BRIPAN - NEWS AGENCY OF NIGERIA

Tosin Kolade
Apr, Sun, 2025

BRIPAN, Federal High Court partner on business insolvency

260 total views today

By Rukayat Moisemhe

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has partnered with the Federal High Court to streamline processes within the insolvency division and enhance the administration of business recovery in the country.

BRIPAN President, Mr Chimezie Ihekweazu, disclosed this in a communiqué made available to the News Agency of Nigeria (NAN) on Saturday in Lagos.

NAN reports that BRIPAN is a professional body involved in business recovery and insolvency, promoting best practices and managing financially distressed individuals and businesses.

Ihekweazu, who is also a Senior Advocate of Nigeria (SAN), said the collaboration aims to simplify insolvency proceedings and processes.

The insolvency division refers to a section within a legal or financial institution that manages the legal processes associated with companies or individuals unable to repay their debts, potentially resulting in liquidation or restructuring.

Ihekweazu stated that the partnership meeting was held with the Head of the newly established Insolvency Division, Mimidoo Abako Esq., and the Deputy Chief Registrar of the Lagos Division, Mr Godwin Long.

He described the initiative as a significant milestone in legal sector collaboration.

Ihekweazu stressed the importance of competent personnel with expertise in various insolvency options to ensure the effective operation of the division.

He proposed the establishment of a dedicated registry to monitor insolvency matters and facilitate close coordination with the Corporate Affairs Commission (CAC).

“This integration is expected to harmonise record-keeping between both bodies, prevent duplication of proceedings, and expedite hearings,” he said.

Ihekweazu also advocated for strong technological support and the decentralisation of the insolvency unit’s operations to ensure consistency across all divisions of the court.

Mr Amala Umeike Esq., a BRIPAN team member and Chairman of the Joint Committee with the CAC for reviewing the Insolvency Regulations 2022, commended the initiative.

Umeike noted that the improved structures would not only streamline insolvency cases at the Federal High Court but also increase revenue generation for the institution.

The Vice President of BRIPAN, Mr Albert Folorunsho, called for the formation of a technical joint committee or consultancy group to oversee the phased implementation of the division.

Mr Godwin Long reaffirmed his team’s commitment and pledged unwavering support for the collaborative effort.

According to him, the meeting marked the beginning of a more efficient and coordinated approach to insolvency matters.

He assured that both BRIPAN and the Federal High Court remained committed to establishing a robust legal framework for the future. (NAN)

Edited by Chinyere Joel-Nwokeoma

BRIPAN seeks FG’s partnership on legal reforms for business recovery

Tosin Kolade
Dec, Sat, 2024

Economy/Business

BRIPAN seeks FG’s partnership on legal reforms for business recovery

401 total views today

By Rukayat Moisemhe

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) says there is need for government’s partnership on legal reforms and policy directions aimed at enhancing business recovery in the country.

President of BRIPAN, Mr Chimezie Ihekweazu, made this submission at the association’s 23rd Annual General Meeting (AGM) and 20th Anniversary and Induction ceremony on Thursday night in Lagos.

Ihekweazu said that rescuing businesses would attract more revenues to government as well as boosting the economy.

He said that the practice of insolvency and business recovery was very beneficial for Micro, Small and Medium Enterprises (MSME) alongside large corporations.

“Businesses fail due a number of reasons from management issues, wrong business decisions to poor business ethics, changes in legal and socioeconomic structures and framework.

“There must be situations where businesses pass through these issues but it is important to know that there are opportunities within the framework of the law that can rescue these businesses.

“We will continue to work towards improving our relevance within the society and to make people take advantage of understanding the benefits of this area of practice, which is not targeted at killing businesses but on rescuing businesses.

“If businesses are rescued, a lot of benefits come with it, including revenues to government and our economy would reap the fruit of it,” he said.

The BRIPAN president said under his leadership in the past one year, the association had continued to sustain the excellent efforts of its past leaders in delivering on its core objectives.

He said the achievements included promoting insolvency practice, education and learning while ensuring effective cooperation and collaboration with other professional bodies.

Ihekweazu also listed the promotion standard practice, performance and awareness in insolvency practice.

He urged practitioners to continue to practice the profession with good business ethics and standards while maintaining excellent professional values with dignity and respect for one another.

“As an association committed to driving excellence in business recovery and insolvency practice, we have made remarkable strides in advancing our objectives, strengthening our reputation and contributing to national economic stability.

“Our progress over the past year is a testament to the collective dedication and expertise of our members.

“We have successfully organised six training sessions equipping more than 530 professionals with advanced skills in insolvency practice, corporate restructuring, and financial recovery strategies.

“These initiatives reflect BRIPAN’s dedication to raising standards, fostering knowledge, and building a robust professional community in insolvency and restructuring,” he said.

Ihekweazu also revealed that the 2025 BRIPAN journal to be released in the first quarter of next year (2025) would feature cutting-edge research, expert analyses and actionable insights into legal and insolvency matters.

He said the publication was designed to be an indispensable resource for professionals, academics and policymakers, fostering informed discussions and innovative solutions.

The News Agency of Nigeria (NAN) reports that BRIPAN presented awards to its past presidents including late Prince Adesupo Adetona, a chartered accountant who pioneered insolvency practice in Nigeria and Oba Babatunde Ajayi, the 19th Akarigbo of Remoland, Ogun.

Other awardees include, Dr Biodun Layonu, Otunba Olutola Senbore, Mr Seyi Akinwunmi, Chief Anthony Idigbe, Mr Dele Odunowo, Mr Sola Oyetayo, Ihekweazu, among others.

No fewer than 381 persons got inducted into the association. (NAN)(www.nannews.ng)

Edited by Chijioke Okoronkwo

Association, CITN partner to boost Nigeria’s business-tax ties

Tosin Kolade
Nov, Tue, 2024

Economy/Business

Association, CITN partner to boost Nigeria’s business-tax ties

391 total views today

By Rukayat Moisemhe

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on Monday forged an alliance with the Chartered Institute of Taxation of Nigeria (CITN) to enhance the business and taxation systems in the country.

Mr Chimezie Ihekweazu, President of BRIPAN, during a business visit to CITN in Lagos, stated that the partnership aims to bridge knowledge gaps in business recovery and taxation processes in Nigeria.

Ihekweazu explained that the collaboration would offer a more comprehensive package for business solutions and management.

He added that BRIPAN, an association of lawyers, bankers, and accountants specialising in insolvency and business recovery, is committed to improving businesses within the framework of the law.

He further stated that the joint venture between the two institutions would support policy and advocacy efforts to drive reforms in business management, professional competencies, and rescue operations.

“There is no functional business or company that can operate without understanding tax systems and business recovery dynamics,” he said.

“Taxation is essential, especially when we consider the need for development in the country. As an association, we recognise that taxation is one of the factors contributing to insolvency issues.

“Therefore, it is crucial to support insolvency practice while respecting taxation laws.

“By driving this partnership, we can foster growth in these areas, ultimately enhancing business sustainability and the country’s economic development,” he added.

In his remarks, Mr Samuel Agbeluyi, President of CITN, emphasised the importance of addressing the existing gaps in tax and insolvency practices to create greater value and impact for the business community.

Agbeluyi acknowledged that taxation, if mishandled, is a major challenge that could lead to business failure (insolvency).

He noted that the aim of the collaboration is to help businesses thrive, simplify the business-tax system, and benefit society and the nation as a whole.

He also called for the advancement of the Tax Reform Bill, particularly to provide foreign investors in Nigeria with greater certainty regarding their expectations and returns in the coming years.

“This collaboration will benefit members of both organisations as they begin to master the business recovery process in relation to taxation, and vice versa,” he said.

“We understand that businesses will face challenges, but the manner in which these challenges are addressed, particularly with regard to the rule of law on insolvency and taxation, is crucial.

“This is also an opportunity to advocate for the proper use of taxes collected, which will help rebuild trust in government and encourage citizens to pay taxes”. (NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma