Lagos: The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) and Deloitte have announced a strategic collaboration aimed at advancing Nigeria’s position within Africa’s dynamic insolvency sector. This partnership seeks to drive significant reforms and advocate for the establishment of specialised insolvency courts.
According to News Agency of Nigeria, Mr. Chimezie Ihekweazu, President of BRIPAN and a Senior Advocate of Nigeria, emphasized the importance of this collaboration during a visit to Deloitte in Lagos. He highlighted that the partnership is set to bolster Nigeria’s insolvency and business recovery framework as outlined under the Companies and Allied Matters Act (CAMA) 2020. Ihekweazu indicated that this engagement marks a pivotal phase in institutional partnerships designed to harmonise standards and promote reforms within the continent’s business recovery ecosystem.
Ihekweazu further noted that Nigeria’s insolvency and restructuring regime is undergoing a significant transition under CAMA 2020 and the Insolvency Regulations. Hence, collaboration with key firms like Deloitte is essential. He pointed out that BRIPAN’s discussions with judicial institutions have underscored the necessity for expedited processes, improved judicial comprehension, and enhanced ethical standards within insolvency practice.
BRIPAN is planning targeted training sessions for Federal High Court registrars and selected judges, aiming to facilitate these improvements. The association continues to spearhead capacity-building initiatives through seminars, workshops, and webinars, maintaining international representation at INSOL Africa and the United Nations Commission on International Trade Law.
The Vice President of BRIPAN, Mr. Albert Folorunsho, stressed the importance of Deloitte’s active participation in the association’s activities, particularly in training, certification, and committee involvement. In response, Mr. Akinola Akinboboye, Partner of Restructuring Services at Deloitte, expressed the firm’s commitment to partnering with BRIPAN on advocacy, capacity development, and knowledge sharing. Akinboboye emphasized the need for restructuring over liquidation, highlighting that businesses with solid fundamentals could thrive with the right guidance.
Mr. Ken Afrah, Associate Director of Turnaround and Restructuring at Deloitte, remarked on the success of similar collaborations in other African jurisdictions, such as South Africa, where a pilot insolvency court was recently established. Afrah assured Deloitte’s dedication to supporting BRIPAN’s advocacy, training, and reform efforts across Africa, positioning Nigeria as a leading player in continental insolvency practice.