National Collateral Registry

NCR is an initiative of CBN aimed at improving access to finance particularly for Nano Micro Small and Medium Enterprises (MSMEs) leveraging movable assets

[National Collateral Registry @NGCollateralREG]

Are you a Nano, Micro, Small, Medium Enterprise (NMSME) looking for a loan? For more : https://t.co/TK2Rdbbd9g @cenbank @IFC_org @NirsalMFB @nirsalconnect @NeximBank @gizNIG_ECOWAS @giz_gmbh @NACCIMA30 #msmesafehaven #MSME #TableShaker #Tinubu

[National Collateral Registry @NGCollateralREG]

The National Collateral Registry (NCR) participated in the International Financial Inclusion Conference 2024, hosted by the Central Bank of Nigeria at the Landmark Event Centre, Lagos.

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[National Collateral Registry @NGCollateralREG]

Did you know? Under Section 47 of the STMA Act 2017, creditors are required to provide a statement of account within 15 working days after selling a collateral.

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[National Collateral Registry @NGCollateralREG]

Under Section 46 of the STMA Act 2017, subordinate security interests are discharged upon collateral sale. Thereby, empowering creditors and protecting pledged movable assets.

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[National Collateral Registry @NGCollateralREG]

Understanding Section 45 of the STMA Act 2017:
Creditors must notify borrowers, grantors, and registered creditors at least 10 working days before selling collateral.

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[National Collateral Registry @NGCollateralREG]

Section 44 of the STMA Act 2017 ensures creditors and grantors have clear and fair processes in realizing security interests.

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[National Collateral Registry @NGCollateralREG]

Under Section 43 of the Secured Transactions in Movable Assets (STMA) Act 2017, a secured creditor can notify the account debtor and collect payment even before default occurs.

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[National Collateral Registry @NGCollateralREG]

Did you know? Under Section 42 of the STMA Act 2017, creditors have the right to collect and apply receivables or negotiable instruments taken as collateral to satisfy obligations when the borrower or grantor is in default.

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[National Collateral Registry @NGCollateralREG]

Happy International Men’s Day!
Today, we honor the strength, dedication, and positive impact of men in building families, communities, and societies.

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[National Collateral Registry @NGCollateralREG]

To ensure trust and accountability in security agreements, the STMA Act 2017, under Section 41, established and empowers the Mediation and Dispute Resolution Panel to settle disputes and safeguard rights amongst transacting parties.

For more: https://t.co/QkqIKH9P0r

[National Collateral Registry @NGCollateralREG]

From default notices to repossession processes, here's everything creditors need to understand about realizing security interests, as described in Section 40 of the STMA Act 2017!

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[National Collateral Registry @NGCollateralREG]

Under section 39 of the STMA Act 2017, the provisions for the realization of security interest by creditors are stated.

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[National Collateral Registry @NGCollateralREG]

Section 38 of the STMA Act 2017 grants specific rights to grantors and borrowers, allowing them to request essential information from creditors, like a summary of the security agreement, debt details and collateral list.

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[National Collateral Registry @NGCollateralREG]

With the Secured Transactions in Movable Assets (STMA) Act 2017, transparency matters!
Under Section 37 of the Act, creditors must send a confirmation statement to both the grantor and borrower within 15 working days of registration.

For more: https://t.co/X0YrZFPdAf

[National Collateral Registry @NGCollateralREG]

According to Section 36 of the STMA Act 2017, anyone owed a duty or obligation has the right to claim damages if it’s not met. Let’s ensure accountability in financial transactions.

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[National Collateral Registry @NGCollateralREG]

Under Section 35 of the Secured Transactions in Movable Assets (STMA) Act 2017, every grantor, borrower, and creditor must act in good faith, uphold commercial standards, and preserve encumbered assets.

For more: https://t.co/e1tH4ijHP3

[National Collateral Registry @NGCollateralREG]

Section 34 of the Act, explains that a Secured Creditor takes priority over an unsecured one, even if the unsecured Creditor has a judgment from the court. This rule overrides what the Sheriff and Civil Process Act says and ensures that Secured Creditors have a stronger claim.

[National Collateral Registry @NGCollateralREG]

An assignee’s rights to an account receivable are subject to the original contract terms between the account debtor and the assignor, as well as any claims or defenses the debtor has against the assignor.

For more: https://t.co/eVM1RiiJts

[National Collateral Registry @NGCollateralREG]

Under section 32 of the STMA ACT, 2017, a Buyer or Lessee who acquires goods for value and receives possession of the goods shall take the goods free of an unperfected Security Interest.

For more: https://t.co/jwBgB2MZFZ

[National Collateral Registry @NGCollateralREG]

Section 31 of the STMA Act, 2017, gives a holder of a negotiable instrument or title document priority. In other words, the rights of the holder of a negotiable instrument or title document are protected, and they supersede previously perfected Security Interests in that asset.

[National Collateral Registry @NGCollateralREG]

Under Section 30 of the Secured Transactions in Movable Assets (STMA) Act, 2017, a lien that arises from providing materials or services in the ordinary course of business has priority over an existing security interest in those goods.