CASE DIGEST – ARBITRATION: PARTIES ARE BOUND BY THE OUTCOME OF ARBITRATION TO WHICH THEY FREELY SUBMITTED

TXTLIGHT POWER SOLUTIONS LIMITED v. AIICO INSURANCE PLC

COURT OF APPEAL (LAGOS DIVISION)

(EKANEM; OBIORAH; BASSI, JJ.CA)

TXTLight Power Solutions Limited (the Appellant) and AIICO Insurance PLC (the Respondent) entered into an Industrial All-Risk Insurance Policy under which the Respondent agreed to insure the Appellant’s stock of solar power systems and panels situated in various locations across Nigeria. The policy provided insurance cover in the sum of ₦7,370,531,840.49 against risks including fire, explosion, burglary, and theft.

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CASE DIGEST – ARBITRATION: PARTIES ARE BOUND BY THE OUTCOME OF ARBITRATION TO WHICH THEY FREELY SUBMITTED	13.3 MB