Debt Recovery Service

Business Cardinal is a debt collection and recovery company present in Lagos, Nigeria offering comprehensive commercial debt recovery in Lagos and throughout Nigeria.

At Business Cardinal, our specialization deals with debt recovery and insolvency actions for commercial clients who range from SMEs to large corporations. Any business finances can be seriously affected when the customers and clients refuse to pay. This is a going concern matter for the organization as it also affects the cash flow. When all attempts at settlement negotiations have been exhausted, Business Cardinal who are specialists in debt collection will provide a business debt recovery service that is efficient, simple and fast.

Our experienced team offers friendly and practical advice on all aspects of debt collection, dispute resolution, legal proceedings and enforcement proceedings

Business Cardinal bad debt recovery services are designed to reduce the time your team spends on delinquent accounts and to expedite cash flow. By utilizing our highly trained staff, you’ll be able to allocate resources on other important business matters.

The combination of a validation notice and phone contact from a third-party agency, advanced skip tracing techniques, probability-to-pay scores, and credit bureau reporting assists us with the liquidation of your accounts. Our client service approach and liquidation results position us as one of the most sought-after agencies in the industry. Communication is key to our business relationships and providing a 24/7 secure view of our work through any web browser exhibits our commitment to you.


  1. Little Regulation in the Collections Industry

In Nigeria, there is no requirement for collectors to be licensed in collections. This has made room for questionable characters and practices in the collection industry in the country. There is growing need for Nigeria to regulate the business.

Legally, apart from the Bankruptcy Act, general winding-up rules under the Companies and Allied Matters Act, and the recent Asset Management Corporation of Nigeria Act, there is no legislation regulating insolvency and debt collection in the private sector.  Hopefully, with the institution of the Asset Management Corporation of Nigeria Act, which established the Asset Management Corporation of Nigeria for resolving non-performing loan debts of banks, other legislation will soon follow.

Business Cardinal can help you recover your funds in Nigeria without compromising your business’ integrity.

Our local Nigeria collections offices hold to the highest ethical, professional and customer service standards possible for a fair, but firm collections approach.

  1. Poor Record Keeping

Poor record keeping in Nigerian business and public registries alike makes tracking down debtors and resolving accounts difficult.

Basic information like name, contact info and payment status may be inaccurate, and many registries still store information manually, making it a hassle to find new info. Additionally, there is no single record of the persons living in Nigeria.

Some businesses have recently tried to institute training on record keeping in house, and the government is beginning to take steps towards new electronic record keeping methods, instead of manual ones. But there remains a lot of work to be done.

If you’re having trouble reaching a debtor in Nigeria, Business Cardinal offers professional skip tracing services, business credit reports and in-person field visits to your debtor’s location.


  • Open Invoices
Unpaid Invoice Interest Rate For defaulters, the Central Bank of Nigeria (CBN) places a maximum of 1% flat per month of unpaid amount in addition to charging current rate of interest on outstanding debt.
Can Collection Fees be added? Yes
Statute of Limitations/Prescription 6 years for simple debts.
  • Judgements
Post Judgment Interest Rate Up to 5%, at the discretion of the Nigerian courts.
Judgment Expiration Judgments don’t expire and can be enforced anytime until the full judgment sum is paid.
Can judgment be renewed? Judgments can only be renewed on appeal.


Initially, we will analyze the debtor’s credit profile and credit rating to determine the most appropriate course of action.

  • Have any other creditors taken debt collection action against the debtor?
  • Are there any County Court Judgments registered against the debtor?
  • If so, have they been satisfied?
  • Does the debtor have any mortgages or loans?
  • If so, are they in Default?
  • Are there any Debentures registered against the debtor?
  • Do the debtor’s latest accounts indicate that they have the financial ability to settle your debt?


  • Submit your claim with Business Cardinal

For businesses wishing to collect debts in Nigeria, the first step is to gather documentary evidence, including written agreements, invoices, letters and emails

  • Discuss the specifics regarding the claim & debt recovery case

On instruction, a full financial profile, including asset and address verification will be obtained on principle. This is one of the key factors which makes our recovery rate well above industry standard. However, unlike many of our competitors, if we feel your situation is unrecoverable, we will tell you.

  • Start the case

The case will begin as we will file all the necessary documents and information needed with the court proceedings

  • We will process your case immediately

The litigation process will begin as our lawyers who are acting on your behalf will proceed with the legal proceedings

  • Send a demand letter

Then, issue a demand letter to the debtor stating the actions that will be taken if the debt is not paid within a certain time period (usually seven days). If your debtor is a company, you may serve a Statutory Letter of Demand to start the process for winding up (dissolution) of the company. After the statutory period (three weeks) expires, winding up proceedings will commence, and the court will appoint a receiver to liquidate the insolvent company’s assets.

  • We will immediately send a payment reminder to your debtor

Regularly, payment reminders will be sent from our end to the debtors

  • Together we will determine our approach

Virtual and physical meeting with client’s representatives to deliberate and brain storm on an effective and better approach towards the main goal. In most cases, a series of professionally structured debt collection letters, emails and telephone calls demanding payment and explaining the serious consequences of non-payment and possible legal proceedings is enough to prompt payment.

  • View your case 24/7 through our daily correspondences

We provide daily correspondences to our clients to ensure that they are not kept in the dark. Upon instructing Business Cardinal, you will be given your own account manager as a constant point of contact. They will keep you updated throughout the duration of the case, offering advice and support and answering any questions you may have.

  • Get invoice paid

At this stage the debtor will have no choice but to pay over 70% of the money owed or we shall lay claim to his property

  • Your unpaid invoice will be paid

Congratulations, the debtor has paid his or her dues.


  • 10+ years’ experience providing debt collection services.
  • No cash payment until debt is collected
  • No hidden cost on debt recovery service
  • Nation wide coverage via our four strategically placed offices (Lagos, Ogun, Rivers & Delta state)
  • We collect what is owed as quickly as possible is a priority to us.
  • Highly experienced litigation, mediation, arbitration and settlement negotiators
  • Computerized case management systems
  • Free initial advice on debt collection
  • Advice on business insolvency
  • Portfolio of satisfied clients ranging from government owned agencies, SMEs and sole traders, to private individuals
  • We do not waste our time or your money; unlike many of our competitors, we’ll tell you if we think your debt is irrecoverable
  • Impartial practical guidance
  • Up to date electronic systems providing real-time information
  • Pre-legal collections and recoveries
  • Robust debt recovery service while still protecting our clients’ reputation
  • Initial “letter before action”
  • Legal collections, business debt collection involving enforcement proceedings
  • Decrease in Accounts Receivables
  • Monday through Saturday Debtor Contact
  • Payment plan set up and monitoring
  • World Wide network of agents
  • No more stressful chasing of unpaid invoices
  • No more frustrating excuses from debtors
  • Educating late payers that your invoices must be paid on time
  • Receiving 100% of the invoice sums owed
  • More positive cash flow and increased profitability
  • A completely free of cost debt collection solution


At Business Cardinal, we offer a range of B2B debt recovery services that are designed to suit the requirements of every business. From individual debt recovery to the collection of multiple invoices, our efficient and effective team would be happy to assist

Our commercial debt collection and recovery services includes:

  • International Debt Recovery

Companies engaged in international markets can find pursuing debtors overseas problematic, with the debtor often using physical distance to their advantage. Business Cardinal engages with our network of trusted and professional associates in over 50 countries around the world to recover outstanding debts.

  • Debtor Tracing

Each year in the Nigeria, millions of naira is written off as a direct result of debtors moving and becoming seemingly untraceable. With over 20 years of experience and industry-leading financial tracing systems, Business Cardinal lead the way to finding your lost debtor.

  • Face to Face Debt Collection

Unlike many other debt collection agencies, you may have encountered, Business Cardinal has heavily invested in our people on the ground. With locations across Nigeria, we offer a wealth of man-power for face to face debt collection across Lagos state, Ogun state and Delta State to help recover what you are owed in person.

  • Commercial Debt Recovery

Since 2000, Business Cardinal has helped businesses with Commercial Debt Recovery, from household brands to local SMEs right across the Nigeria. We trace business debt using leading technology, and our experience in relationship management to collect debts in a timely manner.

  • Single debt recovery

We also perform single debt recovery for clients. This has to do with debt collection and recovery from one source only

  • Multiple debt recovery

At Business Cardinal, we also perform debt collection and recovery from multiple sources. We have at our disposal an experienced team to handle multiple debt collection and recovery at different intervals


Debt recovery and collection with companies across the country, and serves a variety of different industries. Because of our diverse client portfolio, we have been able to observe and serve in many different environments. This background equips our team to navigate best bad debt recovery practices of your industry, and advise and support your business.

  • Professional Services
  • IT Consulting
  • Software Consulting
  • Marketing
  • Digital Marketing
  • Media
  • Public Relations
  • Staffing & Training
  • Construction & Landscaping
  • Management Consulting
  • Software/Product Installers
  • Technology Companies
  • eCommerce
  • IT Management
  • Systems Implementation
  • Software Development
  • eLearning
  • Online Community
  • Solar
  • FinTech
  • SAAS
  • Data and Analytics
  • Retail & Manufacturing
  • Restaurants and Bars
  • Retail and Clothing
  • Food and Beverage
  • Wholesale
  • Health and Wellness
  • Beauty and Cosmetics
  • Tourism and Hospitality
  • Real Estate
  • Medical Practice
  • Salons
  • Government Agencies

As invoices grow older, the more difficult it becomes for businesses to recover what they’re owed. The common result is for valuable time and resource being spent chasing late paying customers, in turn removing the focus from the business’s primary objectives.

Our award-winning range of commercial debt recovery services are proven to deliver results. Whether you have individual or multiple invoices you’re concerned about or you’re looking for a longer-term partnership, our expertise as an award-winning debt recovery agency will allow you to focus on running your business while we act quickly to minimize the impact on your cash flow

Unlike many debt collection companies within the industry, we don’t just make a phone call and send a letter; 50 years collective experience in the industry has shown us person-to-person contact improves communication and collection success rates. This is why Business Cardinal has the highest rate of recovery in the industry.

Debt recovery, sometimes referred to as debt collection, is not a generic service; each case needs to be considered on its merit for a tailor-made solution to be provided. We work with you, our client, to get the best possible outcome with our debt collection services. Whether or not you would like to maintain a relationship with your debtor is a crucial factor in our recovery methods. We ensure we protect our reputation and yours. Contact us today

If you would love to engage us for this service, please call us on 08023200801 or request us to send you a proposal by email to or complete our customer enquiry form for more details.

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