Towards Reforming Nigeria's Secured Transactions Law

The Central Bank of Nigeria's Attempt through the Back Door

Bibliographic Data

ID16767690
AuthorsWilliams Iheme (0000-0002-9762-5984, Central European University, corresponding author), Williams C Iheme, Sanford U Mba (Central European University, corresponding author)
Year2017
Volume61
Issue1
Pages131-153
Publication date2017-02-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueJournal of African Law (JOURNAL)
Journal identifiersISSN: 0221-8553 • E-ISSN: 1464-3731
PublisherCambridge University Press (PUBLISHER • US)
DOI10.1017/s0021855317000043
OpenAlexW2581081095
LanguageEN
Citations received2
References cited10

In response to the inability of micro, small and medium scale enterprises (MSMEs) to access credit to finance their business operations, the governor of the Central Bank of Nigeria passed the Central Bank of Nigeria (Registration of Security Interests in Movable Property by Banks and Other Financial Institutions in Nigeria) Regulations, No 1, 2015. The purport of this regulation is, among other things, to ensure that MSMEs can use items of personal property to create security. This article critically examines the regulation in the light of the building blocks of article 9 of the US Uniform Commercial Code, which is not only a paradigmatic piece of legislation but appears to be the model on which the Nigerian regulation is based. This critical examination leads the authors to conclude that, although the regulation represents the first steps to reform, much more remains to be done to ensure effectiveness

Business · Central bank · Economics · Financial system · Governor · Law and economics · Legislation · Monetary policy · Political science · Property (philosophy) · Banking stability, regulation, efficiency · Corporate Insolvency and Governance · Engineering · Finance · Law

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