BRIPAN to Rescue Govt, Businesses  in South-east

Amby Uneze in Owerri

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has reiterated the resolve to rescue government institutions, business and private enterprises to stand firm and ready to meet up the challenges of survival in the current national and global economic situations.

President and Chairman of council of BRIPAN, Mr. Chimezie Ihekweazu, a Senior Advocate of Nigeria (SAN) and Fellow of the Association stated this at the BRIPAN South-east Insolvency summit held in Owerri, capital of Imo State with the theme “Deploying Insolvency and Restructuring Tools for Government and Public Enterprises.”

To him, holding the summit outside Lagos State since 20 years of its inception marks a milestone in line with his earlier promise and commitment to establish functional BRIPAN’s presence in all the six geopolitical zones of the country, stressing that professional development, accessibility, and national engagement required them to decentralise their activities and empower all the geopolitical zones in the country.

According to Ihekweazu, the South-east region is one of Nigeria’s most vibrant commercial corridors, home to a deep reservoir of enterprise, innovation, and commercial activity and with such thriving business environment, opportunities and challenges abound which require the structured intervention that modern insolvency and business rescue practice demands.

“Across the country, federal, state, and local government entities manage public services, utilities, infrastructure, and revenue-generating enterprises. Many of these institutions face financial distress, operation inefficiency, or governance challenges that hinder their effectiveness.

This is why the South east summit is particularly important. There is a vast and largely untapped opportunity in the application of insolvency and restructuring mechanisms to government-owned enterprises across this region – from state-owned agencies to public corporations and commercial parastatals.

“As lawyers, accountants and bankers, it behoves us to expand our practice areas to include these emerging opportunities. Government entities need restructuring. Public enterprises need business rescue. And practitioners must be equipped to deliver these solutions with competence, integrity, and technical proficiency.

“At the national level, BRIPAN remains committed to aligning Nigeria’s insolvency framework with global best practices, strengthening judicial understanding through training, expanding our partnerships with regulations and financial institutions, and promoting the practical application of the rescue-first philosophy that modern insolvency practice encourages,” he stated.

The president said that BRIPAN has been statutorily recognised under Section 705 and 705 of the Companies and Allied Matters Act (CAMA) 2020 and now retains statutory obligation to support business stability, economic growth and insolvency professional development.

In his welcoming remarks, the Zonal Coordinator of BRIPAN, South zone, Chief Philip Ndubuisi Umeh (SAN) and Life Bencher observed that the summit was part of a broader plan to build a community of competent insolvency and business restructuring practitioners who understand both the commercial nature of the region and the technical demands of modern restructuring practice, adding their vision was to create awareness, build capacity, attract practitioners and grow Bripan’s influence within the region.

He described Imo state as having blessed with the largest deposit of gas in Nigeria and has the potential to attract many investors to the state for business. He, however, stated the region was blessed with public enterprises – state-owned companies, investment bodies and other government-linked establishment – that play key role in the economic activity of the area, but regretted most of them operate below potential due to structural, financial or managerial challenges which modern insolvency framework under CAMA 2020 provides practical tools to assist.

Declaring open the summit, the Deputy Governor of Imo State, Lady Chinyere Ekomaru, expressed delight on the choice of the state as the venue for the association’s first summit outside Lagos since the establishment of the body 20 years ago. She noted that their choice of the state was germane due to the conducive environment the state government had put in place in terms of infrastructure, security architecture, and friendly disposal of the people in the state.