Section 10: Retention of security where proceedings are stayed or dismissed

(1) Without prejudice to any other power of the Court-
(a) where it appears to the Court in which a proceeding commenced under this Act is pending that the proceeding should be stayed or dismissed on the ground that the claim concerned should be determined by arbitration (whether in Nigeria or elsewhere) or by a court of a foreign country; and
(b) where a ship or other property is under arrest in the proceeding,
the Court may, order that the proceeding be stayed on condition that the arrest and detention of the ship or property shall stay or satisfactory security for their release be given as security for the satisfaction of any award or judgment that may be made in the arbitration or in a proceeding in the Court of the foreign country.
(2) The power of the Court to stay or dismiss a proceeding commenced under this Act includes power to impose any condition as is just and reasonable in the circumstances, including a condition-
(a) with respect to the institution or prosecution of the arbitration or proceeding in the court of a foreign country; and
(b) that equivalent security be provided for the satisfaction of any award or judgment that may be made in the arbitration or in the proceeding in the court of a foreign country.
(3) Where the Court has made an order under subsection (1) or (2) of this section, the Court may make such interim or supplementary orders as are appropriate in relation to the ship or other property for the purpose of preserving-
(a) the ship or other property; or
(b) the rights of a party or of a person interested in the ship or other property.
(4) Where-
(a) a ship or other property is under arrest in a proceeding;
(b) an award or judgment as mentioned in subsection (1) of this section has been made in favour of a party; and
(c)
apart from this section, the award or judgment is enforceable in Nigeria,
then in addition to any other proceeding that may be taken by the party to enforce the award or judgment, the party may apply to the Count in the stayed proceeding for an appropriate order in relation to the ship or property to give effect to the award or judgment.