By Rukayat Moisemhe
The Business Recovery and Insolvency Practitioners Association of Nigeria(BRIPAN) has inaugurated Mr Albert Folorunsho as president, reaffirming its commitment to economic stability and business recovery.
Outgoing president, Mr Chimezie Ihekweazu, revealed the leadership transition at the association’s Annual General Meeting held on Friday in Lagos.
Ihekweazu said BRIPAN had become increasingly central to stabilising distressed businesses and sustaining confidence within Nigeria’s evolving economic environment.
He noted that the association made notable progress during the past two years through dedication, collaboration and personal sacrifice by members.
According to him, the period witnessed deliberate steps to strengthen insolvency and business recovery practice across the country.
Ihekweazu said BRIPAN’s engagement with practitioners, banks, financial institutions, regulators and government agencies enhanced its relevance and national impact.
He added that capacity building initiatives, increased membership and improved local and international visibility underscored the association’s commitment to value delivery.
“Leadership is a relay,” he said, expressing confidence in the incoming president’s ability to advance the association’s objectives.
Ihekweazu said the new executive committee and council were well positioned to surpass the achievements of the outgoing administration.
He disclosed that N145 million was being handed over in the association’s treasury to fund projects, including a proposed new secretariat.
He urged the incoming leadership to sustain the secretariat project, noting that council approval had already been secured.
Ihekweazu also called for sustained reforms, accelerated regional expansion and deeper engagement with the judiciary and regulatory authorities.
He expressed confidence that the new leadership would deliver on these priorities in the months ahead.
The newly elected president, Folorunsho, described insolvency practice as critical to safeguarding Nigeria’s economic stability.
He said business distress threatened jobs, weakened confidence and tested the resilience of financial and legal systems.
Folorunsho commended the immediate past president and council for strengthening the association and positioning it for future growth.
He said his tenure would focus on professional excellence, ethics, capacity building, talent development and enhanced stakeholder engagement.
“We will work closely with regulators, policymakers, the judiciary and financial institutions,” Folorunsho said.
He pledged continued advocacy for effective insolvency laws and improved business recovery frameworks.
“Our goal is a system that promotes rescue where possible, fairness to stakeholders and confidence for investors,” he said.
Folorunsho said BRIPAN would build institutional credibility as a thought leader and trusted partner in Nigeria’s economic development.
Treasurer, Mrs Bolanle Alao, reported that the association recorded a strong financial performance in 2024.
She said revenue rose to N117,047,790 from N78,587,844 in 2023, representing a 48.9 per cent increase.
Alao attributed the growth to improved subscriptions, training programmes and increased participation in events.
“BRIPAN remains financially sound, with growing reserves and strong liquidity,” she said.
She added that the association was well positioned to sustain its mission of advancing insolvency practice nationwide.
The News Agency of Nigeria (NAN) reports that BRIPAN inducted 124 members and 13 fellows during the AGM. (NAN)(www.nannews.ng)
Edited by Kamal Tayo Oropo
