Lagos: A robust and responsive insolvency ecosystem requires incorporating all stakeholders and will improve Nigeria’s corporate rescue framework and support business recovery and commercial justice. Judges and insolvency experts made the assertion at the 2025 Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) Conference on Thursday in Lagos. The event had the theme: ‘Deepening Insolvency Tools for Resolving Commercial and Financial Challenges of Businesses’.
According to News Agency of Nigeria, Justice John T. Tsoho, Chief Judge of the Federal High Court, emphasized that deepening insolvency tools, strengthening regulation, and ensuring ethical and professional practices would help resolve Nigeria’s economic and business challenges. He mentioned that insolvency practitioners, regulatory bodies, and the judiciary have fundamental roles in restructuring insolvency tools and proceedings.
Tsoho highlighted areas of insolvency that need attention, including limitations and inadequacy in the legal framework, limited corporate rescue mechanisms, and the necessity for post-appointment assessment. Addressing these issues, he noted, would help insolvency practitioners achieve effective performance and adopt appropriate tools for resolving chronic indebtedness and insolvency complications. While acknowledging that insolvency and its tools might have been abused, Tsoho stressed the judiciary’s role as an unbiased umpire.
Mrs. Victoria Nwoye, Justice of the Court of Appeal, discussed the transformative shift in Nigeria’s corporate insolvency landscape following the Companies and Allied Matters Act of 2020. She noted that, despite innovations, the practical application of the provisions has been uneven across jurisdictions. Nwoye emphasized the need for a well-informed judiciary to ensure uniform application of insolvency laws and advocated for reforms that are bold, inclusive, and forward-looking.
The President of BRIPAN, Mr. Chimezie Ihekweazu, highlighted the importance of bringing together regulators, practitioners, judges, policymakers, financial experts, and business leaders to advance insolvency and business recovery practices. He noted the global challenges businesses face and the necessity for Nigeria to enhance tools for business rescue, debt restructuring, and sustainable recovery.
Mr. Albert Folorunsho, Vice President of BRIPAN, added that insolvency law and practice offer a recourse to global challenges brought by economic shifts, regulatory reforms, and financial uncertainties. He expressed hope that the event would engage participants on using insolvency tools to enforce arbitration awards and explore new carve-outs under the Investment and Securities Act of 2025.