74 ISSN 1712-8056[Print] ISSN 1923-6697[Online] www.cscanada.net www.cscanada.org Canadian Social Science Vol. 15, No. 6, 2019, pp. 74-86 DOI:10.3968/11095 Copyright © Canadian Academy of Oriental and Occidental Culture Nature of Arbitral Awards in Nigeria: an Overview Michael O. Adeleke [a],* ; Oluwayemisi A. Adewole [b] [a] LL.M, B.L. Ph.D., Senior Lecturer, Department of Business Law, Obafemi Awolowo University Ile-Ife, Ile-Ife, Nigeria. [b] LL.M, B.L., Lecturer, Department of International Law, Obafemi Awolowo University Ile-Ife, Ile-Ife, Nigeria. * Corresponding author. Received 15 March 2019; accepted 7 June 2019 Published online 26 June 2019 Abstract The need to explore other means of dispute resolution has resulted in the development of Alternative Dispute Resolution mechanisms, prominent among which is arbitration. Arbitration is the most regulated mechanism and is best suited for commercial relationships because, while it seeks to preserve existing relationships, it also ends in an award which is binding on the parties to the proceedings. The study examined the nature of arbitral awards through the lens of decided cases and the Arbitration and Conciliation Act, 2004. The study adopted the doctrinal method of research and relied on primary sources of information such as statutes, cases and conventions; as well as secondary sources of information such as books, journal articles and materials gotten from the internet, all subject to content analysis. The study found that the award, which is final and binding on the parties, has the same status as a judgment of the court in Nigeria when recognised and enforced, but may be set aside where any of the essential requirements are lacking. The study concluded by stating the need for everyone involved to take conscious steps from the beginning of the arbitration in order to end up with a valid and an enforceable award. Key words: Arbitration; Award; Recognition and enforcement; Setting aside Adeleke, M. O., & Adewole, O. A. (2019). Nature of Arbitral Awards in Nigeria: an Overview. Canadian Social Science , 15 (6), 74-86. Available from: http://www.cscanada.net/index.php/css/article/view/11095 DOI: http://dx.doi.org/10.3968/11095 1. INTRODUCTION 1.1 The Evolution of Alternative Dispute Resolution Given the nature of mankind, it is well settled that disputes arising from human and societal interactions are inevitable. These disputes may arise from such human interactions as economic and commercial activities, community interactions and interpersonal relationships. The fact is “disputes are inevitable in modern societies be they traditional, industry or commercial. While the law seeks to avoid such disputes, it also provides different methods for resolving them when they arise” (Otuturu, 2014, pp.67-77), because disputes, whether commercial or not, have to be resolved (Otuturu, 2014, pp.67-77). The traditional method of resolving these disputes - and by far the most popular - is litigation. However, litigation as a means of resolving disputes has many drawbacks; prominent among which is its adversarial feature that often leaves a lasting division between disputants. Thus, while a disputant may gain legal justice through litigation, social justice may be elusive. Several factors such as high cost of litigation and legal services, coupled with delays in determining the substance of the dispute, issues of confidentiality, cumbersome and technical rules of procedure decidedly made litigation dispute resolution mechanism unattractive to disputants. Indeed, “[a]s the courts grew, delays, formalities, technicalities, corruption and the likes crept in. Similarly, the cause lists became overcrowded and court environment and sittings became intimidating and oppressive to the un-informed” (Anyebe, 2015). It became necessary, therefore, to seek for “extra- judicial” methods and procedures of resolving disputes. This necessity became pronounced in civil disputes of commercial nature as “commercial men and women are by their nature and [the] practice of their business in a hurry, when a dispute arises in their business transactions,