The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has raised awareness among micro, small, and medium-sized enterprises (MSMEs) and the broader business community about the importance of seeking professional assistance in business recovery to stay operational.
Chimezie Ihekweazu, BRIPAN’s president, speaking at the organisation’s 23rd Annual General Meeting in Lagos on Thursday, encouraged MSMEs and larger companies to utilise the expertise of professionals specialising in business recovery.
This call comes at a time when businesses are grappling with the challenges posed by Nigeria’s tough economic climate.
In addition, the Companies and Allied Matters Act 2020 has boosted business recovery efforts in Nigeria by providing a structured framework for salvaging insolvent enterprises.
Read also: Stakeholders seek regulatory structures to address business recovery challenges
He said: “Our message to the business community in 2025 is for them to appreciate this area of practice under the law and we want all institutions of government to recognise the benefits that can be derived in business rescue because all these institutions function within the socioeconomic structure must be sustained so that they will continue to benefit from the provisions of the law that has to do with business rescue.
“We want businesses to understand that there is a need to work with the professionals that work in this area of practice to deliver the best, there is a need to work with BRIPAN in terms of law reforms, policy directions aimed at providing beneficial results for the business community and individuals, particularly for the small and medium enterprises and companies that operates within the system.
“There are times when businesses pass through challenges and let it not be that when these challenges come, that is the end of the business, especially at a time when Nigeria is going through some economic challenges, this is the time that insolvency practitioners and business rescue experts will be required to provide their contributions in this regard.”
Read also: ‘Govt needs to restructure Nigeria’s tax in line with national tax policy to grow revenue’
He emphasised several factors contributing to business failures in Nigeria, citing poor business ethics, improper application of strategies, and shifts in the legal and socioeconomic frameworks that create challenges for businesses.
Looking ahead to 2025, he stated that BRIPAN plans to establish strategic alliances to prioritise business recovery and enhance the relevance and efficiency of recovery practices across the country.
He noted that the event serves as an opportunity to welcome new members into the association, with over 380 members set to be inducted during the meeting.
Read also: Contributions to investors’ protection fund and the fraudulent preference risk
“It is allowing us to induct new members into the association. Since I took over, we have inducted over 500 members, and we are going to induct over 380 tonight. We have continued to work towards achieving our core activities which are based on training and sustaining the good standard practice in insolvency and business recovery in Nigeria.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
