Overview

The document is a circular from the Central Bank of Nigeria (CBN) inviting stakeholders to provide inputs on the draft Guidelines for the Mediation and Dispute Resolution Panel (MDRP) for Secured Transactions in Movable Assets (STMA). The guidelines are developed to operationalize the MDRP established under the STMA Act, 2017, which mandates the MDRP as the first recourse for mediation and settlement of civil disputes arising between creditors and grantors in the implementation of the Act. The MDRP aims to provide a specialized, cost-effective platform for resolving disputes related to the creation, perfection, and enforcement of security interests in movable assets. The key objective of the guidelines is to establish clear and standardized procedures for managing STMA-related disputes while ensuring transparency, fairness, and efficiency to bolster confidence in the secured transactions system. The circular includes the draft guidelines' table of contents covering topics such as objectives, functions, jurisdiction, membership, roles and responsibilities, mediation procedures, sitting of the panel, settlement/awards, ethics, funding, and interpretation. Comments are to be submitted by 9th October 2026 to ncr@cbn.gov.ng.

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