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Whistleblowers: Sole Arbitrator Who Gave Award to First Bank Over GHL is a Shareholder of First Bank
Whistleblowers: Sole Arbitrator Who Gave Award to First Bank Over GHL is a Shareholder of First Bank
- Non-disclosure of conflict of interest to all parties is ground to set aside decision, say experts
Alex Enumah in Abuja
The last may not have been heard in the First Bank Nigeria’s (FBN) bid to take over the assets of General Hydrocarbons Limited (GHL), as fresh facts have revealed that the retired Supreme Court judge, Kumai Bayang Akaahs, who was the Sole Arbitrator in the Arbitration Tribunal that dismissed GHL’s $718 million claim against First Bank is a major shareholder in the bank.
Legal experts have stated that if established, the allegations can lead to the setting aside of the award under the Arbitration and Conciliation Act (ACA) of Nigeria.
Akaahs had recently dismissed the case of GHL on the grounds that the oil firm failed to prove allegations of breach against the bank.
However, some whistleblowers in Nigeria’s stock market have alleged that Akaahs, who was the sole arbitrator at the tribunal, violated the law and public policy when he failed or refused to disclose his interest in First HoldCo Plc, the parent company of FBN.
The ‘Stock Market Whistleblowers’ in a statement issued yesterday claimed that the retired Supreme Court Justice owns 595,057 Units of shares in First HoldCo Plc, a situation that gave rise to a conflict of interest, having acted as an arbitrator in a case involving a firm where he is a shareholder.
The whistleblowers, who claimed to be stockbrokers licensed by the Securities and Exchange Commission (SEC), a parastatal under the Federal Ministry of Finance, said they were making the revelation to aid the fight against corruption and misconduct in the Stock Exchanges of the Federal Republic of Nigeria, and ensure market integrity.
“With the above preamble, we make the following statements to be released to the Nigerian media to ensure openness, transparency and full investigations”, they said, just as they urged the media to conduct their independent investigations of their assertions.
“As stockbrokers, we are privy to the transactions of Justice Kumai Bayang Akaahs (JSC, rtd), especially as it relates to his shares in First HoldCo PLC, where First Bank of Nigeria Limited is the main subsidiary.
“We are aware and hereby report that on April 7, 2025, he purchased 148,888 Units of shares of First HoldCo PLC, bringing his total holdings of First HoldCo PLC to 595,057 Units”, the statement read.
Meanwhile, they further disclosed that, besides First HoldCo PLC, Akaahs holds various units of shares in the banking, telecoms, and other sectors of the Nigerian economy.
They listed the companies to include: Daar Communications Plc, DAAR – 50,000 units; Dangote Sugar Refinery Plc, Dansugar – 12,000 units; Dunlop Nigeria (Dunlop) – 50,000 units; Ecobank Transnational Incorporated (ETI) – 6,890 units; Guaranty Trust Holding Company Plc (GTCO) – 80,083 units; MTN Nigeria Communications Plc (MTN) – 120,250 units; United Bank for Africa (UBA) – 160,650 units; Lafarge Africa Plc, WAPCO – 14,723 units; Zenith Bank Plc – 60,937 units.
Speaking further on the discovery, the whistleblowers said, “We were very bemused to learn that Justice Akaahs was the Sole Arbitrator of the General Hydrocarbons Limited (GHL) Vs First Bank of Nigeria Ltd (FBN) Arbitration.
“How could that be? We used to think that the owners of GHL were savvy business people, rather than amateurs who would not do their basic due diligence to investigate the choice of arbitrator in their matter.
“Little wonder then that, in the arbitration award published widely on all platforms, Justice Akaahs dismissed all the claims of GHL against FBN”, they added.
Besides, they wondered how an active shareholder and member of the First HoldCo Plc could be a Sole Arbitrator in a matter involving FBN, “a company in which he holds significant shares, without disclosure and while not recusing himself; and we note while reading the entire Arbitration Award, that his shareholding in FBN HoldCo, which represents his highest holding in his stock portfolio was not disclosed, and urge a full and comprehensive investigation”.
The whistleblowers alleged that Akaahs was appointed an Arbitrator in February 2025.
“From his appointment in February 2025, the arbitration ran up to October 28, 2025, when he delivered his final award.
“We are people of Conscience seeking justice and integrity.
“We provide the following evidence to investigators to ascertain the truth:
i. Table of all Justice Akaahs’ Shares in the Stock Exchange
ii. Table of Justice Akaahs’ FBN HoldCo PLC stock holdings
iii. Table of Justice Akaahs’ last transaction and date of transaction.
“We will provide more information to the media and the courts in the advancement of truth and justice,” the statement added.
THISDAY gathered from legal experts that, if established, the allegations can lead to the setting aside of the award under the Arbitration and Conciliation Act (ACA) of Nigeria.
This is because the duty to disclose circumstances that could raise justifiable doubts about impartiality is a core requirement for arbitrators, and the failure to disclose can violate a party’s right to a fair hearing or the public policy of the state.
The ACA requires an arbitrator to disclose any circumstances that may give rise to justifiable doubts as to their impartiality or independence, both when being considered for appointment and throughout the proceedings.
It was also gathered that a court can set aside an award if a party proves that the award conflicts with the public policy of Nigeria, just as an arbitrator’s failure to disclose a conflict is said to be a key reason why a party might argue the award is a violation of public policy or that they were unable to present their case.
Specific grounds for setting aside an award under Section 34 of the ACA include situations where the making of the award was induced or affected by fraud or corruption, or the award is in contravention of the fundamental policy of the law, which includes the right to a fair hearing.
Suppose an arbitrator fails to disclose a conflict. In that case, it may lead a court to conclude that the arbitration was unfair, and that may be enough to set aside the award because the arbitrator’s impartiality was compromised.
The failure to disclose a conflict can be seen as a breach of the integrity of the arbitration process. This is often considered a violation of Nigeria’s public policy and can serve as a basis for challenging an award.
It can also be argued that the failure to disclose a conflict may mean the party was denied the right to a fair hearing, as their confidence in the arbitrator’s neutrality was undermined. This, it was learnt, can be a fatal flaw for the arbitral award.
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