Debt Recovered In Nigeria
Cedar Financial
Situation:
Cedar Financial was brought in to handle a claim in Aril 2014 that dated back to 2013 valued at $6m. Our client sold two helicopters to the debtor but debtor defaulted on the repayments.
These were stored and never handed over to debtor. Debtor was bought out by EcoBank and claimed to have not known about this matter. Cedar Financial together with our local office filed a lawsuit in Nigeria to domesticate the US judgment client had obtained back in 2013.
Once the summons were issued the debtor began to enter a settlement discussion with Cedar and our local office. The delays resulted in one of the decision makers being located outside of Nigeria.
After 11 months of intensive discussions and legal motions the debtor and client came to a compromised settlement amount of $3.25m to consider this matter settled in full.
Despite having a US judgment the client wasn’t able to enforce payment until Cedar stepped in and had that on the ground local presence that knew the system and what needed to be done to get the job done.
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