The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has partnered with Polaris Bank to enhance insolvency regulations and improve business recovery frameworks across Nigeria.
The collaboration aims to streamline business recovery processes, with a special focus on supporting small and medium enterprises (SMEs) across the country.
BRIPAN president, Chimezie Victor Ihekweazu, said this during a courtesy visit to Polaris Bank’s managing director and CEO, Kayode Lawal, in Lagos.
Ihekweazu emphasised the role of BRIPAN, which brings together accountants, lawyers, and bankers skilled in insolvency and in improving recovery frameworks and preventing business failures that contribute to economic instability.
“Since its establishment in 1991, BRIPAN has promoted standard practices in insolvency and business recovery, aiming to help Nigerian businesses maintain solvency and reduce risks such as unpaid salaries often affecting public sector workers,” Ihekweazu said.
With over 2,000 trained professionals spread across Nigeria’s six geopolitical zones, BRIPAN has set its sights on becoming a global leader in business recovery. Partnerships with financial institutions like Polaris Bank are central to advancing these goals.
For his part, Kayode Lawal, CEO of Polaria Bank, welcomed the initiative, underlining the critical role of collaboration in rebuilding Nigeria’s business landscape. However, he stressed the importance of integrating robust legal frameworks to underpin such partnerships.
“Partnerships like this must also carefully consider legal frameworks to ensure effectiveness and compliance,” Lawal said. He called on investors and industry stakeholders to actively contribute beyond dialogue to drive tangible results in business recovery.
