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