News | Webinar on Nigeria-China Debt Collection (Nov 2022)
In cooperation with three law firms from Nigeria and China – CJP Ogugbara & Co (Sui Generis Avocats), ELIX LP and Tian Yuan Law Firm, CJO GlOBAL organized the webinar ‘Nigeria-China Debt Collection: Starting from the Legal Landscape’ on 21 Nov 2022.
This is one of the 2022 Webinar Series themed on the landscape of international debt collection in China and other countries.
During the webinar, Mr. CJP Ogugbara, Founding Partner of CJP Ogugbara & Co (Sui Generis Avocats, Nigeria) gave an informative introduction to the legal framework for debt collection in Nigeria. He explained the debt collection/recovery mechanism, together with essential issues that have accompanied it, such as taxation, ethics and legal professionalism. In particular, he discussed how litigation works as the most effective debt collection mechanism in Nigeria.
Mr. Maduka Onwukeme, Founding Partner of ELIX LP (Nigeria) shared his insights on risk management and mitigation for Chinese investments. Among others, he discussed the significance of company registration and proper documentation, the role of due diligence for companies doing business in Nigeria, and how mediation, negotiation, and litigation (as the last resort) work for asset recovery.
Mr. Chenyang Zhang, Partner of Tian Yuan Law Firm (China), talked about the ins and outs of debt collection in China. He started with major principles and practical strategies, and went on outlining different methods of recovering debts, including issuing attorney’s letters, litigation, arbitration and mediation. In addition, he put emphasis on the role of an online enforcement mechanism in Chinese courts, an efficient tool that creditors can rely on when collecting debts in China.
In the Q&A session, two speakers answered the questions from the audience, covering topics like product liability disputes and goods inspection and common legal fee arrangements in Nigeria and China.