INTRODUCTION
Credit facilities contribute greatly to the advancement of businesses in Nigeria, as it affords small and medium enterprises opportunities to make an impact in the competitive market. Businesses can thrive more in an environment where entrepreneurs can secure finances easily using identifiable assets as collateral. Access to affordable and timely credit is pivotal for the growth and sustainability of businesses in Nigeria.1 Adequate financing enables individuals and enterprises to invest in infrastructure, expand production capacity, adopt new technologies, enhance competitiveness by participating in value chains, enhance operational efficiency and leverage economies of scale.
Secured credit transactions are essential to enterprises as they provide a mechanism for leveraging assets to obtain credit. It forms a fundamental aspect of modern commercial law, enabling entrepreneurs to obtain financing by granting lenders a security interest (proprietary or possessory) in
