THE NIGERIAN DEBT RECOVERY CULTURE
To sustain and grow a functional economy, investors often require loans which are made available by banks or other financial institutions using their depositors’ funds upon security furnished for the repayment of such loans by the borrowing investors. As simple as the credit transaction may appear, most of the times borrowers default in the repayment of the loans availed to them, an action which constitutes a potential source of systemic failure of the financial systems of many developing countries, but more particularly, Nigeria’s.
