LIMITATION LAWS UNDER THE NIGERIAN LEGAL SYSTEM: A CASE FOR LEGAL REFORM

6 PAGES (2848 WORDS) Law Article/Essay

In any given transaction, time, as a general rule, is of the essence unless otherwise excluded by law, nature of the transaction or by the parties thereto. Time stipulation in transactions is not only important in ensuring prompt performance of obligations but also relevant in terms of timely enforcement of rights that may arise thereunder. While time of performance often times, is expressly stipulated by parties, the period for the enforcement of rights arising thereunder is normally prescribe by law and known legally as 'limitation period.' This article examined the nature, kinds, and claims to which limitation laws in Nigeria are applicable. The work found that most of the laws on limitation of actions are either outdated or grossly inadequate. It concluded by advocating for the imbuement of judges with the powers to extend limitation periods in deserving cases.