By Rukayat Moisemhe
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.
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 said 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 said.
He said 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 said.
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, said the bank would leverage BRIPAN’s expertise to improve recovery outcomes.
Edu said 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 noted 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 said.
Loan Recovery head, Abubakar Mustapha, said collaboration would improve synergy and reduce losses, citing delays from non-BRIPAN receivers. (NAN) (www.nannews.ng)
Edited by Kamal Tayo Oropo
