOL PUPILS
BACKGROUND OF THE STUDY
Over the years, the nation has been experiencing a drastic fall in the academic...
ASSESSING THE IMPACT OF EARLY CHILDHOOD EDUCATION ON SUSTAINABLE WATER MANAGEMENT
ABSTRACT: Assessing the impact of early childhood education on sustainable...
PERFORMANCE EVALUATION OF MOBILE NETWORK SERVICES IN SHIRORO POWER STATION, NIGERIA
ABSTRACT
In this work, performance of four mobile network operators (MNOs) was measured, analysed, and evaluated in Shiroro Power Station...
