Debt recovery

Rethinking Debt Recovery in Nigeria: Balancing Creditor Rights with Debtor Protection under Emerging Legal Frameworks

This article examines Nigeria’s evolving debt-recovery framework and the need to enforce legitimate financial obligations without permitting harassment, privacy violations or unlawful collection practices. It advocates faster judicial enforcement, responsible lending, ethical debt collection, accurate credit reporting and accessible restructuring mechanisms.

Examining the Concept of Debt and Strategies for Debt Recovery in Nigeria

Follow the Latin maxim which says “aequitas subvenit vigilantibus, non dormientibus”, recovery of debt has a six (6) years statue of limitation period regarding any debt arising from contracts in Nigeria, meaning claims must be initiated within this timeframe, failure of which makes such debt irrecoverable.
Even though several debt recovery strategies has been stated above a creditor and a debtor are bound by the mode of recovery of debt agreed upon by both parties in the loan agreement.

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