Lagos: The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has inaugurated Mr. Albert Folorunsho as its new president, while reiterating its commitment to economic stability and business recovery. The announcement was made during the association’s Annual General Meeting held on Friday in Lagos, marking a significant leadership transition.
According to News Agency of Nigeria, outgoing president Mr. Chimezie Ihekweazu shared insights into the accomplishments of BRIPAN over the past two years. He highlighted that the association has become increasingly pivotal in stabilising distressed businesses and maintaining confidence in Nigeria’s evolving economic landscape. Ihekweazu pointed out that through dedication, collaboration, and personal sacrifice by its members, BRIPAN made notable progress, taking deliberate steps to enhance insolvency and business recovery practices nationwide.
Ihekweazu further elaborated on BRIPAN’s engagement with practitioners, banks, financial institutions, regulators, and government agencies, which has bolstered its relevance and national impact. He emphasized capacity-building initiatives, increased membership, and improved local and international visibility as key elements underscoring the association’s commitment to delivering value. Expressing confidence in the new leadership, he noted that the incoming executive committee and council are well-positioned to exceed the achievements of the outgoing administration.
During the transition, Ihekweazu disclosed that N145 million was being handed over in the association’s treasury to support ongoing projects, including a proposed new secretariat. He urged the new leadership to continue with the secretariat project, highlighting that council approval had already been secured. Additionally, he called for sustained reforms, accelerated regional expansion, and deeper engagement with the judiciary and regulatory authorities, expressing confidence that the new leadership would deliver on these priorities.
The newly elected president, Folorunsho, acknowledged the critical role of insolvency practice in safeguarding Nigeria’s economic stability. He emphasized that business distress poses threats to jobs, weakens confidence, and tests the resilience of financial and legal systems. Folorunsho commended the efforts of the immediate past president and council in strengthening the association and preparing it for future growth. He outlined his tenure’s focus on professional excellence, ethics, capacity building, talent development, and enhanced stakeholder engagement.
Folorunsho pledged to work closely with regulators, policymakers, the judiciary, and financial institutions, advocating for effective insolvency laws and improved business recovery frameworks. He stated that the goal is to establish a system that promotes rescue where possible, fairness to stakeholders, and investor confidence. Additionally, Folorunsho expressed his commitment to building BRIPAN’s institutional credibility as a thought leader and trusted partner in Nigeria’s economic development.
Treasurer Mrs. Bolanle Alao reported a strong financial performance for the association in 2024, with revenue rising to N117,047,790 from N78,587,844 in 2023, representing a 48.9 percent increase. Alao attributed this growth to improved subscriptions, training programs, and increased participation in events, asserting that BRIPAN remains financially sound with growing reserves and strong liquidity. She concluded by stating that the association is well-positioned to sustain its mission of advancing insolvency practice nationwide.