Reforming the law of secured transactions: bridging the gap between the company charge and CBN Regulations security interests

The company charge represents a key component of the secured transactions law system in Nigeria. Notwithstanding, its usefulness has now been called into question due to the recent enactment of the Central Bank of Nigeria Registration of Security Interests in Movable Property by Banks and Other Financial Institutions (Regulation No 1, 2015) which provides a more attractive platform in the facilitation of credit for individuals and businesses to use movable assets as security. The company charge is not recognised as a security interest under this Regulation, and neither do the provisions of this Regulation apply to the company charge. This article provides a methodical analysis of the nature of security under both regimes, while specifically looking at the reasons why there should be a degree of harmonisation regarding the publicity of their existence. The approach taken is burdened by the need to embrace a uniform publicity set of rules in lieu of a transparent priority system as against a straitjacket integration of dissimilar, albeit, embedded functional legal doctrines.