At the inaugural National Credit Managers Conference and Investiture, organized by the National Institute of Credit Administration (NICA), the Nigerian Bar Association (NBA) President, Mazi Afam Osigwe, SAN, advocated for judicial intervention to enhance credit management and debt recovery systems in Nigeria. The event, which took place on October 22-23, 2024, attracted prominent leaders including Nigeria’s Vice President Kashim Shettima and Lagos State Governor Babajide Sanwo-Olu, who shared their insights on credit administration as a tool for economic recovery.
Representing Mazi Afam Osigwe, SAN, at the conference, Assistant General Secretary of the NBA, Henry Barnabas Ehi, MICA, delivered a powerful address on the theme: “Examining Issues that Undermine Debt Recovery through Litigation in Nigeria and Solutions to the Various Obstacles.”
Ehi emphasized the critical need for judicial reforms to address delays and inefficiencies in debt recovery cases. He proposed the adoption of Alternative Dispute Resolution (ADR) mechanisms such as mediation and arbitration to expedite proceedings, alongside empowering judges to enforce strict case resolution timelines. Ehi suggested that establishing specialized commercial courts focused on debt recovery could significantly reduce the existing bottlenecks in the litigation process.
He further highlighted the provisions of the National Institute of Credit Administration (Establishment) Act, 2022, which mandates the promotion of sound credit management practices, particularly the timely recovery of debts.
