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If you’re having trouble reaching a debtor in Nigeria, Cedar Financial offers professional skip tracing services, business credit reports and in-person field visits to your debtor’s location.
Need a debt collection lawyer in Nigeria?
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Open Invoices
| Unpaid Invoice Interest Rate | For defaulters, the Central Bank of Nigeria (CBN) places a maximum of 1% flat per month of unpaid amount in addition to charging current rate of interest on outstanding debt. |
|---|---|
| Can Collection Fees be added? | Yes |
| Statute of Limitations/Prescription | 6 years for simple debts. |
Judgments
| Post Judgment Interest Rate | Up to 5%, at the discretion of the Nigerian courts. |
|---|---|
| Judgment Expiration | Judgments don’t expire and can be enforced anytime until the full judgment sum is paid. |
| Can judgment be renewed? | Judgments can only be renewed on appeal. |
Industry: Aerospace/Aviation
Location: Nigeria
Results: $3.25M recovered for our client
We significantly increase the chances of recovering the debt because as soon as the debtor understands that there is a local collector on hand, the game changes. We know the debtors, we can do on-site visits and meet with them face-to-face. Because of our knowledge of the local terrain, we can advise on the fastest, most effective way to recover the debt. For debtors who are willing to pay, but have local logistical challenges, we can solve those issues. We are also a law firm and, if necessary, can litigate in the local courts to ensure debt recovery.
For pre-legal services, we work on a “no collection – no fee” basis, so you will only pay when your funds are recovered. For legal services, we offer low-cost options.
We have no minimum value or volume that is required to place accounts.
We service consumer and commercial debts, large or small, across many industries.
Normal debt collection proceedings can take up to one year. If the debtor begins paying, then we try to keep a pre-agreed payment schedule. On the average, if a debtor has not paid within six months, he or she is not likely to pay without court action.
The first step is to locate the debtor at an address. A letter of demand or phone call is then made. We can then follow up with site visits and further letters. All these are geared towards reminding the debtor of the ultimate consequence of not paying the debt. If all efforts do not lead to payment, we may suggest a legal filing.
The statute of limitations in Nigeria is 6 years from the default date.
Yes, we provide on-the-ground representatives to visit your debtor in person at their location. We trace and contact evasive debtors and investigate assets for potential legal action.
Documentation is necessary, especially if the debtor denies the debt. It also helps us to understand the nature of the debt, which helps in our dialogue with the debtor.
Yes. In the event all amicable efforts are exhausted, our in-house legal team will conduct a thorough review of the file to determine collectability in litigation. If the file qualifies and you approve, we will work with the local attorney in your debtor’s jurisdiction to file suit and pursue the claim, including asset location, arbitration, trial representation, obtainment of a judgment and post-judgment enforcement.
It is legal to add costs of collection in Nigeria, but because there is no credit reporting, most debtors get away with just paying the principal. Interest and costs are only paid if awarded by the court.
