Setting aside Victoria Falls International Arbitration Centre arbitral award

In terms of section 43(a) of the Banking (Victoria Falls International Financial Services Centre) (Arbitration) Regulations, 2026 recourse against an arbitral award issued by an arbitral tribunal under the auspices of the Victoria Falls International Arbitration Centre may only be made in the seat of the international financial services centre. There may be legitimate reason and practical benefits for setting aside an award or enforcement of an award at the court of the seat. see CXG and Another v CZI and Others [2023] SGHC 244 para 67.

An application to set aside a Victoria Falls International Centre arbitral award may only be made to the Appeals Tribunal. The functions of an Appeals Tribunal under the Victoria Falls International Arbitration Centre are similar to those of an Award Review Tribunal ("ART") in terms of section 56 of the Nigerian and Mediation Act, 2023. see P Kanokanga, 'Award Review Tribunals (ARTs): An Analysis of Section 56 of the Nigerian and Mediation Act, 2023' (2024) 19 (1) Journal of Arbitration 78 - 92.

An application for the setting aside of a Victoria Falls International Arbitration Centre issued award cannot be made after three (3) months have elapsed from the date on which the party making the application received the award, or such longer period as the parties to the arbitration may have agreed, or if a request had been made for the correction and interpretation of award, from the date on which that request had been disposed of by the arbitral tribunal. see Prince Kanokanga, 'An Examination of Kenya's Divergent Approach to the Meaning of 'Delivery' of an Arbitral Award in Contrast to Other Model Law Jurisdictions' (2023) 12 (1) Alternative Dispute Resolution Journal 317 - 362.