The Business Recovery and Insolvency Practitioners Association of Nigeria has sought a partnership with Polaris Bank to strengthen insolvency regulation, corporate restructuring, and business recovery nationwide.

BRIPAN president Chimezie Ihekweazu made the appeal on Tuesday in Lagos during a courtesy visit to Polaris Bank managing director, Kayode Lawal.

He said the partnership could explore collaborations with commercial institutions, including Small and Medium Enterprises, to streamline recovery and restructuring processes across Nigeria.

Mr Ihekweazu explained that BRIPAN is a professional body of accountants, lawyers, and bankers with expertise in insolvency and business recovery.

He noted that one of BRIPAN’s aims was to help Nigerian businesses achieve solvency and avoid challenges such as unpaid salaries.

“We have had instances where state governments and businesses could not pay workers’ salaries and allowances. We hope to change this by improving recovery practices and reducing insolvency risks,” he said.

Mr Ihekweazu stressed BRIPAN’s long-term vision to expand globally while ensuring Nigerian businesses become sustainable and competitive.

“We have 2,000 well-trained members in business recovery, spread across all geopolitical zones. Our goal is not just national consolidation, but to rank among the best recovery institutions globally,” he stated.

He stated that BRIPAN’s presence across all regions would boost its drive for national business stability and fairness.

Mr Ihekweazu also presented ideas to Polaris Bank on strengthening recovery practices and supporting Nigeria’s economy.

Mr Lawal welcomed the initiative and underlined the importance of partnerships in improving business recovery. He, however, restated that legal frameworks must be considered when entering such partnerships.

“While opportunities exist, legal aspects must be carefully integrated into these collaborations,” he said.

Mr Lawal urged investors and professionals to contribute actively towards achieving BRIPAN’s objectives.

“It cannot be achieved by us alone or through meetings only. Several actions must follow,” he said. 

(NAN)