The Nigerian banking sector has undergone changes over the last two decades, the most significant of which have been the recapitalization of banks and the creation of the Asset Management Corporation of Nigeria (AMCON).
Our lawyers have advised Nigerian banks on debt recoveries and pursued debt recovery actions on behalf of banks. We have also instituted actions and investigations for AMCON, the public agency statutorily empowered to recover eligible assets (non-performing loans) acquired from deposit money banks and other financial institutions.
At the same time, we have advised bank customers on the validity of fees, levies and taxes charged against their accounts by banks. The remedies to these disputes could be regulatory, contractual (arbitral) or judicial. Using their knowledge of the law and experience, our lawyers assist clients to select the option that provides the most appropriate remedy.
Experience has included advising:
- Nigerian Government agencies in tracing, identifing and recovering improperly appropriated funds and assets within and outside Nigeria. We successfully carried out comprehensive asset tracing of assets belonging to several identified debtors. We instituted debt recovery actions against some of the identified debtors and are in the process of commencing actions against the others. The total outstanding indebtedness is over NGN20 billion.
- A leading Nigerian bank in a dispute relating to debt recovery and rights of a financial institution under a letter of credit in international trade transactions.
- A major energy firm in a banking dispute both in arbitration and litigation
- A leading Nigerian bank in a suit brought by the Nigerian Postal Service (NIPOST) against licensed banks in Nigeria regarding an alleged statutory requirement of all deposit banks in Nigeria to remit certain amounts to NIPOST
- A Nigerian bank in a suit relating to the liabilities of a borrower, duty of a stock broker and the rights of the lender under a share loan agreement in a margin lending transaction.
- A Nigerian bank in a suit relating to liabilities of a bank for funds of its customer held or detained by a foreign government under regulations prohibiting financial transactions involving assets, within the possession or control of financial institutions in which a designated foreign terrorist organization or its agent has an interest.