By Rukayat Moisemhe
Lagos, Dec. 19, 2025 (NAN) – In a significant leadership transition, the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has inaugurated Mr. Albert Folorunsho as its new President. The ceremony, held during the association’s Annual General Meeting in Lagos, served as a powerful reaffirmation of BRIPAN’s critical mandate: to act as a cornerstone of economic stability and a catalyst for business recovery in Nigeria’s complex financial landscape.
The outgoing President, Mr. Chimezie Ihekweazu, formally handed over the reins, framing the event not just as a change of guard, but as a testament to the association’s growing influence. He underscored that BRIPAN has evolved from a professional body into an institution “increasingly central to stabilising distressed businesses and sustaining confidence” within the nation’s economy.
Building on a Foundation of Progress
Ihekweazu highlighted a period of substantial growth over the past two years, achieved through member dedication and strategic collaboration. Key advancements included:
• Enhanced Practice Standards: Deliberate steps to strengthen and standardize insolvency and business recovery practices across Nigeria, ensuring more predictable and effective outcomes for distressed companies.
• Strategic Stakeholder Engagement: Deepened relationships with a critical network of practitioners, banks, financial institutions, regulators, and government agencies, amplifying BRIPAN’s national impact and relevance.
• Capacity Building & Visibility: A focus on training initiatives, a surge in membership, and improved international standing, all signaling the association’s commitment to delivering tangible value.
Ihekweazu metaphorically described “leadership is a relay,” expressing full confidence in the incoming team’s ability to accelerate the association’s momentum. He handed over a robust treasury of N145 million, earmarked for strategic projects, including a proposed new secretariat—a move aimed at solidifying BRIPAN’s institutional permanence.
His charge to the new leadership was clear: sustain the secretariat project, accelerate regional expansion, and deepen critical engagements with the judiciary and regulatory authorities to shape a more responsive legal framework for business rescue.
A New President’s Vision: Rescue, Fairness, and Confidence
In his inaugural address, President Albert Folorunsho immediately contextualized the high stakes of insolvency practice. He framed it not as a mere legal process, but as a vital economic safeguard. “Business distress threatens jobs, weakens confidence, and tests the resilience of our financial and legal systems,” he stated, highlighting the human and systemic costs of corporate failure.
Folorunsho commended his predecessor’s work and outlined a forward-looking agenda centered on four pillars:
1. Professional Excellence & Ethics: Upholding the highest standards of practice to build trust in the profession.
2. Capacity & Talent Development: Investing in the next generation of practitioners to ensure a skilled workforce capable of handling complex restructurings.
3. Enhanced Stakeholder Collaboration: Working closely with regulators, policymakers, the judiciary, and financial institutions to create a cohesive ecosystem for business recovery.
4. Advocacy for Modern Frameworks: Pushing for effective, contemporary insolvency laws that prioritize corporate rescue where possible, ensure fairness to all creditors and employees, and ultimately bolster investor confidence.
“Our goal is a system that promotes rescue where possible, fairness to stakeholders, and confidence for investors,” Folorunsho declared, positioning BRIPAN as an aspiring thought leader and trusted partner in Nigeria’s broader economic development narrative.
Financial Health Underpins Ambitious Goals
The association’s ambitious plans are backed by demonstrable financial strength. Treasurer Mrs. Bolanle Alao reported a remarkable 48.9% year-on-year revenue increase, from N78.6 million in 2023 to N117 million in 2024. This growth, driven by member subscriptions, training programmes, and event participation, underscores the profession’s rising relevance. “BRIPAN remains financially sound, with growing reserves and strong liquidity,” Alao confirmed, providing a solid foundation for future initiatives.
The AGM also saw the induction of 124 new members and 15 fellows, reflecting the growing attraction and professionalization of the business recovery field in Nigeria. This influx of talent will be crucial as BRIPAN, under its new leadership, seeks to transform Nigeria’s approach to corporate distress from one of liquidation to one of rehabilitation and recovery.
The News Agency of Nigeria (NAN) reports that the event marks a pivotal chapter for BRIPAN as it strengthens its role as a key architect of economic resilience. (NAN)(www.nannews.ng)
ARM/KTO
==========
Edited by Kamal Tayo Oropo
Media Credits
Image Credit: transfermarkt.us
