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Nigerian Legal Expert, Akinosun, Explores Arbitration for International Gas Conflict Resolution

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Nigerian Legal Expert, Akinosun, Explores Arbitration for International Gas Conflict Resolution

May 02
18:22 2024

Nigerian legal luminary and gas law expert, Dapo Akinosun, has explored the use of arbitration as a viable tool for resolving international gas disputes in an increasingly globalized and digitalized world. According to Wikipedia, Arbitration is a formal method of alternative dispute resolution involving a neutral third party who makes a binding decision.

In a recent article published in the African Arbitration Association (AAA) journal Akinosun noted that Globalization and trade has further opened up the world to new frontiers which affect not just the parties, but the economies of countries, the business standings of diverse stakeholders and in a broader concept, the quality of life of millions of people.

According to the legal luminary, “Dispute, misunderstandings and conflicts in such circumstances are bound to happen and as such, the world evolved strategies to address those challenges.”

In the article, titled, ‘Resolving Disputes in the Gas Sector- Is Arbitration a Way to Go?’, Akinosun asserted that the increasing need for timely, efficient and effective dispute resolution mechanism has allowed Arbitration, with its flexibility, confidentiality and cross border enforcement to evolve as a preferred choice for resolving gas disputes in the international community.

“The world of gas arbitration is exciting but also not static. International Arbitration has expanded in scope, allowing for continuous innovation and trends to emerge, shaping how disputes are resolved and impacting the interests of all stakeholders with interest in the next set of law students in institutions, the environment and benefits,” said Akinosun who is a Senior Advocate of Nigeria (SAN).

“Technology development and advancement has imprinted itself also on gas arbitration1. The element of neutrality has led to mass appreciation and adoption of international arbitration which has been used as a method of resolving disputes between states, individuals, and corporations in almost every international transaction involving commerce, investment. Arbitration can be national (domestic) or international, and in gas cases, arbitration can be triggered for price variations and interpretation of the entire contract.”

Furthermore, the legal luminary explores some of the trends that are impacting the emergence of arbitration as a key dispute resolution tool. These trends include technology’s transformative touch, third party funding and specialized gas arbitration rules.

In conclusion, Akinosun stated that the The Nigerian gas industry is integral to the country’s economic growth and international reputation though it faces a multitude of challenges and opportunities in dispute resolution.

The legal luminary also added that, “Through the increase in local expertise, use of new technologies, more transparency, and adherence to the values of justice and equity, Nigeria has the potential to establish itself as a major force in the global gas market.”

Dapo Akinosun is the Founding Partner at SimmonsCooper Partners and a specialist in Gas law. He is a Senior Advocate of Nigeria (SAN), Arbitrator and co-author along with Dr David Ige of the only Nigeria book on gas – “Understanding Natural Gas: A Nigerian Perspective”.

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