The Q&A Global is a special column run by CJO Global, and serves as a knowledge-sharing platform to facilitate peer learning and networking, and to provide the international business community with a global landscape of this industry.
It would be recalled that the relationship between the Law Firm and the creditor is that of utmost good faith and fiduciary, hence it is expected to the rules of professional engagement would be very active.
Suffice to say that it is not all debts sought to be recovered that are governed by the policies and legislative instruments on the CCI and TTA.
Repatriation is an important aspect of recovering debts for foreign investors or creditors.
Under Section 9 (1)(a-g) of the Company Income Tax Act, taxes apply to the profits of all the incomes accruing in, derived from, brought into, or received in Nigeria in respect of any trade or business, rent or any premium, dividends, interests, royalties, discounts, charges or annuities, annual profits, any amount deemed to be income or profits, fees or dues or allowances (wherever paid) for services rendered, any amount of profits or gains arising from acquisition and disposal of short-term money instruments.
In a traditionally and religiously typified Nigerian setting, there is absolutely no time limit when a debt can be recovered.
Under the 1999 Constitution (as amended), the right to own property is guaranteed.
In a traditionally and religiously typified Nigerian setting, there is absolutely no time limit when a debt can be recovered.
Power of Attorney is a formal legal instrument, usually but not necessarily under seal (i.e., seal means deed), by which one Person, called the Donor, seised of an interest in a subject matter, appoints another person, called the Donee/Attorney, to act on behalf of the Donor generally or for specific purposes.
Due to the volatile nature of the Nigerian economy, it has become very imperative for Law Firms preparing suits to ensure that their claims have futuristic effects.
Most businesses and enterprises are pioneered and propelled by natural human beings. However, for the purpose of common interest and expansion, businesses can also be advanced through artificial entities; companies or corporate bodies.
More options of debt collection can be found under the Nigerian Secured Transaction in Movable Assets Act 2017 and Credit Reporting Act 2017.
There various means validly permissible under the law for a creditor to explore in the recovery of debts owned it by a debtor.
Creditors within Nigeria and outside have devised strategies for recovery of debts owned by Nigerian debtors.
There is no formalized or established institution in Nigeria that is saddled with the responsibility of collecting debts in Nigeria.
The Nigerian Supreme Court in AG ADAMAWA STATE & ORS vs. AG FEDERATION (2014) LPELR-23221(SC) defined debt as “any amount of money which is still owed after some payment has been made is what is called a balance.
Nigeria is a heterogenous society with a growing population of over 200Million and modified liberal legal frameworks that now allow foreign participations in the local businesses. The Bilateral trade volume between Nigeria and China has reached over $12.03 billion, this significantly places Nigeria as the number one trading partner to China in Africa. What factors that underpin the various procedures that allow Chinese the opportunity to participate in trade or business is what this exercise undertakes.
During the recognition-enforcement procedure, creditor has the right to demand interlocutory injunction from the authorized court, to seize and freeze the debtor’s movable and immovable assets.
There is a slight but important difference between enforcement of a domestic judgement and foreign judgement; foreign judgements needs to be evaluated by the court before the execution of the relevant judgement.
Yes, a creditor can claim enforcement of a foreign arbitral award against a debtor.
