Yes, in specific circumstances. A bank can freeze a customer’s account without prior notice where it receives a court order, a directive...
No. A bank that dishonors a validly issued cheque when the drawer’s account has sufficient cleared funds to cover the amount commits...
No. Threatening a debtor with arrest, imprisonment, or criminal prosecution solely to coerce payment of a civil debt is unlawful. Civil debt...
Not without a court judgment. A creditor cannot simply seize your personal vehicle or any other asset to recover a business debt...
No. Banks in Nigeria are legally bound by strict confidentiality obligations and the Nigeria Data Protection Act 2023, which prohibit disclosing a...
No. Commercial banks in Nigeria are legally obligated to accept all denominations of genuine Nigerian currency issued by the Central Bank of...
Not entirely. While banks have KYC (Know Your Customer) obligations requiring address verification, the Central Bank of Nigeria has created a tiered...
No. Banks are prohibited by the Central Bank of Nigeria from imposing new charges or increasing existing fees without providing customers with...
No. Reporting false, unauthorized, or inaccurate credit information about you to a Credit Bureau without your consent or notification violates both the...
No. Calling a debtor’s employer, colleagues, or family to reveal personal debt information, threaten employment, or embarrass the debtor is illegal under...
