Examining The Concept Of Debt And Strategies Of Debt Recovery Of Debt 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.
