Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has partnered the Asset Management Corporation of Nigeria (AMCON) to empower practitioners with the international best practices on business insolvency and asset management recovery.

Both parties at an engagement on Monday in Lagos, stressed the need to jointly build body of knowledge in business and non performing loan recoveries.

The News Agency of Nigeria (NAN) reports that BRIPAN is a body of professionals responsible for business recovery and insolvency for financially troubled individuals and businesses.

AMCON is saddled with the statutory responsibility amongst others of recovering the non-performing loan hitherto disbursed by eligible financial institutions to their customers.

Mr Chimezie Ihekweazu, President, BRIPAN, noted that the newly appointed AMCON Managing Director’s history, experience and achievements in the corporate world within and outside the country was valuable in shaping the dynamics of the corporation.

I
hekweazu stated that BRIPAN special interest in insolvency practice and business recovery made it important to maintain the amiable working relationship it had with AMCON.

He added that the practice of insolvency which extended to different branches meant that business relationship with the credit sector must be carefully managed to engender business survival.

‘BRIPAN has committed building a high level of professional standing among its members.

‘We have supported the Companies and Allied Matters Act, the insolvency bill among others and enjoyed institutional relationship with the Corporate Affairs Commission (CAC), the Securities and Exchange Commission, among others.

‘Based on our practical experiences in insolvency, we have outlined trainings to give proper guidance on advance knowledge for practitioners.

‘It is our utmost hope that by this engagement, our business relationship would continue to be built upon for the advancement of business and asset management recovery reforms in the country,’ he sa
id.

In his remarks, Mr Gbenga Alade, the Managing Director, AMCON, stated that there was room for collaboration particularly to help maximise value in the public sector.

Alade noted that time had value and everything needed to be implemented at the right time to ensure value was not lost.

He stressed the need to reduce political interference in certain situations, saying Nigeria would start to move forward once everyone decides to do the right thing.

‘When paid to withdraw and destroy a file, you must say no because you are doing the right thing.

‘It is only then that Nigeria can change as until the individuals change, Nigeria cannot change,’ he said.

Alade called for BRIPAN’s assistance in addressing the move by the CAC to delist some companies perceived not to be doing business.

This move, he noted, would hamper AMCON’s efforts at recovering some of the debts from these companies.

He also assured of the corporation’s commitment to BRIPAN’s trainings to lift standard of practice on insolvency, risk a
nd rescue mechanisms to engender business longevity.

Source: News Agency of Nigeria