Book Description
This thesis seeks to survey the legislation and practice, in Nigeria, relating to the sources of credit available to consumers or individuals, as distinguished from the law relating to the various means of corporate finance; whilst recognising that companies, also, may obtain credit or finance from these same sources. "Credit" for the purpose of the thesis is taken to mean any avenue by which an individual may obtain either a loan of money (whether as cash or its value) or the deferring of payment for goods or services. In other words, both lender and vendor credit. It investigates, in particular, the provisions of the various relevant statutes from a viewpoint of the existing practice. The thesis, therefore surveys the law and practice applicable to moneylenders, co-operatives, banks, hire-purchase and sale of goods. It includes a survey of the avenues available to an individual for obtaining credit under Customary law (that is outside of the sources regulated by statute). Islamic law is not included as part of Customary law. The thesis, also, examines the law and practice relating to the various types of security used to secure contracts for the provision of credit, including the law relating to the mortgage or charge of personal property and of land; and the law applicable to personal security, such as guarantees and indemnities. The enforcement of contracts relating to the provision of credit and contracts of security is, also, considered. The thesis attempts to consider the efficiency and relevance of the existing legislation as compared to existing practice, and to point out the discrepancies where these occur.
