Insolvency Practitioners Urged to Master CAMA, BOFIA, AMCON to Boost Ethics, Efficiency

–         BRIPAN working on bespoke training for judges, key regulatory institutions

Oluchi Chibuzor 

In order to promote notable impact in advancing their field, insolvency practitioners in the country have been admonished on mastering various Acts, like Companies and Allied Matters (CAMA), Banks and Other Financial Institutions Act (BOFIA), and the Asset Management Corporation of Nigeria (AMCON).

Understanding of these various Acts would deepen competence and align them with global best practices, as Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has revealed that they are working on bespoke training for Judges and key regulatory institutions. 

Speaking at a Night Out and Induction Ceremony held in Lagos recently, the President/Chair of Council, Business Recovery And Insolvency Practitioners of Nigeria (BRIPAN), Mr. Chimezie Ihekweazu (SAN), urged the inductees to give attention to Mastery of CAMA, BOFIA and AMCON acts respectively.

He said the event marks not only a celebration but a reaffirmation of their shared commitment to excellence in insolvency practice.

Ihekweazu noted the association’s engagements across board in the country have enhanced mutual understanding of insolvency processes and encouraged more consistent judicial approaches to insolvency matters.

According to him, “Over the past year, BRIPAN has achieved several significant milestones. We successfully conducted multiple membership training programs focused on recent developments in insolvency law, cross-border insolvency, business rescue strategies, and ethical responsibilities of practitioners.

“These sessions were designed to deepen professional competence and align our members with global best practices.

“To our new inductees, welcome to BRIPAN, uphold the highest standards. Your decisions can reshape the destiny of companies, employees, and creditors alike. As you are inducted today, I admonish you to gain mastery of CAMA, BOFIA and AMCON acts respectively.

“In addition to these, we are currently working on bespoke training for judges and key regulatory institutions, designed to deepen institutional understanding in insolvency matters.

“We are also actively planning joint training that will focus on Arbitration and Insolvency, as well as tailored sessions for Registrars of Court, with the goal of harmonizing practice and interpretation.

“Through targeted courtesy visits to the Chief Judge of the Federal High Court, we have strengthened the relationship between the Bench and the insolvency bar.

“These engagements have enhanced mutual understanding of insolvency processes and encouraged more consistent judicial approaches to insolvency matters.”

On the public sector collaboration, Ihekweazu said: “their engagements with key ministries and government agencies have led to stronger partnerships in promoting sustainable insolvency regimes, especially in the context of economic reform and debt recovery frameworks.”

However, he stressed BRIPAN continued active involvement in the United Nations Commission on International Trade Law (UNCITRAL) to contribute Nigeria’s perspective to global discussions on cross-border insolvency cooperation. 

“We are also happy to note that awareness of BRIPAN’s activities is at an all-time high, driven by sustained advocacy, stakeholder engagement, and active visibility across various platforms. Our insolvency future leaders’ events have become a growing tradition, and we are proud to note that two editions have been held. This platform continues to inspire and prepare the next generation of insolvency professionals.

“We are pleased to share that the Secretariat has been reinforced with the confirmation of the appointment of the Acting Registrar. Efforts are underway to further equip the Secretariat with the tools and resources needed to serve our members better,” he said.

On his part, Chairman Special Projects Committee, BRIPAN, Amala Umeike, said professionals must uphold integrity and foster collaboration for societal trust, while emphasizing the paramount importance of strategic networking within the professional community.

He stressed these principles are not merely suggestions but fundamental requirements for effective and trustworthy practice.

“Professionals are often entrusted with significant responsibilities, including managing the assets and liabilities of companies and even the lives of human beings, potentially involving decisions like job terminations.

“A lack of integrity in such roles can lead to serious consequences, including the erosion of one’s professional reputation.

“This role extends beyond individual interests, entailing a level of fidelity that you owe to the court by extension to the entire society,” he noted.

ENDS