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.