Debt is a particular amount of money that is contractually or otherwise due. A claim for money must be a particular, set, liquidated sum with a due date and no payment has been made by the debtor for it to qualify as a debt.
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Debtors and creditors will always exist as far as man and his endeavours are concerned, so it is important to understand the laws that apply to debt collection.
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Following the stages or methods outlined by Nigerian laws is necessary for a successful debt collection in Nigeria.
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Olisa Agbakoba Legal (OAL) Associate, Cornelius Gabriel discusses the Legal steps in recovering debt from a firm or an individual in Nigeria.
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