A friend once wanted to recover the sum of N35,000 (Thirty – Five Thousand Naira) which had been erroneously deposited into a wrong bank account. Due to the inability to locate the account owner, my friend was informed by the bank that only via a court order could the payment be reversed, hence leading to my friend calling me for help. Would you believe it cost over N5,000 (Five Thousand Naira) to institute a court proceeding at the Magistrate Court and effect service on the Defendants? Leaving my friend with N30,000 (Thirty Thousand Naira) as the value of the sum sort to be recovered.
Sometimes, the value of the sum sort to be recovered could be much higher, for instance N500,000 (Five Hundred Thousand); N3,000,000 (Three Million Naira) or N5,000,000 (Five Million Naira). No matter the amount, a creditor will usually be required to pay legal fees, most especially if a lawyer is instructed or one proceeds to court as an option to recover the debt owed. More often than not, creditors find the legal and other fees paid to recover a debt as too high. Also, the long period of time associated with court proceedings further discourages such creditors and many usually choose to petition the police as an option of recovering the sum. Though the police do not have the jurisdiction to act as debt recovery agents except the petition also includes allegations of fraud or deceit.
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