We have a strong history of providing advisory services to our Client Banks to support them in reducing their huge non-performing and delinquent loans, enabling them make smart business decisions on what the most expedient strategies and options are for the recovery of delinquent loans and reduction of their litigation dockets
OAL is currently auditing thousands of case files for a Client Bank where we have so far verified and reviewed over 8000 files with regards to all collateral arrangements, status of security documents relating to all loans given by the Bank to its customers. The assignment will provide solid information on the clear size of the credit risks, and reveal to the Bank how effectively it is identifying, measuring and controlling these potential risks and advice the Bank on the most expedient strategy for the recovery of its credit portfolio.
Between 2015 and 2018 we provided similar Collateral Assets Review to six Client Banks with a collective debt portfolio of N100billion. The basis of the review was to confirm the status of documents regarding security provided and verify status of security documents related to each facility granted for transaction from N50m and above. The assignment was undertaken across the country in three locations; Lagos, Port Harcourt and Abuja.
As the lead debt recovery agent for Asset Management Company of Nigeria (AMCON) from 2010-2015, OAL engaged in constant review of several case files on debt recovery and resolutions, claims, breach of contracts, regulatory issues etc. The Senior Partner was a regular resource person at AMCON Board Meetings where contentious cases were reviewed and solutions proffered.
OAL’s advisory services extends to other sectors. We undertook strategic litigation cases audit for a tier-1 Aviation Regulator in Nigeria. Files reviewed were on cases relating to concessions, licensing, labour and employment, real estate issues. OAL has also undertaken strategic cases audit for a government agency (based in Port Harcourt) that specializes in regional infrastructural development. Cases and files covered include claims on contributory schemes, scope and extent of enabling act, operations, liabilities of IOCs (international Oil Companies) etc.
Currently, OAL is championing The Speed of Justice Project (SoJ) which aims at making case management the mantra of the Nigerian Judiciary. The project has various components including case audit, case management, and internalization and modernization initiatives for the judicial officers etc. In year 2014, we proposed the flag off of the project to Lagos State Judiciary. The project is premised on our complex litigation experience and understanding of the impact of the attitude of Judges on case management. The current Backlog Elimination Programme for cases by Lagos State Judiciary was conceptually supported by OAL.
As a leading law reform firm in Nigeria, OAL championed the Civil Procedural Reforms that focused on procedural rules which are applicable in some states including Lagos State to ease the administration of justice and participated in the past Federal Government Prison Decongestion Project under the Attorney General of Federation. We consulted for Federal High Court and Court of Appeal in the drafting of Practice Directions for use on cases involving AMCON in debt resolution and recovery procedures. The practice directions at both Courts are procedural tools that have immensely aided the Courts in quick and efficient determination of cases. Our practical experiences in debt resolution were integral to developing the Practice Manuals and Kits.
We have considerable skills and expertise in resolving by administrative process or court challenge, complex regulatory issues. We represent clients at the National Assembly, MDAs and in the Courts with a very high degree of success.
Senior level members of the Law firm are members of professional bodies such as Risk Management Association of Nigeria (RIMAN), Chartered Institute of Arbitrators (UK and Nigeria), Lagos Multi-Door Court House, Lagos Court of Arbitration etc. Each case will be reviewed with a strong consideration for Alternative Dispute Resolution as a means of mitigating costs and quick resolution of the cases.
Our advisory strategy employs the use of statutory engagement, mediation, public advocacy, legislative interventions, complex litigation cases and collateral and case audits in addressing the needs of our clients.