Business recovery and insolvency stakeholders have called for the strengthening of insolvency institutions to enhance practitioners’ effectiveness and align Nigeria’s frameworks with global best practices.
This was made known at the 2025 Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) conference in Lagos. The two-day event focused on deepening the use of insolvency tools to resolve chronic indebtedness and financial distress facing businesses.
Justice John Tsoho, Chief Judge of the Federal High Court, represented by Justice Akintayo Aluko, told participants that practitioners, regulators, and the judiciary all play critical roles in restructuring and insolvency processes, especially during periods of economic turbulence.
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He urged professionals to uphold integrity, independence, impartiality, and transparency while avoiding personal gain from sensitive corporate information.
“The role of an insolvency practitioner in the life of a company under distress is significant. Insolvency does not necessarily signal the end of a business,” Tsoho said. “Practitioners must carefully adopt tools such as receivership, administration, mergers and acquisitions, or bankruptcy in the best interest of both creditors and debtors.”
Chimezie Ihekweazu, BRIPAN President, said this year’s theme, “Deepening Insolvency Tools for Resolving Commercial and Financial Challenges of Businesses”, was timely given Nigeria’s exposure to economic headwinds, geopolitical shifts, and technological disruptions.
“In Nigeria and across Africa, it has become imperative to sharpen and deepen the tools at our disposal for business rescue, debt restructuring, and sustainable recovery,” he said.
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Justice Victoria Nwoye, also speaking at the conference, stressed that insolvency frameworks should serve as “economic stabilisers,” not punitive measures. She warned that many regimes worldwide remain inaccessible to businesses that need them most, leaving both small enterprises and multinationals vulnerable during financial crises.
“Be it small enterprises or multinational corporations, the ability to navigate distress is no longer a peripheral concern; it is central to survival and growth,” she noted.
The conference concluded with a consensus that Nigeria must strengthen its insolvency institutions, enforce ethical codes for practitioners, and improve access to restructuring mechanisms to safeguard businesses and the wider economy.