SERVICE DELIVERY

  • EDITOR'S CHOICE
  • Apr 01, 2022
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CAC, AMCON, BRIPAN PARTNER TO BOOST SERVICES

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has met with the management of Asset Management Corporation of Nigeria (AMCON) towards improving the insolvency practice and licensing in the country.

The President of BRIPAN, Mr. Ayodele Akintunde, SAN, who led the delegation to AMCON office in Abuja, said the agency had done a good job in trying to stabilise the banking system by ensuring that debts are taken care of.

“The debt recovery regime in Nigeria is still a work in progress such that law reform, training and necessary support are needed to ensure that recovery of debt and sales of assets are easily achievable,” he said.

He said the idea of the visit was to partner with the agency towards improving the insolvency practice and business rescue mechanism available in Nigeria, adding that it was also to improve the training of insolvency practitioners.

The Managing Director of AMCON, Ahmed Kuru, said that the corporation had recovered a debt of N1 trillion since inception “and has anchored a lot of businesses that are presently running.” Kuru said that the corporation had resolved more than four to five thousand business relationships.

He explained that the organisation is not a hospital where if businesses fail, you just walk in and AMCON takes over. According to him, that is a very wrong impression of the corporation. “We don’t take, have not taken and will not take any case like that. AMCON is still battling with the ones taken during the global financial crisis,” he said.

“AMCON is created to buy non-performing loans, resuscitate the non-performing loans even though some of these non-performing loans have been with these banks for more than 10 to 15 years before being transferred to AMCON. AMCON has been able to resolve quite a lot of those transactions and in doing that, it has recovered a lot of funds.”

Also in a visit to the Corporate Affairs Commission (CAC), Akintunde said the essence was to engage with the Registrar-General and his executive team to explore further areas of cooperation.

“As you all know, CAC is a regulator of insolvency practice in Nigeria,” he said. “And as the leading provider of insolvency training and certification in Nigeria, we have come to have a useful discussion with the registrar-general about improving the practice of insolvency, improving the licensing of insolvency, improving training and capacity building even within the CAC and among practitioners.”

Responding, the Registrar-General, Alhaji Garba Abubakar assured BRIPAN of his support in the improvement of insolvency regime in Nigeria.

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  • EDITOR'S CHOICE
  • Dec 23, 2021
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  • Comments Off on BRIPAN TO PARTNER CAC, OTHERS FOR BETTER SERVICES

BRIPAN TO PARTNER CAC, OTHERS FOR BETTER SERVICES

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) says it is poised to bolster its engagement with the Corporate Affairs Commission (CAC) for improved service delivery.

The newly sworn-in President of BRIPAN, Mr. Ayodele Akintunde, SAN, made the remark during the inauguration of the 2022-2023 executive members in Lagos.

Akintunde assured that the new leadership would continue to constructively engage with the regulatory agencies to ensure better synergy in the interest of its members and the country. “These engagements will help improve the customer experience of our members at the CAC and their overall experience when handling insolvency matters in the Federal High Court,” he said.

He stressed that strategic collaborations and partnerships would be the focus of the new leadership, saying: “In the past, we have partnered with the Nigerian Stock Exchange (NSE), Securities and Exchange Commission (SEC), Asset Management Corporation of Nigeria (AMCON) and Nigeria Deposit Insurance Corporation (NDIC).

“We have also partnered with the INSOL International (International Association of Restructuring, Insolvency & Bankruptcy Professionals), Africa Roundtable, Developmental Agencies and even CAC in the areas of training and policy development in the insolvency space in Nigeria and Africa.

“The new exco will continue to forge better relationships with these organisations as well as with the Nigerian Bar Association (NBA) and the Institute of Chartered Accountants of Nigeria (ICAN) which most of our members belong to.”

According to Akintunde, “The recognition of BRIPAN as the foremost body of business rescue and insolvency professionals in Nigeria by Companies and Allied Matters Act (CAMA) 2020 has thrust a lot of responsibility on us and we must continue to improve the theory and practice of insolvency.

“We should jealously guard our recognition as the best trainers of insolvency professionals in Nigeria. We must all work to consolidate this milestone achievement by making BRIPAN stronger, more effective and more responsive in the business rescue and insolvency space in Nigeria.”

He said BRIPAN would not rest on its oars but will continue to engage key stakeholders such as the judiciary, CAC and SEC to facilitate the requisite reforms.

CITY LAWYER recalls that Akintunde, who took over from Prof. Fidelis Oditah, SAN as the 10th BRIPAN president is expected to be in the saddle for the next two years.

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