Lagos: Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) and Bank of Industry (BoI) have explored partnering to strengthen loan recovery and professionalism in insolvency and business restructuring nationwide. At a meeting on Tuesday in Lagos, BRIPAN president, Mr Chimezie Ihekweazu, highlighted BoI’s role in development financing for Nigerian businesses.
According to News Agency of Nigeria, Ihekweazu, a Senior Advocate of Nigeria, said BRIPAN is statutorily recognised under Sections 705 and 707 of Companies and Allied Matters Act (CAMA) 2020. He emphasized that certified practitioners support businesses facing insolvency, liquidation, asset management, and other restructuring challenges.
CAMA 2020 introduced mandatory certification, barring uncertified persons from registering receivership, administration, or liquidation processes. ‘Before CAMA 2020, anyone could be appointed a receiver. Now, practitioners must be trained, certified by BRIPAN and approved by the Corporate Affairs Commission,’ he stated. BRIPAN comprises lawyers, accountants, and consultants, operating across Nigeria’s six geopolitical zones.
The association collaborates with Nigerian Deposit Insurance Corporation, the Corporate Affairs Commission, the Securities and Exchange Commission, and courts nationwide, including the Supreme Court. ‘When businesses fail, the impact extends to families and the wider economy,’ Ihekweazu noted. He assured BoI of technical support, capacity building, and professional services for effective management of distressed assets and liabilities.
BoI Executive Director, Mr Oluwatoyin Edu, stated that the bank would leverage BRIPAN’s expertise to improve recovery outcomes. Edu mentioned that BOI frequently engaged receivers, receiver-managers, and loan recovery personnel, adding that the bank would welcome structured collaboration with BRIPAN members to enhance recovery efforts.
He acknowledged several legacy loan issues spanning a few decades, with some involving generational transitions in ownership. He stressed that although BOI was government-owned, it operated with private-sector discipline, a factor he said had sustained its brand equity, financial fundamentals, and position as Nigeria’s foremost development finance institution. ‘We try to help firms recover, but sometimes difficult decisions like winding up are unavoidable,’ Edu concluded.