The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) and the Bank of Industry (BoI) are exploring a strategic partnership to strengthen loan recovery and enhance professionalism in business restructuring and insolvency nationwide.
The discussions took place on Tuesday in Lagos, with BRIPAN President, Chimezie Ihekweazu, highlighting BoI’s critical role in providing development financing to Nigerian businesses.
Ihekweazu, a Senior Advocate of Nigeria, noted that BRIPAN is statutorily recognized under Sections 705 and 707 of the Companies and Allied Matters Act (CAMA) 2020. He explained that certified practitioners support businesses facing insolvency, liquidation, asset management, and other restructuring challenges.
“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, emphasizing the importance of mandatory certification for professional handling of receivership, administration, and liquidation processes.
BRIPAN, comprising lawyers, accountants, and consultants, operates across Nigeria’s six geopolitical zones and collaborates with the 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 to ensure effective management of distressed assets and liabilities.
BoI Executive Director, Oluwatoyin Edu, said the bank would leverage BRIPAN’s expertise to improve recovery outcomes. “We try to help firms recover, but sometimes difficult decisions like winding up are unavoidable,” he added.
Head of Loan Recovery at BoI, Abubakar Mustapha, noted that the collaboration would improve synergy and reduce losses, citing delays caused by non-BRIPAN receivers.
The partnership signals a commitment to professionalizing business recovery practices and safeguarding Nigeria’s economic stability.