What the Nigerian chapter covers
Olaniwun Ajayi authored the Nigerian chapter of the third edition of INSOL International’s study on the treatment of secured claims in insolvency and pre-insolvency proceedings.
The chapter addresses the questions lenders ask when a borrower fails. It sets out the forms of security available under Nigerian law. In addition, it explains the enforcement options open to secured creditors in both restructuring and formal insolvency.
Why the treatment of secured claims matters
For a lender, recovery depends on more than the existence of security. Timing, ranking and the conduct of the parties before insolvency all shape the outcome.
The chapter therefore examines how preference and voidable transaction rules can unwind steps taken before proceedings begin. It also considers where secured creditors rank when the insolvency estate is distributed.
Consequently, these questions shape how security is designed at the point of lending, not merely how it is enforced afterwards.
A cross-border perspective
The Nigerian chapter sits alongside contributions covering other jurisdictions. That structure allows lenders and advisers to compare positions across markets.
For cross-border transactions, such comparison matters. Security that behaves predictably in one jurisdiction may rank differently in another.
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