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Position of creditors

Forms of security

What are the main forms of security over moveable and immoveable property and how are they given legal effect?

In Nigeria, the main forms of such security are as follows:

Legal framework

Legislation

What is the primary legislation governing insolvency and restructuring proceedings in your jurisdiction?

There is no primary or standalone legislation governing insolvency and restructuring in Nigeria.

However,  legislations governing insolvency and restructuring include:

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Liquidation procedures

Eligibility

What are the eligibility criteria for initiating liquidation procedures? Are any entities explicitly barred from initiating such procedures?