Nigerian consumer credit : law, regulation and market insights

Nigerian consumer credit : law, regulation and market insights / Philelon Iko-Ojo Omede.

This book critically reviews transnational banking regulations that specifically impact consumer lending in Africa's largest economy. It provides a comprehensive analysis on the politics and economics of financial sector consolidation in an emerging market in West Africa, also covering law, con...

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Bibliographic Details
Main Author: Omede, Philemon Iko-Ojo (Author)
Format: eBook
Language:English
Published: Cham : Palgrave Macmillan, [2022]
Series:Palgrave Macmillan studies in banking and financial institutions.
Subjects:
Consumer credit > Nigeria.
Consumer credit > Law and legislation > Nigeria.
Consumer credit
Consumer credit > Law and legislation
Nigeria
Online Access:Click for online access
Table of Contents:
  • Intro
  • Preface
  • Acknowledgments
  • Contents
  • Abbreviations
  • List of Legislation
  • List of Cases
  • 1 Introduction
  • 1.1 Background of the Study
  • 1.2 Research Question
  • 1.2.1 Neoliberalism
  • 1.2.2 Consumer Credit/Debt
  • 1.3 Significance of the Study
  • 1.4 Research Methodology
  • 1.4.1 Background to Interviews
  • 1.4.1.1 Interview Sample
  • 1.4.1.2 Sampling Technique and Limitations of Study
  • 1.4.2 Summary of Interview Findings
  • 1.5 Overview of Book
  • 2 Rationale for Consumer Credit Regulation
  • 2.1 The Utility of Consumer Credit
  • 2.2 The Schools of Thought
  • 2.2.1 Credit as Lubricant: The Permanent Income Hypothesis Theory (PIH)
  • 2.2.2 The PIH and Consumer Borrowing in Nigeria
  • 2.2.2.1 Future Incomes Will Continue to Grow
  • 2.2.2.2 Demand for Credit Is a Choice
  • 2.2.2.3 There Is an Endless Pool of Lenders to Borrow From
  • 2.3 Consumer Credit as a Perilous Product
  • 2.3.1 Consumer Credit Hurts More Than It Helps Low-Income Consumers
  • 2.3.2 Consumer Credit as a Smokescreen for Rolling Back the Welfare State
  • 2.3.3 Consumer Credit Distorts Resource Allocation Within the Economy
  • 2.4 Rationale for Regulating Consumer Credit
  • 2.4.1 Market Construction
  • 2.4.2 Correcting Market Failures
  • 2.4.2.1 Monopoly and Coordination
  • 2.4.2.2 Information Failures
  • 2.4.2.3 Credit Rationing and Adverse Selection
  • 2.4.2.4 Moral Hazard
  • 2.4.3 Prevention of Systemic Risk and Externalities
  • 2.4.4 Behavioural Economics (BE)
  • 2.4.4.1 Hyperbolic Discounting
  • 2.4.4.2 Overconfidence
  • 2.4.4.3 Framing Effects and Status Quo Bias
  • 2.5 A Human Right Rationale for Consumer Credit Regulation
  • 2.5.1 Economic Rights and Human Capability
  • 2.5.2 Consumer Credit as a Human Capability
  • 2.5.2.1 A Right to Consumer Credit
  • 2.5.2.2 Consumer Protection as a Human Right
  • 2.5.3 An American Case Study: The Community Reinvestment Act 1977
  • 2.6 Summary
  • 3 Sources of Consumer Credit Regulation in Nigeria
  • 3.1 An Overview of the Nigerian Legal System
  • 3.1.1 Statutory Law
  • 3.1.2 Case Law/Common Law
  • 3.1.3 International Law
  • 3.2 Legislative Sources of Consumer Credit Regulation in Nigeria
  • 3.2.1 Market-Wide Regulation/Legislation
  • 3.2.1.1 The Central Bank of Nigeria Act 2007
  • 3.2.1.2 Banks and Other Financial Institutions Act 2020
  • 3.2.1.3 Corporate and Allied Matters Act 2020
  • 3.2.1.4 The Asset Management Corporation of Nigeria Act (as Amended) 2010 (AMCON)
  • 3.2.1.5 The Credit Reporting Act 2017
  • 3.2.1.6 The Secured Transaction in Movable Assets Act 2017 ('STMA')
  • 3.2.1.7 Federal Competition and Consumer Protection Act (FCCPA) 2018
  • 3.2.1.8 Arbitration and Conciliation Act LFN 2004
  • 3.2.1.9 Sheriff and Civil Process Act LFN 2004
  • 3.2.1.10 Investment and Securities Act 2007
  • 3.2.1.11 Evidence Act 2011
  • 3.3 The Structure of Lending in Nigeria
  • 3.4 Formal Sector
  • 3.4.1 Commercial Banks
  • 3.4.2 Microfinance Institutions
  • 3.5 Semi-Formal Sector

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