BRIPAN Conference 2024: Sets Agenda for Effective Insolvency Laws in Nigeria

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has concluded its 2024 annual conference. Held on September 26, 2024, at the Muson Center in Lagos, Nigeria, the focal theme was on Nigeria’s insolvency challenges and afterwards, proposing solutions to promote economic growth.

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The conference aimed to develop a comprehensive template for addressing insolvency in the country, emphasizing a reinforced legal framework, the use of technology, and judicial intervention.

Key points highlighted during the event by various notable speakers included:

Chiemezie V.C. Ihekweazu (SAN), BRIPAN President, stressed that Nigeria’s legal structures must effectively tackle economic challenges to enable smooth business recovery.

Mazi Afam Osigwe (SAN), President of the Nigerian Bar Association, discussed the importance of efficient insolvency processes in protecting jobs and enhancing investor confidence.

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Babatunde Ogala (SAN), emphasized that Nigeria is lagging in implementing cross-border insolvency practices, which are critical for the country’s integration into the global financial market.

Ugochi Ndebbio, Associate Director at PwC, underscored the need for tax compliance in insolvency cases, warning that neglecting this aspect can worsen financial distress.

Ebelechukwu Eneda, Partner at Punuka Associates, focused on promoting transparency and accountability in resolving insolvency matters.

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Nigeria’s Corporate Affairs Commission (CAC), though cautious, acknowledged the need for fuller adoption of the new insolvency procedures provided under the CAMA 2020 reforms but highlighted some challenges in its deployment.

These discussions pointed to the need for legal and regulatory improvements, supported by technology, to create a more conducive environment for business recovery, job protection, and economic stability in Nigeria.

At the event, several prominent figures emphasized the urgent need for reform and modernization of Nigeria’s insolvency framework:

Justice Simon Amobeda of the Federal High Court highlighted the pressing need for legislative reforms to modernize Nigeria’s insolvency laws.

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Foluke Akinmoladun, Managing Solicitor of Trizon Law Chambers, discussed how Alternative Dispute Resolution (ADR) could effectively address insolvency cases outside of traditional court settings.

Terver Ayua-Jor, speaking on behalf of the Registrar General of the Corporate Affairs Commission (CAC), Hussaini Magaji, stressed the significance of the Companies and Allied Matters Act (CAMA) 2020. He explained how provisions like Company Voluntary Arrangements (CVA), Company Administration (CA), and Netting have proven crucial to the insolvency landscape.

Chimezie Ihekweazu (SAN), President of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), expressed concern about businesses still struggling despite government economic efforts.

Dr. Anthony Idigbe (SAN), Senior Partner at Punuka Attorneys and Solicitors, advocated for BRIPAN to attain chartered status and urged professionals to deepen their knowledge of cross-border insolvency issues. He emphasized the importance of adopting international best practices to strengthen Nigeria’s business environment and improve investor confidence.

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The speakers collectively called for reforms to better align Nigeria’s insolvency laws with global standards, promoting economic recovery and investor trust.

Details of the papers presented can be inquired at bripaninfo@gmail.com.