BRIPAN Calls for Stronger Legal and Regulatory Framework for Business Restructuring and Insolvency

Legal and economic experts have advocated a stronger and more stringent regulatory regime, in business restructuring and insolvency. They spoke in Lagos at the 2023 International Conference of the Business Recovery & Insolvency Practi-tioners Association of Nigeria (BRIPAN), with the theme: “Insolvency and Restructuring Law and Practice in  Nigeria: Looking to the Future”.

The two-day event featured two keynote speeches by former Attorney-General of the Federation, Mr Kanu Agabi, SAN and President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Dr Ken Opara. Other legal and financial experts who spoke were Dr Anthony Idigbe, SAN; Dr Chinyere Almona; Dr Olusegun Omisakin;

Dr Aurelie Gurrea-Martinez; Mr George Etomi; Olawale

Akoni,:SAN; Justice Ebiowei Tobi of the Court of Appeal; Dr

Olawakemi Pinheiro, SAN; Mr Kofo Salam-Alada and Henry Fomah.

Others were Ms Oluwaseun Mamoye; Richard Healey; Ms Samira Musayeva; Amala Umeike; Rogers Turyasingura; Michael Out; Haruna Jalo-Waziri; Oluwaseyi Fayemi; Bidemi Olumide; Ms. Jenifer Omonhe and David Ekanem.

The Conference ended with a gala night, which had the theme: “Africa futurism”.

Speakers explored strategies for managing public debt, optimising insolvency and restructuring laws for economic growth, as well as opportunities offered by the African Continental Free Trade Area Agreement (AfCFTA).

Mr Agabi noted that some corporate entities become insolvent, due to lack of support by the Government. He stressed that without an enabling environment, such as good roads, regular power supply and security, businesses cannot thrive; instead, more will go bankrupt.

“Wrong Government policies are responsible for the collapse of businesses and the Naira”, the former AGF said. He, therefore, urged the Government to do more to help businesses survive. Agabi also said the number of goods imported must be reduced, by boosting manufacturing. “If the Government is going to help the people, it must first help itself”, he said. The former AGF faults a situation where the country imports over 70% of goods it consumes, saying no economy can grow that way.

“The business environment is not conducive. The Government must go out of its way to help businesses”, Mr Agabi added.

Dr Opara, represented by CIBN Director of Economics & Strategy, Dr Oreitan Adigun, said the existing legal framework for business recovery and insolvency practice is “stagnant”. He stressed the need, to continually enhance the capacity of insolvency practitioners.

According to him, the finance industry is the lifeblood of the economy, while the legal sector is the backbone that provides structure, stability and protection for it, both working together for a powerful economic system.