Presentation on secured transactions reform in Nigeria, May 2009
Nigeria: Economic Impact of Secured Transactions Reform, Heywood Fleisig (Washington, DC: Center for the Economic Analysis of Law, May 2009)
This presentation was given to the Central Bank of Nigeria (www.cenbank.org) in May 2009. Presentations modified to meet the needs of different stakeholders have been given elsewhere.
It discusses the economic logic of how the reform of the law of secured transactions the laws supporting the use of collateral can improve access to credit it explains the economic impact of the reform in Nigeria.
PDF, 396 KB
Correspondence on possible Nigeria endorsement of UNCITRAL convention, March 2010
Correspondence concerning Nigeria's possible adoption of the United
Nations Convention on the Assignment of Receivables in International
Trade, prepared by the United Nations Commission on International Trade
The exchange includes comments by Ms. de la Pena (Director of Legal
Operations, CEAL, www.ceal.org), on the role of the convention in the
proposed secured transactions law for Nigeria and by Mr. Bazinas
(Senior Legal Officer, International Trade Law Division (UNCITRAL
concerning next steps in adoption. Mr. K. L. Ekedede is Minister,
Permanent Mission of Nigeria to the United Nations (Vienna).
PDF, 45 KB
Nigeria Draft Law, March 2010
Nigeria: First Draft Law on Security Interests in Movable Property by Nuria de la Peņa, Heywood Fleisig, and Peter Winship (Washington, DC: Center for the Economic Analysis of Law, March 2010)
Chairperson: Attorney Mr. Sani Samson Ameh
Chairperson: Attorney Ms. Grace Ameh-Yoko
Lagos discussions (field interviews related to lending issues)
Chairperson: Attorney Ms. Kofo Dosekun
Registry visits and statistics
Mr. Danjuma Ameh
Registry filing systems
Mr. Corey Loney (CEAL)
This first draft law of secured transactions for Nigeria reflects comments from CEAL's Nigeria team, its international experts, and the staff of the Central Bank of Nigeria. This text incorporates these helpful and insightful suggestions. It also sets out some explanatory commentaries. If implemented, this law will increase all access to credit in Nigeria, particularly non-corporate access. At the same time, it will permit banks to expand lending while reducing risk, because they can rely more safely on movable property as collateral.
PDF, 1060 KB
Assessment of Registry and Filing Archve Proposal, March 2010
Nigeria: Registry Assessment for Filing Security Interests in Movable Property by Heywood Fleisig, Nuria de la Peña, and Corey Loney (Washington, DC: Center for the Economic Analysis of Law, March 2010).
This report discusses the filing archive, the system by which the new law proposes to set the priority of secured claims — the order in which claimants against the property serving as collateral will be paid. Priority is a central feature of a law of secured transactions: while property may have a very high market value, it can only have value as collateral when those taking the property as collateral can know with certainty their priority.
The report explains the technical, economic, and organization logic behind the Internet-based filing system proposed in the draft law. This report may be read in connection with inspecting the model Nigerian filing archive, which which is mounted for inspection and review at www.ceal.org (accessible at the "Nigeria" project button, on the right side of the home page).
PDF, 1324 KB
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