CBN Unveils Mediation Panel to Resolve Loan Disputes in 90 Days
The Central Bank of Nigeria has invited feedback on draft guidelines to create a Mediation and Dispute Resolution Panel under the Secured Transactions in Movable Assets Act. This specialised forum will handle loan disputes backed by movable assets as the first point of resolution, bypassing ordinary courts. Under the proposal, parties must agree to the panel’s jurisdiction and show they tried informal negotiations first. Hearings will conclude within 90 days, with binding decisions enforceable in court as consent judgments or awards. The panel will consist of legal, banking, finance, and dispute resolution experts with at least ten years’ experience. Membership will rotate in smaller groups of three and will be funded through Central Bank support and administrative fees. Stakeholders have until October 9, 2026 to submit comments.
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