CEU Electronic Theses and Dissertations, 2011
| Author | Nwogu, Tochi Obinna |
|---|---|
| Title | SECURED TRANSACTIONS LAWS OF NIGERIA AND CAMEROON THROUGH THE LENS OF ARTICLE 9 OF THE UNIFORM COMMERCIAL CODE OF THE UNITED STATES OF AMERICA |
| Summary | One of the ways to achieve growth in any economy is by making credit available and accessible to consumers and business enterprises. However, there are several factors that could impede the availability of credit in the society; among which is lack of adequate legal framework for secured financing. There is a direct correlation between good legal framework for security devices – personal and collateral securities - and the availability of credit in a country. Indeed without adequate laws that guarantees to the creditor repayment of the loan by the debtor, availability of credit would only be confined to the realm of academic discuss. Armed with this realization, many countries have enacted and are also periodically revising their secured transactions laws with a view to among other things: expanding access to credit by making available wide arrays of personal property as collateral for loan; ensuring that access to credit is not cut-off to consumers and SME’s in the society; providing efficient enforcement mechanisms for the realization of security in event of default as well as providing protection to debtors especially consumer debtors in the course of the credit transactions. Regrettably, many countries in Africa are yet to come to terms with the fact that availability and accessibility of credit can galvanize economic growth and consequently, are lackadaisical about reforming their outdated secured transactions laws in this regard. It is against this background that this research examines the secured transactions laws of Nigeria and Cameroon with a view to analyzing the factors that have impeded the availability and utilization of credit in both countries and making recommendations on how to overcome these factors. Although the research will consider several other factors that hinder the grant of credit - i.e., social, political and economic, this research focuses more on the inadequate legal framework for secured transactions and the imperatives of having good laws in both countries. This focus of the research informs the choice of Article 9 of the United States Uniform Commercial Code – a developed model law on secured transactions - as the parameters for the analysis and proposals for reform of both Nigerian and Cameroon secured transactions laws. The suggested reforms, which include legal transplantation of the compatible elements of the United States secured transactions law to both countries, would serve as the basis for harmonizing both countries’ laws in this field. Besides the attendant economic benefits on trans-border commerce between the two countries that would be engendered by the harmonization, the proposed reform would bring about adequate legal framework needed to make credit available and accessible and invariably stimulate economic growth in both economies. |
| Supervisor | Professor Tajti, Tibor |
| Department | Legal Studies PhD |
| Full text | https://www.etd.ceu.edu/2011/nwogu_tochi.pdf |
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