Fresh controversy has emerged over First Bank of Nigeria’s (FBN) moves to take over the assets of General Hydrocarbons Limited (GHL), following allegations that the Sole Arbitrator who dismissed GHL’s $718 million claim is a significant shareholder in FBN’s parent company.
New revelations suggest that retired Supreme Court Justice Kumai Bayang Akaahs, who presided over the arbitration, holds substantial shares in FBN Holdings Plc — a fact whistleblowers say was never disclosed before or during the proceedings.
Legal analysts warn that if confirmed, this undisclosed interest could render the entire arbitral award invalid under Nigeria’s Arbitration and Conciliation Act (ACA).
Justice Akaahs had dismissed GHL’s claims on the grounds that the company failed to prove its allegations of breach against First Bank. But a group calling itself Stock Market Whistleblowers, made up of SEC-licensed stockbrokers, now insists the retired jurist violated both the law and public policy by not declaring his interest in FBN HoldCo while sitting as Sole Arbitrator in a dispute involving its major subsidiary.
In their statement, the whistleblowers alleged that Justice Akaahs holds 595,057 units of FBN HoldCo shares, including 148,888 units purchased on April 7, 2025, while the arbitration was ongoing. They claim access to his stock transaction records in the normal course of their professional work.
The group also listed other companies in which the former Supreme Court Justice reportedly owns shares — including Dangote Sugar, Zenith Bank, GTCO, UBA, MTN Nigeria, ETI, Lafarge Africa, Dunlop Nigeria and Daar Communications — though his largest investment is said to be in FBN HoldCo.
“We were bemused to learn that Justice Akaahs was the Sole Arbitrator in the GHL vs First Bank arbitration,” the whistleblowers said. “It is difficult to understand how an active shareholder in FBN HoldCo could preside over a matter involving First Bank without disclosure or recusal. His shareholding, being his highest portfolio position, was not mentioned anywhere in the award.”
Justice Akaahs was appointed Sole Arbitrator in February 2025 and delivered his final award on October 28, 2025. The whistleblowers say they have submitted detailed tables of his shareholdings and transactions to investigators, and are prepared to release additional documents to regulators, the courts, and the media “in the interest of truth and justice”.
Legal experts note that arbitrators are legally required to disclose any circumstances that could raise justifiable doubts about their impartiality. This duty applies both at appointment and throughout the arbitration process.
Under Section 34 of the Arbitration and Conciliation Act, a court may set aside an arbitral award if the process was tainted by fraud, corruption, or if the award violates public policy — including where a party’s right to fair hearing was compromised. An undisclosed conflict of interest, experts say, falls squarely within this category.
They stress that the credibility of arbitration depends on the independence and impartiality of arbitrators. A failure to disclose material interests, they warn, not only undermines the process but can lead a court to conclude that a party was denied a fair hearing, making the award legally unsustainable.
