Category Economy/Business

By Okeoghene Akubuike

The Infrastructure Concession Regulatory Commission (ICRC) has announced plans to finalise all Public-Private Partnership (PPP) projects that have not progressed for over a year following approval by the Federal Executive Council (FEC).

This was disclosed in a statement signed by Ifeanyi Nwoko, the Acting Head of Media and Publicity for the ICRC, in Abuja on Thursday.

According to the statement, Dr Jobson Ewalefoh, the Director-General of ICRC, made the announcement during a courtesy visit to the Minister of Marine and Blue Economy, Adegboyega Oyetola.

Ewalefoh noted that some of the pioneer PPP projects approved in 2006 fall under the ministry’s jurisdiction.

The Director-General explained that the commission is reviewing PPP projects to prevent delays caused by unqualified contractors, especially when serious investors are willing to collaborate with the government.

He stated that the commission seeks to identify challenges affecting PPP projects within the ministry and address issues delaying already approved projects as well as those in development.

Given the maritime sector’s critical role in national development, Ewalefoh stated that the ICRC has streamlined its processes to speed up project delivery in line with current demands.

This, he added, was in response to President Bola Tinubu’s call for the proactive use of PPPs in infrastructure development.

Ewalefoh stressed the importance of faster project execution without compromising standards or bypassing legal requirements.

He also noted the commission’s efforts to optimise existing PPP projects while launching new ones.

He said the commission has introduced Conditions Precedent with strict timelines for private partners to secure financing, ensuring that contracts are terminated if these deadlines are not met.

“This is in a bid to ensure that projects were not stalled due to the inability of proponents to raise the required financing required to execute projects.

“This ensures that contracts are automatically terminated when the timeline agreed expires without the private partner achieving financial close.

“This approach is intended to protect the country and ensure that the mistakes of the past are not repeated and the government is never held to ransom.

“This will ensure that only credible investors are encouraged to participate while discouraging portfolio investors or expert bidders without the actual intention of executing projects”.

He urged the minister to collaborate with the commission in reassessing PPP projects that have been approved for over a year without significant progress.

In response, Oyetola congratulated the Director-General on his appointment and noted that many stalled projects were due to the private parties’ inability to secure financing.

He expressed his commitment to ensuring that future investors have proven financial capacity, rather than relying solely on impressive business proposals.

The minister also assured the D-G of his ministry’s full support in advancing PPP initiatives in the blue economy sector, adding that several new projects will soon be submitted to the ICRC to begin the PPP process.  (NAN)(www.nannews.ng)

Edited by Sadiya Hamza

By Okeoghene Akubuike

The Federal Government has created task forces in the Infrastructure Concession Regulatory Commission (ICRC) and the Ministry of Aviation to unlock the economic potential of the aviation sector.

A statement issued by Ifeanyi Nwoko, ICRC’s Acting Head of Media and Publicity on Tuesday in Abuja, said the Federal Government would achieve this through investment in Public Private Partnerships (PPPs).

Nwoko said the decision was the outcome of a courtesy visit by the Director-General of ICRC, Dr Jobson Ewalefoh, to the Minister of Aviation and Aerospace Development, Mr Festus Keyamo.

He said Ewalefoh while highlighting the importance of aviation in galvanising other sectors to foster the economic potential of the country, said the ICRC had set up its task force to fast-track investment in PPPs.

Nwoko said that the minister also set up a similar task force in the ministry to work with the ICRC team for efficient delivery of infrastructure projects through PPP.

He said Nigeria, like many others worldwide, still faced the challenges of funding infrastructure projects, adding that President Bola Tinubu’s Renewed Hope Agenda emphasised PPPs to enhance infrastructure.

While exemplifying the huge investment possibility in the aviation sector, Ewalefo said that between 2003 and 2019, the Heathrow Airport in the UK got an investment of 16 billion pounds in private sector funds.

According to him, the Nigerian aviation sector holds a lot of investment possibilities without burdening public resources.

Ewalefo also cited the example of Dakar Airport, which had attracted an investment of 575 million dollars, 30 per cent of which was from the Bin Laden Group of Saudi Arabia.

He said that Kenya also had a PPP arrangement that had driven passenger traffic from seven million to 12 million.

Ewalefo stated that Nigeria, with more than 200 million people, should be able to attract the right investments and become the destination hub of the world and a connecting point for Africa.

“We have what it takes, but we need to have the right infrastructure in place.

“That is why we are here to collaborate with you and ensure that all the projects you have conceptualised will come to fruition within the lifetime of this administration.

“The aviation sector is an enabler for the economic development of any nation; it is a means for you to connect all the various infrastructures.

“It is a means to unlock the potential of this country and if we get it right, Nigeria’s story will change,” he said.

The director-general commended the minister for getting the Federal Government to sign the Cape Town Convention Practice Direction after more than10 years of attempts.

He also commended him for resolving the problem with the UAE and having Emirate Airlines fly to Nigeria again.

“We have a lot of projects on your table, and we want to implore you if possible, to set up a task force for us to do this.

“This is because the infrastructure gap in Nigeria is so huge that the normal protocol cannot give us the needed time and speed.

“We need to work day and night and have the right commitment,” he said.

In his response, Keyamo, while corroborating Ewelafo’s position on the need to accelerate PPP projects in the industry, immediately set up a task force to collaborate with the ICRC team.

He said the ministry had achieved some milestones in aviation policy and will focus more on accelerating received PPP proposals.

“So we will bring them to you, we will set timelines for ourselves. For each of these projects we are going to set a timeline,” he said.

Keyamo said that aviation was a sector that had a lot of PPP potential, pointing out that certain projects like the cargo terminals and others that had been marked out would be pursued vigorously.

The minister commended the director-general for being proactive and assured the ICRC of his unfettered collaboration to drive PPP infrastructure in the ministry. (NAN) (www.nannews.ng)

Edited by Ese E, Eniola Williams

By Rukayat Moisemhe

Stakeholders have called for promotion of non-oil exports to engender a favourable balance of trade and drive Nigeria’s diversification agenda.

They made the call at the Manufacturers Association of Nigeria Export Promotion Group (MANEG) Seventh Annual General Meeting, on Wednesday in Lagos.

Prof. Segun Ajibola, a past President of the Chartered Institute of Bankers of Nigeria, said that the balance of trade position of a country was a powerful instrument for measuring the state of health of its economy.

Ajibola said that about 90 per cent of Federal Government’s foreign exchange earnings and 70 per cent of the government’s total revenue were from oil proceeds and petroleum income tax/royalties.

Ajibola said that the government, in attempts to the re-configure the country’s trade balance, continued to introduce incentives into the business clime since the 1970s.

He said the incentives were to target favourable balance of trade through improved performance of the non-oil sector of the economy, with manufacturing as the cornerstone.

He, however, noted that the export segment of Nigeria’s balance of trade remained heavily reliant on oil and gas as the main source of earnings.

“The current scenario, therefore, calls for a total re-evaluation of the country’s architecture for promoting non-oil exports, if indeed, manufacturing activities are to have meaningful impact on Nigeria’s trade balance,” he said.

Ajibola also called for a new trade and industrial policy in Nigeria.

He said the trade policy should articulate new incentives and drive the implementation.

He urged Nigeria to capitalise on the African Continental Free Trade Agreement as a tool for deepening trade within the African continent.

Comptroller Ajibola Odusanya, Customs Area Controller, Lilypond Export Command, Nigeria Customs Service (NCS), noted that over the years, oil had been the mainstay of Nigeria’s export sector and the country’s major source of revenue.

He noted that due to global fall in oil prices, the Federal Government saw the need to diversify into the non-oil export sector to sustain the economy.

Odusanya said that export growth, along with other factors, led to economic growth by stimulating production, investment, consumption and job creation.

He added that the manufacturing sector played a critical role in growing the Nigerian economy, as manufactured goods held potential to improve Nigeria’s balance of trade when exported.

He said that while the NCS played a crucial role in facilitating trade, manufacturers must begin to leverage NCS reforms to expand exports.

“The service, in its effort to enhance ease of doing business for compliant stakeholders, commenced implementation of the Authorized Economic Operator programme on Sept. 2.

“Certified manufacturers that consistently complied with regulations are subjected to fewer physical inspections and simplified customs procedures, allowing for faster exports.

“Focusing on trade facilitation measures, the Nigeria Customs Service is positioned to continue to create a more enabling environment for manufacturers to export,” he said.

The President of Manufacturers Association of Nigeria, Chief Francis Meshioye, said that the government was desirous of achieving favourable balance of trade in the economy.

He said that the goal would be better accomplished with consistent and concerted efforts to incentivise the non-oil export sector.

He said that while there were several export incentives introduced by the Federal Government, only few of them were being effectively pursued.

He added that manufacturers often experienced counter-policy regulations and actions from some ministries, department and agencies that were inimical to export business growth.

“We need to take immediate actions to ameliorate the prevailing initial negative impact of government reform measures on the manufacturing sector.

“The escalating exchange rate, high cost of logistics, insecurity, high energy cost, increasing cost of borrowing, etc., have combined to further weaken the performance of the manufacturing export sector.

“We need to address these issues as signposted in the government stabilisation plan, and its speedy and diligent implementation is of essence,” he said.

Mrs Odiri Erewa-Meggison, Chairman of MANEG, lauded the Federal Government for ongoing reforms, particularly review of policies on taxes.

She also commended the Federal Government for calling for submission of Export Expansion Grant baseline data from non-oil exporters.

According to her, it is a good step in the right direction as it will go a long way to motivate manufacturers.

Erewa-Meggison, however, noted that since the removal of fuel subsidy and increment in energy tariff, exporters had been struggling. (NAN)

Edited by Ijeoma Popoola

By Angela Atabo

A faith-based group, Amani Muslim Women Empowerment Initiative, has awarded grants to some women entrepreneurs to boost small-scale businesses.

The Coordinator of the initiative, Hajiya Hadrat Omipidan, in her remarks at the Grant Award Ceremony on Saturday in Abuja, said that the support was part of the group’s major project for the year.

Omipidan disclosed that N250, 000 was given to each of the beneficiaries to upscale their businesses and help them stabilise against current economic challenges.

She explained that the women were carefully selected for the grant based on their dedication and hard work in the group.

According to her, the goal of the initiative is to promote self and collective developments and improve the well-being of women through empowering engagements, schemes and programmes that are in tandem with the tenets of Islam.

She said the gesture would enable more women to build momentum and connections that would foster sustainable social and economic developments.

“We started the Armani Muslim Women Empowerment Initiative, five years ago; it is about giving back to society.

“We have done a lot of projects in the past; we have gone to correctional centres; we have gone to hospitals; in fact,  last month, we did another hospital charity.

“So, that is part of our own way of giving to the society; today, we are giving grants to some of our members, because we believe charity begins at home.

“We get these moneys from our sponsors and from our members; there is nothing we get from government; it is by our personal savings, and from our sponsors.’’

Omipidan commended the sponsors for their support over the years.

“May God continue to bless them and grant them their wishes.’’

She implored governments at all tiers to help women stabilise economically.

“I am sure if our First Lady can help us with grants like this, we will be able to do more for our society.

“We have been doing so many charity outreaches; during Ramadan, we fed  no fewer than 300 widows; we gave out cash and food stuff; however, this is the first time we are giving our members grants to empower them,” she said.

Some of the beneficiaries expressed their gratitude to the group and to God for the privilege to be picked.

A caterer and a beneficiary, Sherifat Akanmbi, who is into cooking, baking and rentals of cooking utensils, thanked the group for its foresight and generosity.

“I call on every well-meaning Nigerian who can afford to do something similar to what AMANI did today to please try and give back to the society because the economy is not really smiling for everyone,” she said.

Kafayat Hassan, also a beneficiary, expressed her happiness.

“This money will go a long way in my business; so, I feel happy and I advised other women to join AMANI,” she said. (NAN)

Edited by Yinusa Ishola and Chijioke Okoronkwo

By Grace Alegba

The management of Guaranty Trust Holding Company Plc (GTCO) has refuted a circulating media report regarding its business activities and executive team.

GTCO, in a statement on Friday night, debunked all allegations from the smear media reports, while advising its customers, shareholders and stakeholders to disregard the fake news.

The statement also said that its executive management team was not under any financial or regulatory scrutiny as alleged.

According to the statement, the company is also seeking legal redress as it continues its credible banking and financial services and activities.

“Based on the incessant release of false news reports on GTCO’s business activities, results and its management team, it has become necessary to set the records straight and dispel attempts by certain groups to create a false narrative about the GTCO Brand and its Management.

“The false news articles, which are being sponsored using the media, centre around baseless allegations against the group’s business activities and its executive management.

“Being a responsible corporate citizen and a first class institution, GTCO Plc has taken swift and decisive legal actions against the various sources of these false reports, and will continue to use the full extent of the rule of law available to safeguard its reputation.

“We urge all our customers, shareholders and stakeholders to kindly disregard all the allegations being peddled through various media platforms and handles.

“Members of the executive management team will continue to operate in their full capacities as appointed and are not under any financial or regulatory scrutiny as alleged,” the statement said.

A video, which recently went viral, hurled lots of accusation on the bank’s management and called on relevant authorities to investigate the outfit.(NAN)

By Angela Atabo

Vice President Kashim Shettima has said that an ethical and morally upright society was essential for attracting investors and promotion of economic development.

Shettima, who was represented by Bashir  Maidugu, Senior Special Assistance  to the President on Legal and Compliance Matters,  Office of the Vice President, said this at a Webinar tagged: “Let’s Talk Ethics’’ on Tuesday in Abuja.

The theme of the Webinar is:“Community Engagement for Ethical Transformation, Leadership and Integrity.”

It was convened by Civil Society for Ethics and Values Development Initiative (CSEVDI) to mark the Independence Day anniversary

According to Shettima, the call was imperative because a nation’s morals are like teeth, the more decayed they are, the more it hurts to touch them.

He said that President Bola Tinubu had a lot of agenda for the growth of the nation.

He said that the Renewed Hope Agenda of the current government could not be an effective transformative policy without a sincere ethical transformation, authentic leadership and uncompromising integrity at all levels.

He added that Nigeria was in dire need of a reorientation, a repositioning of Nigeria and Nigerians with respect to the values they should hold dear in order for the nation to be where it ought to be.

“I am impressed with the organisers of this webinar because this is a responsibility of all Nigerians, as mothers, as parents, as teachers, to ensure that ethics, morals, are imbibed in ourselves, in our youth, so that we have a better society.

“This is because without a morally upright society; without an ethically upright society, there won’t be a positive economic growth.

“Investors will be very unwilling to invest in such a society.

“So, it is our collective responsibility, not only for the government, and the private sector, but the responsibility of every Nigerian, to ensure that we do things according to how they should be done.

“Not because people are looking at us; not because we want people to notice it, but because these are the right things to do. Do the right thing at all times, and then we will have a better society.’’

He reiterated that Nigeria’s seven national ethics as prescribed by the 1999 Constitution were discipline, integrity, dignity of labour, social justice, religious tolerance, self-reliance and patriotism.

“The teeth that are our morals are hurting because this code of national ethics has been observed more in the breach than in true and good faith.

“We have sunk into an ethical wilderness of despairingly unimaginable proportions.

“The totally negative value system that has resulted from abandoning the noble path of ethical conduct has had serious consequences for our individual corporate image and reputations both home and abroad,” he said.

Shettima said the first step towards the overhauling of the national ethics would be a revolutionary re-orientation of the value system of the society.

He said there was a need to embark on an authentic search for that genuine national culture that would reshape Nigeria’s core value system, national character and national image.

He urged Nigerians to be very patient with the government because it had positive programmes for the country but it required sacrifice.

Mr Tajudeen Toyin-Oke, the Secretary-General of Civil Society of the Initiative, said the organisation had been working to make Nigeria an ethical compliant society to restore the country to its lost glory.

Toyin-Oke said that Nigeria used to be a well-respected nation in the past and till date Nigerians were always top everywhere in the world.

“You go to the university, Nigerians are always top. So we felt we should do something as a civil society to augment the government’s effort.

“We decided to use the Nigerian Independence Day as a forum to be able to reach out to Nigerians by way of webinar so that we can reach out to more people.

“I have written a book on: “The Ethical Dilemma, Shattering a Board, a New Path for Ethics and Value in Nigeria” to drive home the message.

“We have approached the National Assembly to see if there is any way we can bring in a law that will encourage people to imbibe ethics and morals,” he said.

Toyin-Oke called on Nigerians to use the occasion of the indolence to make the nation an ethical compliant society.

“That is my duty, that is your duty, that is our duty. If we keep this at the back of our mind, and when we talk about ethics it is between doing right and good, and we all know when it is right.

“So let this be our yardstick as we turn a year older today as a country,” he said. (NAN)

Edited by Joe Idika

By Yunus Yusuf

The Director-General of the Budget Office of the Federation, Mr Tanimu Yakubu, has underscored the need for continuous training in the use of the GIFMIS/BPS system for efficiency.

The News Agency of Nigeria (NAN) reports that GIFMID/BPS is Government Integrated Financial Management Information System Budget Preparation Sub-System.

Yakubu emphasised this on Monday in Lagos at the training of officials of various Ministries, Departments and Agencies (MDAs) on the 2025 budget preparation using GIFMIS/BPS.

Yakubu, who was represented by Mrs Funmi Lasekan, Director of Economic Expenditure, Budget Office of the Federation, said that this system remained crucial for ensuring a well structured budget.

According to him, the training is part of the government’s ongoing efforts to address the fiscal challenges faced by the country and improve budget efficiency.

He said that the quality of the national budget was key to meeting the expectations of the Nigerian people.

“As we prepare the 2025 budget, it is essential that MDAs stay true to their mandates and ensure that their budget proposals are coherent, purposeful and aligned with the government’s vision for security and development,” he said.

The director-general reiterated that President Bola Ahmed Tinubu’s administration remained committed to overcoming the current fiscal challenges, including insecurity, limited resources, and global economic pressures.

He noted that the budget preparation process would play a significant role in fostering capital accumulation, meeting investor expectations and empowering citizens through strategic resource allocation.

He also highlighted the importance of collaboration among MDAs to align their policies and programmes with the government’s Renewed Hope Agenda and National Development Plan.

This synergy, Yakubu said, was necessary to mobilise resources effectively, enhance infrastructure, and boost economic growth.

He, therefore, urged participants to engage fully in the training for the tools needed to navigate the budget process efficiently, avoid errors, ensure transparency and accountability in the use of government resources.

“The GIFMIS Budget Preparation Subsystem is designed to eliminate bottlenecks and promote accountability, and I encourage all MDAs to take full advantage of this system as they prepare their respective budgets,” the DG added.

Also, Mr Alfred Okoh, Technical Adviser to the Director General, Budget Office of the Federation, said that in spite of several headwinds, the Nigerian economy posted positives, though lower-than-expected, growth for the 14th consecutive quarter.

Okoh said that the Real Gross Domestic Product (GDP) grew by 3.19 per cent year-on-year in second quarter of 2024, up from 2.98 per cent in first quarter same year.

According to him, this is higher than the 2.51 per cent recorded in second quarter of 2023.

He explained that growth in second quarter of the year was driven mainly by the Services sector, which grew by 3.79 per cent and contributed 58.76 per cent to aggregate GDP.

However, this sector’s contribution contracted by 0.63 per cent compared to the corresponding period of 2023.

This, he added, reflected a surge in the Industrial sector’s growth to 3.53 per cent in second quarter 2024 from -1.94 per cent in second quarter 2023.

Okoh noted that non-oil sector grew by 2.8 per cent in second quarter of 2024, slightly lower than the 3.58 per cent growth recorded in second quarter of 2023 (NAN)

Edited by Olawunmi Ashafa

By Salif Atojoko

President Bola Tinubu says his administration is retooling the economy through necessary reforms to serve Nigerians better and more sustainably.

The President said this in his Independence Day broadcast on Tuesday.

“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences,” he said.

He said thanks to the reforms embarked upon by his administration, the country attracted foreign direct investments worth more than 30 billion dollars in the last year.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.

“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.

“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA,” said Tinubu.

He saidthat this was done in the same manner as other qualified divestments approved in the sector, as the move would create vibrancy and increase oil and gas production, positively impacting the economy.

“The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market.

“We inherited a reserve of over 33 billion dollars 16 months ago. Since then, we have paid back the inherited forex backlog of 7 billion dollars.

“We have cleared the ways and means debt of over N30 trillion. We have reduced the debt service ratio from 97 per cent to 68 per cent.

“Despite all these, we have managed to keep our foreign reserve at 37 billion dollars. We continue to meet all our obligations and pay our bills.

“We are moving ahead with our fiscal policy reforms,” he said.

According to him, to stimulate the productive capacity of the economy and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.

He said these transformative bills would make the business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once passed into law. (NAN) (www.nannews.ng)

Edited by Rabiu Sani-Ali

By Rukayat Moisemhe
Stakeholders have advocated legal and regulatory structures aimed at addressing business recovery challenges for economic growth, financial stability and long-term recovery.

They made the call at the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) annual international conference on Thursday in Lagos.

The News Agency of Nigeria (NAN) reports that the event had as its theme: “Restructuring and Insolvency in Times of Economic Challenges”.

BRIPAN is an association of lawyers, accountants and bankers with bias in insolvency and business rescue.

Registrar General, Corporate Affairs Commission (CAC), Hussaini Magaji, said the utilitarian value of the concept of business recovery was more compelling now than in other times.

Magaji was represented by Terver Ayua-Jor, the Special Assistant to the Registrar-General.

He said changes in approach and in legal framework came with the promulgation of the Companies and Allied Matters (CAMA) Act No.3 of 2020 Sections 434 –549 and 718 – 727.

Magaji said the Act introduced three new major insolvency processes namely Company Voluntary Arrangement (CVA), Company Administration (CA) and Netting.

He added that the Act in section 705 (1) (d) recognised BRIPAN as one of the professional associations entitled to be given automatic authorisation to practice as insolvency practitioners by the commission.

Magaji said that in addition to the development of a framework for accreditation of insolvency practitioners, the commission issued insolvency regulations 2022 to drive the new framework.

The CAC registrar, however, noted that the current legal and administrative reforms had not translated into quantum leap in business recovery processes.

He said that in spite of the available legal reforms, less than 10 CVA & CA applications had been filed in the last three years of the issuance of insolvency regulation.

According to him, there are still more filings of the traditional processes of liquidations and receiverships.

“It is hoped that this will change after this conference creates the necessary awareness on the need to adopt business recovery as the default insolvency process as required by law- CAMA.

“This is necessary not only because it is the requirement of law but more importantly, it is the most efficient business decision to preserve income, jobs and other economic benefits to all stakeholders in the company and the economy,” he said.

The President, BRIPAN, Mr Chimezie Ihekweazu, SAN, said a lot of businesses were struggling in spite of the huge efforts by the present administration to engender positive changes to the economy.

Ihekweazu stated the need to improve some aspects of the country’s laws to support business management.

He said the association, as leaders and key stakeholders in the insolvency and restructuring landscape, was tasked with ensuring that Nigeria’s legal and regulatory structures are equipped to address these challenges of business recovery.

“BRIPAN’s capacity building programmes will continue to equip members with advanced skills and knowledge to navigate the evolving landscape of business rescue and insolvency practice in Nigeria.

“In recognition of its statutory responsibilities and its objectives, we would continue to forge alliances by strengthening its partnership with key institutions in public and private sectors as well as professional groups,” he said.

Mazi Afam Osigwe, SAN, President, Nigerian Bar Association (NBA), stressed that in these times of uncertainty, the expertise of restructuring and insolvency professionals had become most crucial.

Osigwe said that effective restructuring and insolvency processes were essential to preserving business value, protecting jobs, and fostering investor confidence.

He stated that as global and national economies experienced pressures from multiple fronts, legal and financial experts needed to collaborate to find sustainable solutions.

Osigwe added that the NBA, the largest professional body of lawyers in Nigeria, recognised the important role BRIPAN played in shaping insolvency practice in our country.

“We remain committed to working alongside BRIPAN to improve the legal and regulatory frameworks governing restructuring and insolvency.

“Our shared goal is to ensure that businesses facing financial difficulties have the best chance of survival while maintaining fairness and transparency for creditors, employees, and other stakeholders.

“It is through events like this that we can ensure the continued development of our legal and economic systems, which are so vital to Nigeria’s growth and stability,” he said.

Also, Dr Anthony Idigbe, SAN, Senior Partner, Punuka Attorneys and Solicitors, stressed the importance to organise and sensitise the insolvency environment the Nigeria, particularly on cross border insolvency practices.

Idigbe noted that while CAMA 2020 was a major leap in developing the insolvency regime in Nigeria, there were still some gaps due to lack of adoption of model law on cross border insolvency.

The adoption, Idigbe said, would make it easy to have cross border transactions and proceedings in Nigeria and create opportunities for practitioners appointed to get relief within Nigeria.

“It is important for Nigeria to have practitioners who can work across border in insolvency area.

“The other issue is that although BRIPAN is recognised under CAMA 2020, it is still yet to achieve chartered status so it must seek legislation for it to be chartered,” he said. (NAN)
Edited by Chinyere Joel-Nwokeoma