Rethinking Safeguards in Arbitration?

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In The Federal Republic of Nigeria v Process & Industrial Developments Limited [2023] EWHC 2638 (Comm) the Commercial Court determined that arbitration awards against Nigeria had been obtained by fraud and were contrary to public policy. This decision is of the utmost importance to Nigeria given the sums involved. However, it will also be of interest to companies and state entities which have provided for arbitration in their contracts, as it raises questions as to the efficacy of arbitration as a dispute resolution process.