Judicial enforcement of secured credit transactions in twenty-first century Nigeria: problems, pitfalls and the way forward

  • Larry O. C. Chukwu University of Abuja
  • Patience N. Tochukwu University of Abuja
Keywords: Secured credit transactions, development, judicial enforcement, alternative dispute resolution, judiciary, corruption.

Abstract

Secured credit transactions have become increasingly popular, especially among institutional lenders, for their obvious advantages over unsecured ones. Although there are multifarious ways of fashioning security for the due performance of commercial obligations, whatever form it may take, in modern societies judicial intervention is almost always required for its enforcement. This article appraises the performance of the Nigerian courts in the last century and finds that judicial enforcement of secured credit transactions has been largely bedevilled by such obstacles as corruption, inefficiency, lack of expertise, and inadequacy of facilities and personnel. It, therefore, underscores the need for attitudinal change, reorientation and retraining on the part of judicial personnel, retooling of the civil justice apparatus and, crucially, a radical shift from the adjudicatory processes to alternative dispute resolution mechanisms, in line with the current global trends.

Author Biographies

Larry O. C. Chukwu, University of Abuja

PhD. Barrister & Solicitor of the Supreme Court of Nigeria; Professor of Commercial & Property Law, Faculty of Law, University of Abuja, Nigeria

Patience N. Tochukwu, University of Abuja

LLM. Barrister & Solicitor of the Supreme Court of Nigeria; Lecturer, Faculty of Law, University of Abuja, Nigeria

Published
2020-07-01
How to Cite
Chukwu, L., & Tochukwu, P. (2020). Judicial enforcement of secured credit transactions in twenty-first century Nigeria: problems, pitfalls and the way forward. KNUST Law Journal, 8, 30 -54. Retrieved from https://lawj.knust.edu.gh/index.php/lawj/article/view/43
Section
Articles