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Rights of Parties in Maritime Collateral Management – The Nigerian Perspective

The concept of collateral management has evolved in Nigeria into a species of credit enhancement and protection which is employed to diminish credit risks. As a form of legally binding contract in credit risk control, the use of these kinds of agreement was recognized in ACB Merchant Bank Nig. Ltd. v Panalpina World Transport Nig. Ltd. Collateral management has gained recognition as an effective support function and has been adopted as a tool to control assets, both of the lenders and borrowers. This owes largely to the fact that post global financial/economic crunch exposed the weakness of credit control particularly in the finance sector and made a show of the failings in legal structures for fencing loans and borrowings. A default in repayment is thus marginally reduced by effectively managing control over the collateral provided. 
In Nigeria, until recently, over 50% of collateral available to financial institutions and credit based businesses were left idle, resulting in huge losses. The need to employ and engage collateral was therefore looked upon as the solution to avoiding collateral shortfalls especially as a precursor to or during financial crises or default by a counter party. This has further necessitated the evidential need for proper documentation in order to provide adequate reference data and avoid seemingly questionable legal issues in the long run.