DEBT COLLECTION IN NIGERIA

It is regular practice when a company is faced with problems of non-paying of outbound goods or services by its counterparties. Usually, such unscrupulous companies delay the debt payment referring to various problems with local markets. The debt recovery process in Nigeria, and in Africa in general, is complicated by language barriers (there are over 500 native languages spoken), banking policies and differences in business culture. Unfortunately, the concept of a "sustainable business culture" does not exist for most local companies. They do not understand the importance of maintaining business relationships, and only need to obtain goods or services.

Debt collection in Nigeria has its own characteristics associated with local customs and laws. The international B2B debt collection takes a lot of time and requires a lot of constant efforts and urgent action on the ground. CIS DRS is ready to help you in solving this issue.

The first step in every debt collection in Africa at all is the amicable way. In fact, this is the most preferable path, since litigation in Africa is not very promising and effective. Our team is doing everything possible to resolve the debt issue out of court. As our practice shows that most of the problem cases are resolved successfully already at this stage. Our lawyers are adept at negotiating and can convince the debtor to fulfill their payment obligations without resorting to court proceedings.

The services of CIS DRS include the full set of procedures and measures for amicably debt collection. It could be the full set or come off its separate stage, namely pre-collection, due diligence, soft or hard collection, insolvency and bankruptcy, enforcement of judgments. Additionally, it could be on-site visits to the debtor for credit evaluation and negotiation of payment schedules and end-to-end credit management solutions, including credit investigation and reporting of the debtor company. We continue controlling during all stages until the full recovery.

During all procedures CIS DRS regularly keeps you informed on the status of the collection case: current actions and further planning. We guarantee the total confidentiality of the provided data. Our agency with a worldwide network of lawyers and experienced professionals of lawyers, accountants, managers, finance professionals is ready to help our clients at any time. Our team speaks the debtor's language, we are aware of all the peculiarities of the mentality of local people and nationwide law, the principles of local companies, and the customs of local business. For example, there is an atypical long term statute of limitation in Nigeria, 6 years, but there are many special exemptions that should be considered.

Our agency works with commercial debt cases of varying complexity, including the cases with the long delays of payments. A big advantage for our clients is the absence of prepayment in the framework of pre-trial collection, which distinguishes us from all local lawyers. We are focused on the result for our clients, therefore, first of all, we put emphasis and efforts on achieving the satisfactory result, "win-win" principle. That means we do not charge our clients beforehand (except official legal and other official fees): our clients pay commission only for the result CIS DRS gains for their business.

Our numerous clients have already received their money back, including additional compensation for delayed duties. Some of them received a return of the goods and others kept receiving regular partial payments. We improve our customers' cash flow and credit management. But all of them obtained much more, they keep maintaining business relations with their customers, saving the credit trust, reputation, and the distribution market in Africa and other regions for their services and goods.

Please leave your request via the form below and we will contact you to discuss our assistance further.