In his PhD studies, Abayomi Okubote is expanding on his experiences as a lawyer, arbitrator and vocation leader in his native Nigeria. The LLM grad from the University College London has advised government agencies on several cutting-edge projects and on cross-border deals in finance and international arbitration. He has also founded the Association of Young Arbitrators (AYA), co-founded Africa Arbitration, and is managing editor of the Africa Arbitration Blog. For his research this year, his second in the doctoral program at Queen’s, he has received a Centre for International Governance Innovation (CIGI) International Law Research Program Graduate Scholarship and is also a recipient of a scholarship from the International Academy for Arbitration Law. In his thesis, he is exploring the utility of third-party funding in international arbitration in the face of rising arbitration costs and is proposing a harmonized framework for the regulation of this funding mechanism.
In an interview with Queen’s Law Reports, Abayomi Okubote talks about his PhD research, his work experience in a top African commercial law firm, and why he founded two arbitration associations in Africa.
What interested you in international arbitration law?
When I began my career in 2010 as a commercial litigator, international arbitration didn’t catch my fancy. Back then, I would not advise clients to include an arbitration clause due to the perception that most arbitrations end up in the courtroom. My first opportunity to study international arbitration law was during my master’s program at the University College London, and that was where this perception changed. Studying arbitration law in the international context is extremely fascinating because, regardless of the type of arbitration, you are always experiencing a mix of different cultures, languages and personalities. The conflicts of laws and perks of the comparative approach that come with studying international arbitration law are of great interest to me.
Tell us about your research.
My research focuses on third-party funding (TPF) in international arbitration. TPF is an arrangement between a party and a funder whereby the funder covers the costs of prosecuting a claim in exchange for a percentage of any proceeds derived from the proceedings. TPF is useful because arbitration, like litigation, is becoming expensive. TPF provides a means for those without the ready cash to prosecute their claims and may be particularly valuable in investor-state dispute settlement (ISDS), when the same state actions that are the subject of a claim (e.g. expropriation of profitable investments) may have deprived the investor of the financial means to launch an arbitration. Private enforcement of legal rights should not be an entitlement of the rich alone.
Despite the benefits of TPF, there are concerns that the direct or indirect relationship between a funder and an arbitrator may affect the impartiality and independence of the arbitrator. These concerns have triggered debates on the need for some form of regulation. While the TPF industry is growing rapidly, it is still considered a “wild west” due to lack of regulation in most countries and inconsistent rules in others. The few countries that regulate TPF have a mix of partially overlapping regulations – national laws, arbitral rules of procedure, ethical guidelines, and industry regulations – leading to inconsistencies and lack of clarity in the TPF regulatory framework. The ultimate objective of my thesis is to develop a proposal for a harmonized framework for the regulation of TPF in international arbitration and the key expected output is the drafting of a model law on TPF that will be useful to policy makers from around the world.
How has your work experience over the past five years at Olaniwun Ajayi LP in Nigeria impacted your graduate work?
Olaniwun Ajayi LP (OALP) is one of the top full service commercial law firms in Africa, with a strong track record for project finance, acquisition finance, power and infrastructure, oil and gas, and dispute resolution. While working with a top law firm comes with exposure to cross-border deals and big-ticket disputes, the work is extremely demanding and most times, rigorous. The rigour of the work at OALP, prepared me for the PhD. Also my exposure to cross-border deals and experience in finance and international arbitration, gained while working in OALP has greatly impacted my graduate work, which focuses on arbitration finance.
What motivated you to get involved with the Association of Young Arbitrators and to co-found Africa Arbitration?
I founded the Association of Young Arbitrators (AYA) after participating in an international secondment program for top talents in Africa, organized by the International Lawyers for Africa (ILFA) in 2015. I was seconded to Baker McKenzie (London office) for three months and exposed to the international aspect of cross-border disputes. I benefitted from lots of networking events in London and understood the opportunities in developing relationships and networks within the international arbitration community. I started AYA with a team of brilliant young lawyers who have passion for arbitration and are seeking to overcome the perception that arbitration is open only to senior practitioners. We have brought together an excellent Board of Advisors to assist us in developing initiatives to help young arbitration practitioners succeed within the international arbitration community.
When I started my PhD program in September 2017, I encountered difficulty in accessing data, decisions and resources on arbitration in Africa. I co-founded Africa Arbitration – a one-stop online platform for arbitration resources in all countries across Africa. AA has been able to put together a world-class Board of Advisors drawn from across Africa, North America, Europe and the Middle East, including my PhD supervisor, Professor Joshua Karton (Associate Dean of Graduate Studies and Research). AA also features the Africa Arbitration Blog, which provides a wide-reaching platform for brilliant arbitration practitioners to project their thoughts on arbitration issues to the international arbitration community. I serve as one of the Managing Editors of the Africa Arbitration Blog.
Why did you choose Queen’s Law for your PhD studies?
Having done a graduate program in a reputable university in London, I was looking for a top-ranked law school in Canada with a smaller PhD size. As I understand it, top law schools like Queen’s Law with a small PhD group give more attention to their students and have supportive faculty members. I was right! The faculty members and staff here have been great and my PhD supervisor, Professor Joshua Karton, has been extremely supportive. In spring 2018, Professor Karton introduced me to the scientific committee members who organized an international event to celebrate the 60th anniversary of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. The event was organized in partnership with the United Nations Commission on International Trade Law (UNCITRAL) in Seville, Spain. I presented a paper at the international conference and Kluwer Law International is publishing the paper. Professor Karton was also supportive when I applied for the CIGI’s International Law Research Program Doctoral Scholarship. I was happy to have been selected for this scholarship and I’m grateful to Queen’s Law for providing the platform for winning such prestigious award. Since joining Queen’s in 2017, I have also been nominated for several leadership awards in Nigeria and England.
I am glad to have chosen Queen’s Law and the growing diversity in the Queen’s community makes Kingston a home away from home. It is gratifying to know that Queen’s Law has a sustained track record of international excellence based on the production of empirically rich, conceptually sophisticated and policy relevant research.
What do you enjoy doing outside of the courtroom and classroom?
My hobbies include watching soccer – I am a passionate fan of Chelsea Football Club in England. I also love to play chess with my friends and debate politics with my wife, who is also a lawyer.