Abstract
In 2015, Nigeria joined the league of countries that have reformed their secured transactions regime, with the enactment of the Central Bank of Nigeria (CBN) Regulation No. 1, 2015. This reform introduces a new wave of changes to the way by which personal property will be used in the future for the purpose of securing credit in Nigeria. Amongst other things, the Regulation provides a reconceptualization of personal property securities as conceptualized under English law to a functional system, such as that of UCC Article 9. More specifically, it introduces in some measure, self-help repossession and disposition as a means by which secured lenders may realize their security interests in the event that the debtor defaults in the repayment of the credit facility extended to the debtor.In this paper, I shall examine, from the viewpoint of behavioral law and economics (BLE), arguments that supports the case for the use of self-help repossession as provided for in the Regulation.
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