Section 4: Arbitration.

(1) Any person disputing a finding of the Director relative to the investment valuation of any matter concerning his undertaking may require the matter to be submitted to arbitration and the dispute shall be resolved in the following manner, that is to say-
(a) there shall be a sole arbitrator who shall be a person agreed to by the Director and the party disputing the valuation (both of whom are hereafter in this section referred to as "the affected parties") and who shall be appointed by the Minister;
(b) the sole arbitrator shall as soon as possible after his appointment view the building, plant or machinery which is the subject matter of the dispute and consider all documents and other information relating to them;
(c) the sole arbitrator shall decide on the investment valuation and make his award within one month after entering on the reference or any longer period allowed in writing by the Minister; and
(d) if there shall arise any question of law in the course of determining the dispute, the sole arbitrator may submit the question for the determination of a High Court of a State or of the Federal Capital Territory, Abuja where the undertaking is situated or in which the subject matter of the dispute arises (whichever is in the opinion of the arbitrator convenient to the affected parties) and the arbitrator shall be guided by the decision and direction of the court.
(2) The investment valuation as determined by the sole arbitrator and any award made thereby shall be binding and final as between the affected parties.
(3) Each of the affected parties shall bear his costs incurred in respect of any submission under this section to arbitration, for the determination of a point of law, or both as the case may be.
(4) The Arbitration and Conciliation Act shall extend to a submission to arbitration under subsection (1) of this section.
[Cap. A18.)