In view of major challenges in the political and economic environment in the country, Business Recovery and Insolvency Association of Nigeria (BRIPAN) has stated that the association is set to help the government restore confidence in the act of doing business in Nigeria.
The association stated this tuesday at their annual general meeting in Lagos.
The BIRPAN President, Sola Oyetayo, said in his remark that association has had a significant growth in terms of publicity, visibility, rebranding, training, membership and financial base, “which has led to the immense contribution to redefining and refashioning how business of Government is conducted in Nigeria.”
According to him, “We are focus on business rescue mechanism to tackle insolvency and turn around management. If you look at the events that have come up, we are trying to project the sustainability and rescue of business to avoid them dying. Just take a look at the case of Etisalat, it would have been a typical business failure. What really happened is business rescue mechanism because with that kind of thing, it is better for business to be in existence than to die.”
Oyetayo noted that they need a body of experts to ensure they help those shaky businesses, and restore confidence in investors.
He disclosed that BIRPAN was in touch with the Presidential Enabling Business Environment Council on Ease of Doing Business, adding that resolving insolvency is a major indicator in ease of doing business in the country.
According to him in his remark, “On May 25, 2017, I led the delegation of the executives of the association to visit the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen to forge an alliance for better exposition of judges in the area of insolvency. We also informed the CJN the decision of the association to confer on him the membership of the association.
“The CJN assured us of his full support in conjunction with the National Judicial Institute. We have put together training programmes for Nigerian Judiciary on Insolvency and Business Rescue Mechanism. INSOL International has signified its intention to assist in this respect.”
BIRPAN president stated that “we will continue to pursue our legislative agenda with the National Assembly especially on the issue of business rescue mechanism which should be part of our legislative reform. We are all witness to the recent business failure as recorded by Etisalat. What was required in case of Etisalat is proper business rescue mechanism.
He further said resolving insolvency in business in Nigeria is one critical indicator of ease of doing business, “so if people have confidence that if any business get burst, such insolvency can be easily resolved because we have body of experts to take care of that, those investing will have confidence in their investments in the country.”
Highlight of the meeting was the induction of 33 Associates and admittance of Fellows Cadre 2017 as well as election and reelection executive into the council.
One of the inductees, a Partner with Rabida Attorneys, Efosa Ewere, who spoke to THISDAY, said the induction means a lot to her, as she has been largely exposed to the insolvency practice. “It is something I truly craved to be part of. I had first-hand experience with a suit I handled in court and that was the first thing I actually got to know about the association. So I did my own research and attending the course has been a very right step in the right direction for me.”