Section 14: Contents of a Financing Statement

(1) A creditor shall provide in a Financing Statement the following information:
(a) Grantor type description: individual, micro, small or large business;
(b) In the case of a Company, Co-operative or registered Business Name, the unique identification number which shall be the Corporate Affairs Commission registration number or other registration number issued by the appropriate authority for registering these types of debtors;
(c) In the case of an individual, the unique identification number derived from approved biometric based identification, gender, name, address including telephone and date of birth;
(d) the name and address of the creditor or its representative;
(e) a description of the collateral;
(f) the maximum amount for which the secured obligation may be enforced;
(g) the period of time for which the registration is to be effective; and
(h) such other information as the Registrar may consider necessary.
(2) A financing statement may in addition also identify a Borrower according to the preceding sub section even if that person has not created a security interest.
(3) If there is more than one grantor or creditor, the required information must be entered in the designated field separately for each grantor or creditor.
(4) If the grantor is an individual who is neither a citizen nor a resident of Nigeria, the secured creditor shall enter the debtor's name and unique identification number that appear on the Grantor's passport issued by a Foreign Government or any other document as the Central Bank of Nigeria may prescribe.
(5) A confirmation that the parties have agreed to submit themselves to the mediation and arbitration mechanism empowered under this Act, as first recourse, in a situation that any civil dispute arises.