Summary Judgment Procedure And Liquidated Money Demand: Appraising The Recovery Of Debt In The Law Court

Almost all companies have a credit arrangement with a financial institution, particularly a bank. Others typically utilize long-term loans to pay capital expenditures, while some companies periodically use short-term loans to finance transitory working capital needs. All credit requests are required to undergo a thorough evaluation of the borrower’s capacity to pay back the debt when it is due. The issues faced by the banking industry in debt recovery were also reviewed, along with the laws and procedures for debt recovery in Nigeria. This paper demonstrates, among other things, that adjudication delays are one of the biggest barriers to an efficient debt recovery process in Nigeria. The primary goal of this paper is to advocate that the summary judgment procedure  in each state of Nigeria be revisited.