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Debt is a particular amount of money that is contractually or
otherwise due. A claim for money must be a particular, set,
liquidated sum with a due date and no payment has been made by the
debtor for it to qualify as a debt.
Debtors and creditors will always exist as far as man and his
endeavours are concerned, so it is important to understand the laws
that apply to debt collection.
Following the stages or methods outlined by Nigerian laws is
necessary for a successful debt collection in Nigeria.
Olisa Agbakoba Legal (OAL) Associate, Cornelius Gabriel
discusses the Legal steps in recovering debt from a firm or an
individual in Nigeria.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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