Owerri: Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) says it will rescue failing public, private, corporate and state-owned enterprises in Imo State and the South-East region. The President of BRIPAN, Mr. Chimezie Ihekweazu, made the promise on Thursday at the association’s South-East Insolvency Summit held in Owerri. The theme of the summit was ‘Deploying Insolvency and Restructuring Tools for Government and Public Enterprise’.
According to News Agency of Nigeria, the BRIPAN President emphasized the significance of the South-East Summit due to the vast untapped opportunities in applying insolvency and restructuring mechanisms to government-owned enterprises in the state. Ihekweazu, a Senior Advocate of Nigeria (SAN), highlighted that the South-East region is a vibrant commercial corridor, rich in enterprise, innovation, and commercial activities. He also pointed out that Imo State, with its substantial natural gas deposits, is ripe for structured intervention through modern insolvency and business rescue practices.
Ihekweazu remarked that while the South-East region’s thriving business environment presents opportunities, it also poses challenges that necessitate the expertise of an association like BRIPAN. He stressed that federal, state, and local government entities managing public services, utilities, infrastructure, and revenue-generating enterprises face financial distress and operational inefficiencies that hinder their growth and effectiveness.
The President of BRIPAN expressed satisfaction in expanding the association’s presence beyond Lagos State to all six geo-political zones in Nigeria. He noted that BRIPAN has over 2,100 registered members, including lawyers, accountants, and other financial experts, with an additional 150 individuals undergoing training for membership.
The BRIPAN two-day South-East Summit was inaugurated by the Deputy Governor of Imo State, Lady Chinyere Ekomaru, who assured the organization of the state’s readiness to welcome them. She expressed regret over the absence of State Governor Hope Uzodimma, who was unable to attend the event in person.